Bancor Unleashes The Power Of The Coin

The Bancor Initial Coin Offering (ICO) has set a new industry record. It managed to raise, roughly, $152 million in Ether as part of its crowd sale. This makes Bancor ICO the second biggest ICO to date, and the start of the coin revolution.

Show me the money

According to Coindeks, Bancor collected more than 390,000 ETH by the time it ended around 18:00 UTC. That amount totals to an astounding $152.3 million at closing prices. This number surpassed The DAO, Ethereum’s predecessor, which was the most successful ICO until Bancor.

In total, 10,885 people bought the new token, and over 15,000 transactions were made during the selling period. The demand was so high that one buyer bought $27 million worth of Bancor Network Tokens (BNT), as reported by coindesk.

At the end of the selling period, 83.96% of the tokens ended in the hand of the top token holders. Bancor sold 39,661,989 BNT or 50% of the available tokens to the public, and the remaining will be reserved for later use.

The Foundation

Launched in 2017, Bancor was created by the Bprotocol Foundation. The foundation’s sole purpose is the adoption and creation of an intrinsically tradable token. BNTs will make it easier for users to create their own blockchain coins.

Dr Bernard Lietaer is the president of the Bprotocol Foundation. The Belgian born doctor has written several books, and it is known as the man who created the European Currency Unit, also known as the Euro, while working at the Nationale Bank van België or Banque Nationale de Belgique. So the token was not created by some random group or individual, it came from the mind of a very well-known European economist.

Trade Madness

The demand for BNT was so high that there were multiple reports of the Ethereum Network suffering significant slowdowns, which resulted in delays for potential buyers.

However, the biggest player affected was Bancor itself. According to the Bancor website, the goal was to sell 250,000 ETH. But due to delays and disruptions, the Bancor ICO lasted two hours longer than desired. Coindesk added that delays in transactions made it hard to know if a purchase went through or not. One exchange site even declared that the ICO nearly collapsed the website due to big investors moving large quantities of Ether.

The Big Whales

Due to the people involved in the creation of Bancor, several big investors showed up at the sale. Tim Draper from VC fund Draper Fisher Jurvetson was the biggest name of the group. The man is known to be a savvy crypto investor who has backed several very successful cryptocurrencies.

Mr Draper is most famously known for purchasing 30,000 BTC from the US government back in 2014. He has preached about the rise and usage of crypto coins. He also proclaimed that the blockchain is the best invention of this century.

Mr Draper was not alone with his praise for Bancor. Blockchain Capital also jumped in and decided to put its weight behind Bancor. Coindesk reported that the firm is making its investment in BCAP tokens, which is Blockchain Capital’s token. So a lot of trusts is being put on Bancor’s success.