$257 Million: Filecoin Breaks All-Time Record for ICO Funding

[webwakko]

Blockchain data storage network Filecoin has officially completed its initial coin offering (ICO), raising more than $257 million over a month of activity.

Filecoin's ICO, which began on August 10, quickly garnered millions in investment via CoinList, a joint project between Filecoin developer Protocol Labs and startup investment platform AngelList. That launch day was notable both for the large influx of purchases of Simple Agreements for Future Tokens, or SAFTs (effectively claims on tokens once the Filecoin network goes live), as well as the technology issues that quickly sprouted as accredited investors swamped the CoinList website.

Today, the ICO ended with approximately $205.8 million raised, a figure that adds to the $52 million collected in a presale that included Sequoia Capital, Andreessen Horowitz and Union Square Ventures, among others.

Combined, that total represents the largest completed ICO figure to date, surpassing the $232 million raised by Tezos earlier this summer in a sale that catered to retail investors as well.

The dizzying first day eventually gave way to slowing investment activity, though purchases over the several-week period ultimately pushed Filecoin's take above $200 million. Social media posts suggests that the past three days saw that figure rise by roughly $3 million.

Filecoin aims to provide a decentralized network for digital storage through which users can effectively rent out their spare capacity. In return, those users receive filecoins as payment.

The completed raise puts September on the path of being one of the busiest months for ICOs, according to data from CoinDesk's ICO Tracker. To date, July 2017 saw the most sales volume, recording more than $500 million.

The second quarter of this year as a whole saw a record-breaking level of activity, with approximately $797 million raised through the funding model during that period, according to the latest State of Blockchain report.

Source : coindesk

[stefanoste]

The question is ...257 million..... what for Cmon

[webwakko]

Well, good question indeed...
It's quite clear that inventing warm water is not needed.. just take somthing old, wrap it in a new giftwrap and voila! a "new" improved idea is born.
I wonder how much bare money will be left within a few years

[stumpper98]

That is a lot of money. I did sign up for beta mining program, I already have most of the hardware needed.
Most of the new ICO can't get on big exchanges. ... $MTH is selling close to its ICO price

[l10no]

Big money for ICO, I'm very curious, how will it be distributed, and how long will it take? It would be a hesitation to do despite having a complete mining tool, I think

[rattle99]

I came across filecoin a log time ago. I thought the project was dropped.

[gon]

Filecoin is promising because this ICO is entering into multi-billions dollar market, into direct competition of Amazon AWS and Google.
And file-storage is in constant demand so new players are not even required to cut a share from the big names. They are just opening a new niche.

[HappyCrypto]

Somebody tryed to test the same projects? Are they working?