Blockchain Firm Fantom Raises $39.8M USD In ICO

Announcements, ICO News, News | June 28, 2018 By:

Blockchain venture builder and investor Coinsilium Group has announced that its advisory client Fantom Foundation has raised $39.8 million in its initial coin offering (ICO).

Coinsilium is an accelerator that finances and manages the development of early-stage blockchain technology companies. Based in London, Coinsilium’s focus is on driving innovation in FinTech and blockchain and enabling businesses to take advantage of growth opportunities. It has invested in blockchain companies such as Indorse, Satoshipay and RSK Labs.

In May of this year, Coinsilium announced the addition of Fantom to its list of advisory clients, promising guidance for the now-completed ICO. Based in South Korea, Fantom claims to be the world’s first Directed Acyclic Graph (DAG) based smart contract platform.

Fantom’s blockchain platform distinguishes itself from traditional block ledger-based storage infrastructure by employing an improved version of existing DAG-based protocols. The platform is utilizing the Lachesis protocol, Fantom’s own algorithm, to maintain consensus. Fantom claims that any applications built on top of its own ‘Opera’ Chain will benefit from instant transactions and near zero cost for all users.

Fantom has already partnered with banking, telecom and insurance firms. Most notably, the project has announced a partnership with the Korea Food-Tech Association, an organization with over 90 food tech member companies valued at approximately 200 trillion won ($179B USD). Fantom and Industry giants Oracle and SBCK, a subsidiary of SoftBank Korea, have also engaged into technical partnerships.

Coinsilium CEO Eddy Travia said that the success of Fantom’s public token sale in a short time-frame illustrates the high level of interest in this project from the investment and blockchain communities globally.

“The team must now demonstrate the value of their protocol, but we see indications that Fantom’s technology is being considered very seriously, both at the enterprise and government levels,” Travia said.