Ethereum-based prediction market Gnosis has announced that it is to freeze its remaining tokens for at least 12 months, after experiencing a strong start to its ICO token sale earlier this week.
As reported by CCN, Gnosis, a Gibraltar-registered company, raised its cap of $12.5 million in just 12 minutes, in a record-breaking token sale that gave the project a total valuation worth nearly $300 million. After selling five percent of its ten million GNO tokens to investors it is the 8th most valuable digital currency.
However, despite the fact that each token was priced at $30 – making it the most expensive digital currency offered during an ICO – this doesn’t seem to have put people off from purchasing the tokens.
In the first 30 seconds of the sale, around $7 million worth of tokens were bought with 767 total addresses funding the project and two addresses accounting for around $5 million.
With the Gnosis Advisory board including Ethereum founder Vitalike Buterin and Joseph Lubin, one reason investors may have given the token such a high valuation was the fact that the platform announced it would be freezing 99 percent of its tokens for at least a year as they promised to do.
In a report from Reuters, co-founder Martin Koppelmann, said that due to the success of the ICO token sale, the company had turned away $3 million more bids.
He said:
It wasn’t ethically responsible to accept those additional bids because we had already reached our capital target.
He adds that four percent of the total tokens would be given to its employees and founders over a four-year period, but the remaining 91 percent would be frozen for at least 12 months.
He states:
At some point, we may have to raise more money through another token sale, but that won’t be for another 1-½ to two years.
According to Reuters, it’s currently trading on trading platform BitMEX at over $56 and is due to trade on cryptocurrency exchanges Poloniex and Kraken on May 1, 2017.
Built on Ethereum, Gnosis is a B2B open platform for those who want to predict the outcome of any event with their own rules with real-time information. Attempting to provide tools for people, it simplifies the creation of customized prediction market applications for individuals and enterprises, and rewards people for accurate information. By using their token to vote people’s mission will be to increase the likelihood of a wanted outcome. The money is then invested based on which outcome happens.
Featured image from Shutterstock.
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