Algorand Raises $60 Million in Token Sale

Algorand raised over $60 million in a token sale of its native Argos token on Coinlist.

Argos’ closing price settled at $2.40 per token, after starting the day below $.75, according to CoinCodex.

The Foundation previously said it will auction off 600 million Algos per year, meaning that this most recent auction of 25 million tokens only represents a portion of the forward float. Algorand also said it aims to release 10 billion Argos within its first five years of operation after launching the token in April of this year.

Current market cap and circulating volume are unavailable per CoinCodex. The token is not listed on CoinMarketCap. Some have suggested a market capitalization of $24 billion.

The recent equity grab was on top of the $66 million the company raised from venture capital firms Union Square Ventures and Pillar Venture Capital.

Algorand also announced that its node repository has been open-sourced and that it has entered into a partnership with Flipside Crypto to provide a free user engagement analytics suite.

Founded by MIT professor and Turing Award winner, Silvio Micali, Algorand is a blockchain platform focused on scaling and improving user consensus through proof-of-stake and Byzantine Agreements. It offers free educational services for blockchain and a suite of SDKs.

Algorand intends to launch its mainnet product this June.

Auction photo via Shutterstock

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Source: Coindesk