Fastest-Ever ICO: Ethereum-Based Gnosis Creates $300 Mln in Minutes, Raising $12 Mln

Crowd wisdom startup Gnosis sold out of its tokens in 10 minutes despite measures designed to produce a steady ICO.

19026 Total views
313 Total shares
Fastest-Ever ICO: Ethereum-Based Gnosis Creates $300 Mln in Minutes, Raising $12 Mln

Ethereum prediction market Gnosis’ ICO has topped the board of fast-selling token sales - despite being designed to do the opposite.

The startup’s sale, which launched on Monday, concluded not in days or hours but 10 minutes, raising almost $12 mln.

Fastest-Ever ICO: Ethereum-Based Gnosis Creates $300 Mln in Minutes, Raising $12 Mln

Gnosis developers already owned 95 percent of its GNO tokens, with investors snapping up the remaining five percent for a combined total value of $298.5 mln.

The latest in a long line of ICOs to have hit the headlines for success this year, the project’s eerily slick operation comes with a hint of irony.

“...We are hopeful that our auction will provide a model of due diligence, responsibility, and management, for future token projects,” a pre-sale blog post began earlier this month.

Having worked with Ethereum creator Vitalik Buterin, the concept of the crowd wisdom platform was to make tokens cheaper over time, preventing the kind of mad rush from major bagholders suspected to be behind the rapid sellout of other startups’ offerings.

“The price of GNO will be determined by a falling, as compared to the current trend of rising, price specification,” another explanatory blog post prior to the token sale read. “The price of GNO will decrease every block that elapses during the launch.”

The startup confirmed on Twitter that trading of the tokens would commence on Poloniex a week following the ICO closure.