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Startup, Bancor Raises $150 Million Using Ethereum in Three Hours

Startup Bancor Raises 150 Million Using Ethereum in Three Hours

In just three hours a startup raised $150 million from anonymous investors from blockchain-based funding- the initial coin offering (ICO).

The Bitcoin competitor, Ethereum, was where it all happened. Ethereum is more than a currency; as it allows decentralised, blockchain-based projects to be built on top of it.

Usually, the choice of raising funds for the startups is through investors or by selling stock on public markets, while Bancor found investors through ICO.

The tokens were purchased, in an Ethereum based ICO, in a limited time window by anyone willing to trade their Ether (ETH). About 10,000 people bought Bancor’s ICO.

Bancor raised some 396,720 ETH, worth $149.5 million.

The fact that sets Bancor different from others is, it seeks to simplify the creation of new tokens in a way that allows literally anyone to create a cryptocurrency in a matter of seconds.

What benefited Bancor the most was the perfect timing as the price of ETH has been really high compared to last year, another being the highest interest in ICOs.

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