Tim Draper Uncapped Tezos ICO Raises $109M In 15 Hours
Tim Draper-backed Tezos’ ICO has already netted over $100 million in contributions during the first day of its 12-day uncapped campaign.
Tezos: $109 Million With 11 Days To Go
Having launched slightly ahead of schedule July 1, the token sale had received 31,224 BTC and 129,468 ETH as of press time Sunday.
The delayed release of the latest ERC20 token, dubbed Tezzies (TEZ), was keenly awaited by investors following Tim Draper’s announcement he supported Tezos’ concept.
The sale was due to commence in mid-May, but at the last minute organizers announced it would take place in June, with sales finally beginning Saturday.
The sale will now run until July 12 and is uncapped, something developers have defended as necessary “to ensure that participation is not limited only to insiders or the ‘fast-fingered.’”
“The Tezos development team believes that an un-capped fundraiser will promote a widespread distribution of the tokens, a necessary prerequisite to launching a robust network,” they continue in an overview of their so-called “self-amending cryptographic ledger.”
What’s In A Name, Tim?
It is uncertain to what extent Draper will ultimately involve himself in the ICO and what role he will take, if any, in the Tezos story once it is complete.
Previously, Draper was unreservedly bullish about the project, telling Reuters in May prior to the original ICO start date that TEZ “was one of those tokens that are going to improve the world.”
Draper’s blessing is likely a major attraction for otherwise wary short-term investors against a backdrop of criticism regarding uncapped ICOs launching in recent weeks.
Concluding sales of his Civic token, entrepreneur Vinny Lingham gained acclaim for the way he ensured a “wide spread” of ownership, with limits placed on the number of tokens available for purchase by any one party.
The hugely successful Bancor token sale, also back by Draper, meanwhile still came in for criticism due to the speed with which it accrued around $153 earlier this month.
In the meantime, another sale has eclipsed its total, Block.One raising $185 million this week.
Endorsements Vs. Regulatory Elephants
Whether any name is enough to guard against the wrath of regulators, however, is an issue causing stress for both ICO projects and anyone with exposure to Ethereum.
Rumors the US Securities and Exchanges Commission (SEC) is considering how to approach the now multi-billion dollar industry began surfacing in mid-June, and a blanket move could turn the dream sour for those staking huge amounts of Bitcoin and Ether on the ultimate modern-day get-rich-quick scheme.
Disclosure: This author is a participant in the Tezos ICO.
Bitcoinist reminds readers it does not endorse any token mentioned in the above article, nor does it recommend investing in any ICO without conducting thorough research into the associated financial and legal risks depending on an investor’s location.
[Full disclosure: The author of this article has invested in Tezos]
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