An initial coin offering (ICO) for a blockchain project called Bancor has set a new industry high, and potentially a new industry standard.
Bancor raised around $153m in ETH, as part of a crowdsale that concluded today.
Charts shows a smart contract connected to the sale had collected more than 390,000 ether by the time it ended at 18:00 UTC, an amount worth $152.3m at current prices. The ICO is higher than even the funding raised by The DAO, the notorious failed fundraising project that made headlines last year when it lost the millions of the $152m in investor funds it raised in a similar sale.
Bancor sold 79,323,978 Bancor network tokens (BNTs) tat were created as part of the ICO.
Top token holders now possessing 83.96% of the tokens, or 66,601,702 BNT. Fifty percent of the total tokens, or 39,661,989 BNT, were sold to the public, while the remaining 50% were allocated for future use.
The ICO attracted 10,885 buyers, according to available data, with more than 15,000 transactions sent to the address for purchases during the sale. One buyer went so far as to purchase 6.9m BNT, or roughly $27m, in the sale.
This ICO actually beat out Gnosis ($35M) and BAT ($36M) today by over 4 times the amount.
State of ICO's
This means that ICO's are a real thing and investors are coming out of the wood works to dump plenty of money into coins.
Some of these ICO's are just way over priced and way over funded.
As a smart investor I personally stay AWAY. I have found that looking on Bittrex or Poloniex after a few days you can actually buy the coin a bit cheaper and make a 20% margin within the first few weeks.
Thats my opinion of course. I don't have deep pockets like some of the Crypto gurus who can through in 1,000,000 to 5,000,000 just to make a quick return so I basically wait to find coin deals.
I wait until I see a bottom and buy in at that moment.
Subscribe to my channel here and I am going to be adding in a few charts in the next few days that shows exactly how I find the perfect coin to buy into and flip for a quick profit.
Stay tuned!