Blockchain interoperable project, Polkadot ends token sale


An ambitious project aimed at making blockchain interoperable, Polkadot has ended its token sale.

The project which was a brainchild of Ethereum co-founder, Gavin Wood under his
Web3 Foundation was valued for about $1.2 billion.

At the end of the token sale, about 500,000 DOT tokens were sold estimated at about 5% be of the total supply.

Since Web3 Foundation didn’t disclose the total funds raised in the ICO, CoinDesk said it estimated that about $60 million would have been raised.

However, the purchase made by a group of Chinese investors including Placeholder, Longhash Incubator, ChainX and Innogy Corporate Ventures were not disclosed by the foundation.

In his comments for on the ICO, Gavin said:

“I have been struck by how much interest there is in Polkadot – many of us have sensed an immense hunger for something new to explore,”

“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,” he said.

In 2017, Polkadot raised about $145 million with an average token price of $30 per. The project is expected to launch before the end of December.