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An initial coin offering (ICO) for a blockchain project called Bancor has set a new industry record, raising approximately $153m in ether, the native currency on the ethereum blockchain, as part of a crowdsale that concluded today.
Data shows a smart contract connected to the sale had collected more than 390,000 ether by the time it ended at 18:00 UTC, an amount worth $152.3m at current prices. As such, the figure is higher than even the funding raised by The DAO, the notorious failed fundraising project that made headlines last year when it lost the millions of the $152m in investor funds it raised in a similar sale.
Overall, 79,323,978 Bancor network tokens (BNTs) were created as part of the ICO, with the top token holders now possessing 83.96% of the tokens, or 66,601,702 BNT. Fifty percent of the total tokens, or 39,661,989 BNT, were sold to the public, while the remaining 50% were allocated for future use.
The ICO attracted 10,885 buyers, according to available data, with more than 15,000 transactions sent to the address for purchases during the sale. One buyer went so far as to purchase 6.9m BNT, or roughly $27m, in the sale.ICO boom
The blow-out sale follows other offerings in recent weeks that have generated significant activity, putting new attention on the token sale model as a method of project capitalization.
More notable entries have included web browser startup Brave, which raised $35m at then-current ether prices in just under seconds. Gnosis, an ethereum-based prediction market, also attracted a bevy of speculators for its $12.5m sale in April.
Indeed, the ICO model has emerged as an alternative to traditional venture capital in recent months, though some observers have questioned whether the speculative frenzy taking place today is a healthy one.
Others still have criticized ICOs as vehicles for scams that take advantage of an uninformed public's thirst for big gains in emerging technology.
