Polkadot Blockchain Interoperability Project Closes ICO at $1.2B Valuation

The Swiss nonprofit Web3 Foundation has closed on a private token sale to raise funds for ethereum co-founder Gavin Wood’s Polkadot project.

The foundation revealed that the 500,000 DOT tokens sold were sold at the project’s targeted valuation of $1.2 billion.

The sold tokens make up five percent of the total supply. Investors reportedly wanted more than what was made available.

The token sale’s total proceeds were not disclosed, but analysts believe it fell short of its initial $60 million target.

Be that as it may, Wood indicated that he was happy with how token sale turned out.

I have been struck by how much interest there is in Polkadot – many of us have sensed an immense hunger for something new to explore,” he said in a statement.

With this success, I look forward to seeing the W3F team put these resources to good use, supporting both Polkadot and the broader Web 3.0 ecosystem.

Polkadot aims to build a blockchain network that would enable interoperability between other blockchains. The Polkadot team will begin laying down the foundations needed to launch the project in Q3 2019, while the network itself is expected to go live by the end of the year.

[Polkadot] represents a new frontier for experimentation and creation in cryptoland,” Chris Burniske, a partner at token sale participant Placeholder Ventures, said.

We expect Polkadot to not only develop a robust internal ecosystem but also to become a bedrock network for the entirety of crypto.