Bancor, the creators of the Bancor protocol for cryptocurrencies, is celebrating the $153 million it raised from its token generation event (TGE) earlier this week. The largest crowdsale in history, the TGE attracted 10,885 buyers, who immediately received BNT tokens via an Ethereum smart contract at the sale’s conclusion.
“Bancor is deeply grateful to our vast community for its support in making the project’s launch an astronomical success,” cofounder Galia Benartzi said. “Together, we made history as the world’s largest crowdsale to date, spurring the most significant spike in transactions the Ethereum ecosystem has ever seen.“As Bancor launches into its development phase with substantial initial funding, we can accelerate our plans to transform the industry with a platform that enables anyone to easily create a viable currency for their community or project, as well as strengthen BNT with a large reserve, buy back program, and partnership grants. Our expansion begins today.”
Bancor facilitates the creation of smart tokens, which simplifies the adding of functionality into cryptocurrencies.
“With the ability to hold other tokens in reserve and to be traded directly with their own smart contracts, as opposed to any counter-party, smart tokens can instantly be exchanged for tokens of all types on the network, enhancing liquidity and facilitating usage-driven and algorithmic price discovery,” Bancor said in a release.
The TGE produced 79,323,978 Bancor network tokens (BNT). Half were sold to the public with the remainder reserved for future use. Proceeds will be allocated to the following uses:
- Software development (40 per cent)
- Ethereum reserve for (20 per cent)
- Marketing and business development (12 per cent)
- Seeding Token Changes, which are smart tokens holding multiple reserves to allow for direct exchange between those reserves and ETFs (token baskets) (10 per cent)
- Operational costs (eight per cent)
- Legal costs (five per cent)
- Miscellaneous (five per cent)
Bancor’s Foundational Council consists of Ms. Benartzi, CTO Yehuda Levi, Guy Benartzi, Eyal Hertzog, and Euro architect and noted economist Dr. Bernard Lietaer, who serves as chief monetary architect. The advisory board includes Tim Draper, Asana cofounder Justin Rosenstein, MIT researcher John Henry Clippinger, eToro CEO Yoni Assia, former Facebook head of commerce Lee Linden, and Financial Algorithms CEO Yariv Gilat.
For more information, the Bancor whitepaper is available at www.bancor.network.