Russia-based ZrCoin has reportedly raised $7m in cryptocurrency from 3,955 investors from an ICO.
The company was initially looking to raise at least $3.5m for the ICO, which launched 11 May 2017, according to a report by Crowdfund Insider.
ZrCoin is a blockchain option for investing in the production of industrial materials, offering no inflation or any of the typical cryptocurrency volatility.
ZrCoins are purchased and funds are then used to manufacture ZrO2, which is used for products including ceramics, insulation, abrasives, enamels, among others.
The capital will be used to launch two synthetic zirconium production lines, the article said.
Currencies that were accepted for the ICO included Bitcoin, Ethereum, Ethereum Classic, Litecoin, Waves, and Wire transfer.
There was a minimum investment of $5 for the offering.
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