Blockchain firm Algorand's token sale raises $60M within four hours

Proof-of-stake based blockchain protocol Algorand has raised more than $60 million in a token sale conducted on CoinList.

“The cryptocurrency auction was the first implementation of its transparent, innovative economic model” as Algorand attempts to build a “borderless economy,” a spokesperson from the company told CoinDesk.

As per the report, this is the first time Algos, its native asset, entered the market circulation, and no details as to how many buyers participated in the sale have been released yet. Notably, all 25 million Algos for auction, valued at $2.40 each, were sold out in less than 4 hours due to an oversubscribed global demand.

“Algos are being dispersed to wallet right now. Therefore, there are non on exchanges,” the spokesperson said.

Founded by MIT professor and Turing Award winner Silvio Micali, Algorand is a blockchain platform that aims to scale and improve user consensus. In its 5 years of operation, the total supply of Algos will grow to 10 billion, with Algorand Foundation auctioning off 600 million per year.

“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,” Micali said.

The latest token sale was on top of the $66 million equity funding Algorand raised over the past year from investors such as Union Square Ventures and Pillar Venture Capital.

Meanwhile, open banking platform Token has recently secured $16.5 million in a strategic round funding led by BNP Paribas-backed Opera Tech Ventures, Octopus Ventures, and EQT Ventures.