Augur crowdsale raises $1.3 million in 26 hours

Augur, the decentralized prediction market, is running a crowdfunding sale that started on August 17 to raise capital for its platform, as reported by SiliconANGLE. For this, it is selling Reputation Tokens (REP). The sale will continue until October 1^st.

Just 26 hours into the crowdsale, the company has already raised 2857 BTC (Bitcoin currency) and 453944.10038364 ETH (Ethereum Ether currency) reportedly, which is roughly $1.3 million in US dollars.

Due to its wider audience in the cryptocurrency ecosystem, it chose bitcoins and Ether as the medium of exchange.

Augur aims to utilize the funds raised from the crowdsale to act as seed capital to get the platform up and running, compensate the developers for their effort and hard work (and support future development payroll) and promote further widespread adoption and success.

Further, the company says, that a crowdsale will "empirically identify those who most highly value the platform, its goals and its future", which may be especially significant as REP (Reputation Token) holders are responsible for the security of the entire platform and its welfare.