Dfinity Foundation to Raise $102M During Closed ICO

Andreessen Horowitz, Polychain Capital, SV Angel, Aspect Ventures and Multicoin Capital took part in financial round
30 August 2018   902

The Dfinity Foundation project conducted the closed sale of tokens for accredited investors, raising $ 102 million to create its own blockchain protocol. The round of financing was headed by the cryptocurrency division of the venture company Andreessen Horowitz (a16z). This is reported by Bloomberg.

Polychain Capital, SV Angel, Aspect Ventures and Multicoin Capital took part in financial round too. The price of one token at the same time was $ 4.18, and coins for a total of $ 35 million were distributed among the community through AirDrop.

The a16z stressed that they highly value the startup's chances in the first place due to the composition of the team, which includes former developers from Alphabet Inc and Uber Technologies Inc, as well as Ph.D. from Yale University.

Earlier, the Dfinity Foundation attracted $ 61 million from Andreessen Horowitz and Polychain Capital to create "cloud 3.0".

A16z and Polychain Capital jointly financed the start-up Oasis Labs, which eventually raised $ 45 million.

In addition, Polychain Capital and bitcoin-exchange Binance invested in the development of Terra stablcoin.

DFINITY to Postpone Internet Computer Launch

The project is currently assessing the time frame for the completion of the MVP
14 December 2018   111

The blockchain project Dfinity reported in its blog postponing the launch of its main product.

Previously, Dfinity chief scientist Dominic Williams said that his company intends to create an “Internet computer that will become cloud 3.0”, compete with Google Cloud and Microsoft Azure, and also change the face of the blockchain industry.

According to him, the project team is developing a technology that has 150 higher performance than Ethereum blockchain and 900 times - Bitcoin. In essence, the project creates a “giant Internet computer”, whose work will be supported not by one company, but by all participants of the Dfinity protocol.

Initially, the release of a minimum viable product (MVP) was planned for the first quarter of 2019. However, according to company representatives, working on a trimmed version may slow down progress in creating a complete product.

The project is currently assessing the time frame for the completion of the MVP. Also, noted in Dfinity, before the end of the first quarter a new set of development tools (SDK) will be released, which will shed light on the future plans of the company.

In August, the Dfinity Foundation attracted $ 102 million of investments in the framework of a closed tokensale. Prior to this, at the beginning of the year, the Dfinity Foundation raised $ 61 million from Andreessen Horowitz and Polychain Capital.