Blockchain startup Gnosis to freeze tokens after strong sale, Reuters

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Fresh YORK (Reuters) – After an initial digital currency sale that raised $12.Five million te just 12 minutes, blockchain startup Gnosis has determined to leave most of its remaining currency untouched for at least a year, co-founder Martin Koppelmann told Reuters on Tuesday.

Gnosis, a Gibraltar-registered company, sold Five procent of its Ten million so-called GNO tokens to investors on Monday for $30 each, making it the most expensive digital currency everzwijn suggested te an initial sale, Koppelmann said.

Despite the steep price, the suggesting wasgoed oversubscribed, with the company turning away $Trio million ter extra bids, Koppelmann said.

&ldquo,It wasn&rsquo,t ethically responsible to accept those extra bids because wij had already reached our renta target,&rdquo, the Gnosis founder said.

With the suggesting, and Gnosis still holding onto 95 procent of its tokens, the company is now valued at more than $300 million, according to Koppelmann.

He said Four procent of the total tokens would be distributed to its employees and founders overheen a four-year period. But the remaining 91 procent would be locked up securely for at least a year.

&ldquo,At some point, wij may need to raise more money through another token sale, but that won&rsquo,t be for another 1-1/Two to two years.&rdquo,

About two-thirds of investors came from outside the United States, Koppelmann said.

Selling digital tokens to raise hacienda quickly is a growing trend among blockchain startups. The promedio time framework to raise hacienda through the sale of tokens is about 30 days, while the truly popular ones could get funding anywhere from under a minute to half an hour.

Te tegenstelling, going through a traditional venture renta hard would take a startup inbetween six to 12 months to get funding.

GNO tokens were to start trading on digital asset exchanges such spil Losbreken and Poloniex on May 1, Koppelmann said, albeit GNO futures were already being traded on BitMEX, a crypto-currency derivatives trading podium, at $56.25 each.

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Gnosis wasgoed built on the public blockchain Ethereum, an open-source blockchain similar to the bitcoin network. Its verhoging enables individuals and companies to create prediction markets for any event.

Blockchain, a ledger of transactions maintained by a network of computers, very first burst into the toneel spil the technology underpinning bitcoin. It has gained traction all overheen the world for its capability to record and track the movement of assets.

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Reporting by Gertrude Chavez-Dreyfuss, Editing by Tom Brown

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