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$257 Million: Filecoin Breaks All-Time Record for ICO Funding
Filecoin's initial coin offering has ended, raising more than $257 million over a weeks-long token sale.
By Stan Higgins
Updated Sep 13, 2021, 6:54 a.m. Published Sep 7, 2017, 7:45 p.m.
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Blockchain data storage network Filecoin has officially completed its initial coin offering (ICO), raising more than $257 million over a month of activity.
Filecoin's ICO, which began on August 10, quickly garnered millions in investment via CoinList, a joint project between Filecoin developer Protocol Labs and startup investment platform AngelList. That launch day was notable both for the large influx of purchases of Simple Agreements for Future Tokens, or SAFTs (effectively claims on tokens once the Filecoin network goes live), as well as the technology issues that quickly sprouted as accredited investors swamped the CoinList website.
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Today, the ICO ended with approximately $205.8 million raised, a figure that adds to the $52 million collected in a presale that included Sequoia Capital, Andreessen Horowitz and Union Square Ventures, among others.
Combined, that total represents the largest completed ICO figure to date, surpassing the $232 million raised by Tezos earlier this summer in a sale that catered to retail investors as well.
The dizzying first day eventually gave way to slowing investment activity, though purchases over the several-week period ultimately pushed Filecoin's take above $200 million. Social media posts suggests that the past three days saw that figure rise by roughly $3 million.
Filecoin aims to provide a decentralized network for digital storage through which users can effectively rent out their spare capacity. In return, those users receive filecoins as payment.
The completed raise puts September on the path of being one of the busiest months for ICOs, according to data from CoinDesk's ICO Tracker. To date, July 2017 saw the most sales volume, recording more than $500 million.
The second quarter of this year as a whole saw a record-breaking level of activity, with approximately $797 million raised through the funding model during that period, according to the latest State of Blockchain report.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Protocol Labs and invested in the Filecoin pre-sale.
Image via Shutterstock
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