Tezos Sets ICO Record with $232 Million Haul

Blockchain, Innovation, Investing, News | July 13, 2017 By:

The Switzerland-based Tezos blockchain project has raised $232 million USD in its completed initial coin offering (ICO), setting a new record for the fund-raising method.

Tezos claims to have netted 65,627 BTC (worth roughly $156m) and 361,122 ETH ($76m). There was no cap on the total amount of tokens sold in the ICO, which began July 1. The amount surpasses Bancor’s June ICO, which raised $150 million USD.

Among the backers was venture capitalist Tim Draper, who also invested an undisclosed sum in Dynamic Ledger Solutions, a Tezos Foundation subsidiary that created the project.

The Tezos project has been termed a “self-amending” blockchain, which allows full network changes to be decided at the protocol level by its controllers, who may have differing goals. The decentralized method of instituting the changes is designed to avoid forks in the evolution of blockchains.

Tezos has not yet launched, but plans to incorporate smart contracts using proof-of-stake to validate claims.

Arthur and Kathleen Breitman are the project founders. They have been working on Tezos since 2014, when its white paper was first published. Arthur is formerly a VP of Morgan Stanley, while Kathleen worked at Accenture and serves as CEO.