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Blockchain project Bancor sets new record, raises $150M in less than three hours
Blockchain startup Bancor Protocol has raised that over $150 million in its Token Generation Event which took place on June 12.
According to the TGE details, 10,885 participants contributed 396,720 ETH, equivalent to $153,003,311.63, in less than three hours. However, the Bancor Network Token (BNT) fundraiser drive faced some major problems with malicious attacks on its network, which led Bancor to extend the restriction-free hour.
BNT allocation event MINIMUM TIME EXTENDED TO 3 HOURS due to massive malicious attacks on network & resulting pending transaction bottleneck— Bancor (@BancorNetwork) June 12, 2017
In an official statement, Bancor team said:
“We deeply regret that not everyone could participate in the Bancor TGE today. In our efforts to ensure full community participation, even after overwhelming demand and traffic, exacerbated by massive malicious attacks to our network, the Bancor team opted to extend the restriction-free hour in an effort to ensure that pending transactions were completed. When the “hidden cap” was revealed, the flood of transactions that arrived was even more overwhelming. Consequently, after an unprecedented amount of capital had been raised, the Core team conscientiously closed the fundraiser.”
The fundraising drive also saw participation of notable investors including Blockchain Capital and Tim Draper, who recently joined the startup as advisor.
“We are thrilled to invest in such an innovative and thoughtful project as Bancor. What attracted us was first and foremost the team. With two decades of experience in end-user applications, a strong network of supporters and advisers, the Bancor team has exactly the kind of DNA we want to see more of in the Blockchain space to help bring the value revolution to mass market.” Said Brad Stephens, Managing Partner at Blockchain Capital.
“We are beginning to explore the possibility of issuing a VC Token for our diverse network of investors, entrepreneurs, local and global businesses. We’d like for this to be a Smart Token, so it can benefit from continuous liquidity from day 1. We look forward to a long collaboration with the Bancor team on this project, and are excited for what BNT has in store.” Said Mr. Draper, Managing Partner of Draper Associates.
The tremendously successful fundraising event follows a number of announcements from the Bancor team. The startup announced a cohort of experts joining its Foundation as advisors including Tim Draper, Brian Singerman, John Henry Clippinger, Lee Linden, Justin Rosenstein, Yariv Gilat, and Guy Corem. “Architect of the Euro” Bernard Lietaer is joining the BProtocol Foundation as its Chief Monetary Architect.
In addition, Bancor Protocol has also entered into partnerships with a number startups and initiatives in the blockchain space including Smart Contract Japan, Enterprise Ethereum Alliance (EEA), Gnosis, Status, Civic, Aragon, IMToken, Antshares, and Starbase.
Bancor said that it has entered into a $2 million partnership with Gnosis to build the first Smart Token Changer for GNO, BNT and ETH. According to the official announcement:
“[W]e are thrilled to announce a unique partnership between Gnosis and Bancor to create a joint GNOBNT Token Changer — a decentralized liquidity pool of GNO and BNT, encapsulated in a Smart Token. 4,000 GNO and 400,000 BNT (~$1,000,000 value each) tokens will be deposited in a Gnosis-Bancor multisig wallet following the token allocation event on June 12 at 2pm GMT.
“The funds will be progressively deposited in a token changer that will provide a decentralized and automated solution for exchanging GNO to BNT, with no (human) counter-party. Since BNT holds an ETH reserve, two-way ETH-GNO conversions will be possible as well.”