The first ever regulated ICO, Filecoin, set a new record for the crypto-exchange industry, collecting $257 million throughout the campaign, which ended on Thursday, September 7th.
The Filecoin project was launched by the California-based Protocol Labs in 2014 to create an efficient data storage solution based on the Interplanetary File System (IPFS) decentralized network protocol. IPFS was also developed by the Protocol Labs and is intended to replace HTTP with a peer-to-peer hypermedia communication protocol.
The idea of Filecoin is in that users install special software that allows them to store data on computer hard drives. As a reward, users receive Filecoins, which can then be exchanged for Bitcoin or other cryptocurrency, even fiat money.
Filecoin ICO started on August 10th and in the first half hour the project team collected $200 million.
The tokens were sold on the CoinList platform, which was developed by Protocol Labs in conjunction with AngelList and has been implemented in full compliance with the SEC rules. Thanks to this, the campaign was available to US residents.
However, the main difference between Filecoin ICO and other projects in the cryptocurrency field is that participation is available only to verified investment firms, banks, and wealthy individuals.
The previous record for the amount of collected funds was installed by the Swiss blockchain startup – Tezos, which collected $230 million.