Bancor launch becomes the world’s biggest ICO

Bancor, a cryptocurrency venture which has recently been organised by Tim Draper, is making headlines at the moment as it broke records for becoming the world’s biggest initial coin offering (ICO) to date. The overwhelming success of the ICO outstripped all previous records and, with the investment of nearly 400,000 Ether tokens, it is believed that Bancor’s ICO is worth an estimated $152 million or €136 million. The investment was raised by the crowdsale initiated by the digital start-up.

The figures involved in the ICO are impressive. Approximately 11,000 users invested and engaged in over 15,000 transactions. Bancor plans to make use of 80 million Bancor network tokens, known as BNT, and half of these were made available for being sold to the public during the ICO.

 

Who is Tim Draper and what is Bancor?

Bancor is the brainchild of technological investor and entrepreneur Tim Draper. Draper has previous involvement in the cryptocurrency movement, having rose to prominence in 2014 when he was responsible for the purchase of 30,000 bitcoins that were on public auction after having been confiscated by the US Marshals service. Although the price he paid was never undisclosed, the estimated value of the bitcoins that Draper purchased is believed to be around €19 million.

Draper is also involved in the founding of Bancor. According to its website, Bancor describes itself as:

“The Bancor protocol enables built-in price discovery and a liquidity mechanism for tokens on smart contract blockchains. These ‘smart tokens’ hold one or more other tokens in reserve and enable any party to instantly purchase or liquidate the smart token in exchange for any of its reserve tokens, directly through the smart token’s contract, at a continuously calculated price, according to a formula which balances buy and sell volumes.”

The rise of the ICOs

Bancor’s hugely successful ICO is the latest in a line of ICOs that are funding the current boom of cryptocurrencies. New cryptocurrencies and block technology programmes requiring investment are appearing all the time and ICOs are the main way for these projects getting on the way to making the move into the mainstream. If you are interested in reading more about ICOs, you can find an explanatory article on our blog we prepared about this recent phenomenon.

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