OmiseGO and Qtum Reach Unicorn Status Based on ICOsbr>
Two initial coin offering-funded companies have surpassed a billion-dollar market cap, making them the first to achieve “unicorn” status purely via the ICO.
OmiseGO (OMG) and Qtum are now the first ERC-20 tokens that have total valuations based on their coin distributions in excess of $1 billion.
In practice, the valuations are just a curiosity, since they represent pure speculation on the eventual worth of the companies, both of which could fail to gain market traction, not deliver on promises, or be surpassed by yet-unknown ventures with better solutions. Still, it is impressive that the companies could generate such excitement outside the traditional financial systems.
OmiseGO is a decentralized payment system based in Thailand. Qtum is a service that allows business to build and deploy ethereum and bitcoin blockchain services.
The OMG token sale initially raised $25 million in July, with one token then work $0.27. Today, it’s worth more than $11, per Coinmarketcap.com statistics. Qtum raised $15.6 million in March, with each QTUM Token worth $0.30. Today, it’s above $17, per Coinmarketcap.
Neither company has an actual product in the market. OMG plans to release its first version of its system by the end of the year. Qtum is still building its infrastructure.