1.2 Billion Valuation? Ethereum Co-founder’s Polkadot Completed Private Token Sale

By Henry Chan   Jun 28, 2019 1 Min Read

gavin wood polkadot feature-min.jpg

Powered by the Web 3 Foundation, the blockchain interoperability protocol Polkadot completed its private token sale with an valuation of $1.2 bn, as reported by CoinDesk on 27 June.

Web 3 Foundation announced that 500,000 DOT tokens (5% of total supply) are sold. Despite the token price is unspecified, the Swiss nonprofit said that DOT had been sold at $1.2 billion valuation. The fund is allegedly supported by three Chinese funds that agreed to pay prices when the project is valued below $1 bn. However, it is unclear whether the Chinese funds have made investments as they are not identified in the announcement.

Polkadot was initiated by the Co-founder of Ethereum, Gavin Wood. It aims to offer blockchain interoperability by enabling transfer of different types of data or assets between blockchains. The Web 3 Foundation claimed that they expect to launch the network at the end of 2019.

Following the completion of private token sale, Wood said “With this success, I look forward to seeing the W3F team put these resources to good use, supporting both Polkadot and the broader Web 3.0 ecosystem.”

Thumbnail image credit: Epicentre.tv

 


About the author

Henry Chan
Blockchain and Crypto writer with over 2 years experience in Blockchain and Fintech. I'm interested in how Blockchain can bring transformation in supply chain, and bring improvement to the life of people in Africa.




Like this post:
Read More