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 provides institutions access to the most demanded crypto assets in the market. The platform offers dedicated on-chain addresses secured by Coinbase’s battle-tested cold storage.

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