Algorand Token Sale Closes With Over $60 Million At A Valuation Of $24 Billion
- Algorand closes token sale gathering over $60 million in funds
- Coinbase Custody added support to deposits and withdrawals for Algo
Algorand was able to raise $60 million in a token sale that was conducted through CoinList. The information was recently released by the Algorand Foundation. The firm was able to raise over $60 million at a valuation of $24 billion.
Algorand Gathers Over $60 Million Through Token Sale
Algorand was founded by the MIT professor and Turing Award winner Silvio Micali. The goal is to work on a blockchain platform that is focused on scaling and improving user consensus.
As reported by The Block, the total supply of Algorand’s native asset called Algos, will be growing to $10 billion during the first five years of operation. The Foundation is going to be auctioning 600 million Algos a year.
The token sale was valued at $2.4 per token, which allowed investors to value the blockchain network at $24 billion. This is a massive valuation considering that Ethereum (ETH), the second largest digital currency in the market has a valuation of $28 billion.
At the same time, Coinbase Custody has also added support to deposits and withdrawals for Algo.
— Coinbase Custody (@CoinbaseCustody) June 19, 2019