SONM Raises $42M in Coin Offering

Announcements, ICO News, Innovation, Investing | June 20, 2017 By:

SONM has raised $42 million in its initial coin offering (ICO), engaging 8,774 participants.

SONM (Supercomputer Organized by Network Mining) is an ethereum-based network of globally distributed computational power. SONM project’s main purpose is to provide safe, cost efficient means for executing general purpose computing workloads that can range from game servers all the way up to complex calculations of various forms of scientific research, all using a free decentralized marketplace.

Investors participated in the ICO using bitcoin, ethereum and other major cryptocurrencies to purchase 331,360,000 SNM etherum-based tokens. SNM tokens are now listed on Chinese exchange HitBTC and EtherDelta, a smart-contract based exchange platform.

Approximately 33% of the funds raised in the ICO are reserved for marketing promotion, market growth, community, and expansion; 30% for research and development including team expansion and advisers; 20% for the original SONM team; 7% for complementary technologies; 6% for technology infrastructure; and the remaining 4% for other indirect costs, such as legal and office expenses.

“SONM is delighted to announce the spectacular success of the ICO,” said SONM CEO Sergey Ponomarev. “We humbly thank our community for its support and participation in the ICO which raised over $30 million USD in the first 24 hours and went on to reach its cap within just days of opening. With a renewed sense of vigor heightened by our community’s strong demand for our tokens, the SONM team is excited to progress the project which we believe will revolutionize the computing market.”