Brave Token Sale Blasts Records With $35 Million in 30 Seconds

3680
ADVERTISEMENTSToken Agency
Blockchain Expo London 2019
global
Blockchain Partners
DNATix
Sportsfix ICO
Kinesis

Share with:


Mozilla co-founder Brendan Eich’s project Brave, a Blockchain-based web browser ripped through their initial coin offering (ICO) today that has redefined the concept of speed in terms of token sales.

advertisementToken Agency

The ERC-20 compliant coin called the Basic Attention Token (BAT) sucked in $35 million in less than a few blocks… the ICO started funding at block 3798640 and accepted its last deposit at 3798642. They raised $36 million and it was all over in under 30 seconds.

Allegedly only 184 were able to buy in with a few people dropping in significant ETH to hit the cap within seconds. With less than 200 wallets controlling the supply, including a small number whales who purchased over 5 percent of the total supply each according to reports at Reddit.

Remember that while events like these may be exciting (and highly profitable for the 192 investors that got in), it brings increased regulatory pressure.

Example: A U.S. Securities and Exchange Commission OFFICIAL SAID ON TUESDAY, “If you want this industry to flourish, protection of investors should be at the forefront … At the SEC, we like to facilitate capital-raising, but at the same time, we want to ensure a fair market”

Objectively, speaking this was the furthest thing from a fair and balanced market. Yes, everyone had the opportunity to attempt investing at the same time, but people with large amounts of ETH (think: 3,000+) purchasing significant percentages of the supply and selling out one of the largest crowdfunding campaigns in history within seconds is in no way balanced.

Building community is a key part of successful post-ICO projects and with so few buyers this could actually be problematic rather than beneficial, if they want people to use the browser.

Commenters at Bitcoin talk were complaining about a influx of Bitcoin whales accusing that four people bought 40 percent of the supply and they started to sell off immediatly as it become tradeable on the exchanges for 10x ICO price.

It appears that some shelled out thousands of dollars in transaction fees to cut the line, according to Ethereum co-founder Vitalik Buterin on Twitter:

Well it’s not going to get easier for the ‘small guy’ to get a piece of the action as it did 24 hours ago. And what lies in the future for ICOs when the Whales and the incoming institutional investors come in with deep pockets and simply cut the cue remains to be seen. There’s some irony in cryptoanarchists (who make up a fair size of the cryptocommunity)  complaining about lack of rules when it comes down to letting the free markets freely enriching the rich.

 

About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), partner at ICO services collective CryptoAsset Design Group ($500m+ and 50+ ICOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur.

He sits on the advisory boards of some two dozen Blockchain startups
and has written over 1500 articles on Blockchain technology and
startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat

Ad honorem - Honorary Ph.d - Chair Professor of Blockchain at
China's first Blockchain University in Nanchang at the Jiangxi Ahead
Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business
Automation 4.0 programme. Chevalier (Knight) - Ordre des Arts et des
Technologies at Crypto Chain University and on advisory board of Advisory Board Member of International Decentralized Association Of Cryptocurrency And Blockchain (IDABC) as well as Advisory Board Member at U.S. Blockchain Association.

Over a half a decade experience judging and rewarding some 1000+
innovation projects as an EU expert for the European Commission's SME
Instrument programme as a startup assessor and as a startup judge for
the UK government's Innovate UK division. Kastelein has spoken
(keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, San Mateo, San Francisco, Santa Clara, Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich

His network is global and extensive. He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe

He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.

A journalist by trade, an entrepreneur and adventurer at heart,
Kastelein's professional career has ranged from political publishing to
TV technology, boatbuilding to judging startups, skippering yachts to
marketing and more as he's travelled for nearly 30 years as a Canadian
expatriate living around the world

In his 20s, he sailed around the world on small yachts and wrote a
series of travel articles called, 'The Hitchhiker's Guide to the Seas'
travelling by hitching rides on yachts (1989) in major travel and
yachting publications. 

He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

Visit Website
View All Articles

More News

Facebook Comments

advertisements
Token Agency
Blockchain Expo London 2019
global
Blockchain Partners
Token Agency
Sportsfix ICO
Tymlez
Femergy
Kinesis

6 COMMENTS

  1. Thanks for writing this article. I’ve been wondering what methods the big dogs were going to use to start screwing over the little guy like usual. One of the great things about this space has been the ability for average Joe Shmo’s to get in on the ground floor!

    Ironically the BAT team probably thinks this helps their chances at success. The tech is great, but they need to do better in other areas, as you mentioned, a thriving community.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.