Multi-chain transaction network Biconomy has concluded a public token sale of its cryptocurrency BICO, bringing in more than 12,500 new tokenholders in the process, the company announced Thursday.
The public sale, which was facilitated by the CoinList token listing platform, raised a cumulative $ 11.5 million. Over 850,000 people signed up for the sale, which was the largest waiting list on CoinList to date. The sale took place on October 14 through two options of 40 million and 10 million BICO tokens.
BICO will be used to power the Biconomy ecosystem as it competes to attract more developers to the community. The so-called multi-chain relay network has been designed to help developers build decentralized applications for Web 3.0, a broad term that describes the next phase in the evolution of the Internet.
Decentralized finance, or DeFi, has emerged as an important use case for Biconomy following the launch of Gasless, a product that enables DeFi applications pay gas rates on behalf of other users. Overall, DeFi projects have accumulated a combined market capitalization of more than $ 140 billion, with the total value locked in. excessive that amount.
The Biconomy token sale ended three months after the company concluded a $ 9 million investment round which was co-chaired by venture capital firms DACM and Mechanism Capital.
Related: Crypto Unicorn: CoinList Valued at $ 1.5B After $ 100M Series A
Capital continues to flow into the cryptocurrency market as retail and institutional investors seek to enter the ground floor of emerging projects. Some of the biggest token sales of the year include 5G Helio Blockchain Network and developer studio Solana Labs, which raised $ 111 million and $ 314 million, respectively.
Post navigation
