Blockchain Startup Algorand Raises $60M USD In Token Sale

Blockchain, Investing, News | June 21, 2019 By:

Blockchain platform Algorand has raised more than $60 million in a token sale of its native Algos token conducted on token launch platform CoinList.

Founded by MIT professor and Turing Award winner Silvio Micali, Algorand is a scalable and decentralized cryptocurrency and transactions platform based on Byzantine Agreement (BA) protocol. It addresses blockchain’s scaling challenges through rapid and efficient user consensus, enabling even the smallest transactions, regardless of volume or number of users. Performance on the Algorand platform claims to exceed 1000 transactions per second (TPS) with a latency of less than 5 seconds, putting it on par with the throughput of major global payment networks without compromising security or decentralization.

The Algos token sale, which originally scheduled to last for more than five hours, reportedly sold out in under four hours, due to oversubscribed demand from a large group of global participants. While the company did not release details as to how many buyers participated in the sale, it reported that it offered 25 million Algos for auction, valued at $2.40 each.

“We are excited to see our vision for a borderless, trusted and decentralized economy come to life with the first auction and the official launch of MainNet,” said Micali. “Our focus in the Algorand ecosystem has been to encourage broad and inclusive participation where global users, not a centralized collection of companies, control the network. We expect Algorand will make blockchain relevant for developers and businesses today, and also deliver economic models and incentives that encourage sustainable and efficient and market-driven pricing.”

Algorand said that the auction brings the Algos token into market circulation for the first time. The completion of the token sale is also a call to build for businesses and developers who want to bring the innovation and scalability of the Algorand blockchain platform to their customers.

“We see this auction as a first step, but an important step, in a long journey toward a fairer world, where everyone has the ability to participate in economic prosperity,” said Dr. Tal Rabin, Head of Research for the Algorand Foundation. “The Algorand platform is decentralized by design to ensure broad and global participation.”