KyberNetwork closes ICO on around $56m

Digital asset exchange and conversion platform KyberNetwork has closed its ICO having raised 200,000 ETH.

The token sale translates to around $56m, according to Coindesk current price of Ethereum. This sale saw 21,309 unique addresses take part in the sale, which lasted for just over a day.

KyberNetwork is a rich payment API and new contract wallet to help anyone accept payments made via digital tokens. The platform lets users convert and exchange tokens, accept payments and acquire dividends from DAO. The company is partnered with Hyperchain Capital, Bitsset, Finden Capital and Pantera, among others.

The proceeds raised from the coin sale will be used to help accelerate business and product development.

In the first half of the year blockchain and cryptocurrency companies have already raised 72 per cent of the funding that was raised in the whole of last year. So far the sector has raised a total of $412m and is on track for a record year of funding.

Copyright ? 2017 FinTech Global

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