Saturday, September 23, 2023

$17 Million ICO Turns into $104 Million


An exemplary amount of $17 million raised in April 2017 by the Interchain Foundation (ICF) usher the growth of a system that can make blockchains talk to each other, Cosmos.

After the deal of its ATOM token, the ICF financed models of supporting players like Agoric Systems Operating Company. This is where the ICF put money into for traditional equity. Tendermint puts up the foundation of this project’s interrelated aspirations- The Inter-Blockchain Communication (IBC) protocol.

It Aims to be Feasible for a Multichain Hereafter

Dean Tribble, CEO of Agoric, explained that he could have a contract on a chain that participates in selling assets on another chain. Then, sell it to a merger in another stack on some other platform.

On the other hand, while this technology is still inadequate, Atom’s sale has remained to be financially rewarding even so. The under-told truth of the 2017 initial coin offering (ICO) boom became the underlying proof for this gain. It has mentioned that companies with conventional management of treasury exceeded those who endeavored fast growth through marketing.

Kwon Jae-seok is the founder of Tendermint and currently chairman of the Interchain Foundation. He said that ATOM with CoinDesk dispersed after raising funds rather than a typical ICO. A sufficient proof notified participants that there was no assurance of token receipt. Still, the tokens disseminated to the fundraiser participants as deliberated.

Arianne Flemming told CoinDesk that a total of more than $104 million at today’s prices. This is from over 1,400 BTC, over 50,000 ETH, and just over 20 million ATOMs is still in the treasury. Not to mention that it was even after the distribution of the non-profit $25 million in the capital used to fund 50 projects.

The ICF has Done an Exceptional Job of Buying Benevolence

It surpasses treasury management.

The money wasn’t used on marketing. It pays researches at the University of Lugano and the University of California, Berkeley that invested in three next door startups like IRISnet and was donated to the public policy non-profit Coin Center.

Fundamentally, it joined links with like-minded companies. It also made amends to established experts in a variety of fields for contributing Cosmos. In addition, some of the funds went to hackathon prizes and legal fees.

All the aforementioned projects, including ICF, still have a number of years of the path in the bank.

Despite whether Cosmos becomes usable for anything beyond experiments after some time, this case puts the spotlight on the sake of separating business models from distinct cryptocurrencies. Beyond the different token-funded companies scrutinized by CoinDesk in 2019, Cosmos displayed a customary theme amidst projects that had yet to turn or compress.

Ivan Cruz
Ivan Cruz
Ivan Cruz is a writer for Cryptoconstellation. He has his Masters in Applied Research in Economics & Business. Ivan has been trading crypto for the past 7 years himself and feels it is his duty to bring you all the latest news.

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