Algorand, a Boston-based blockchain company, raised over $60 million in a token sale held on CoinList. When combined with the Algorand Foundation’s token distribution fund of 2.5 billion Algos it would have a market cap of $6 billion, putting it at seventh above Binance Coin and below EOS.
Algorand’s token sale implies a $6 billion value
A young blockchain company that aims to create a truly democratic and efficient public ledger just completed its token sale which would put it among the top 10 crypto companies by market capitalization.
Algorand, a Boston-based company created by MIT professor Silvio Micali, completed its inaugural Algos auction on June 19. According to the company’s press release, the auction sold out in under four hours due to oversubscribed demand from a large group of global participants.
Each token was sold for $2.40 in a Dutch Auction, where the price of the coin is gradually reduced until a buyer is found. When combined with the 2.5 billion Algos that the Algorand Foundation is holding in order to participate in securing the Algorand network, the coin currently has a market capitalization of $6 billion.
This week’s equity funding matched the $66 million Algorand raised in the past year from major venture capital firms such as Union Square Ventures and Pillar Venture Capital.
The same day, Algorand also launched its mainnet, just two days after it open-sourced its node repository.
Apart from the incredible amount of tokens sold,