Filecoin Raises Millions In With Token Offering

On August 10, 2017, Protocol Labs raised *$186 million through its highly-anticipated Filecoin token offering (ICO). The blockchain-based data storage company is led by Juan Benet, creator of the InterPlanetary File System, or IPFS.

Filecoin tokens will be used to reward miners who quickly deliver content on the Filecoin network. Protocol Labs hopes to harness the unused storage in global data centers to reduce the cost of data storage.

In a pre-sale last week, Filecoin raised $52 million from Sequoia Capital and Union Square Ventures, among others. According to the Wall Street Journal’s Yulia Chernova, Winklevoss Capital and Digital Currency Group also took part in the pre-sale along with Y Combinator president Sam Altman.

*Amount raised at time of publication

Matthew is a writer with a passion for emerging technology. Prior to joining ETHNews, he interned for the U.S. Securities and Exchange Commission as well as the OECD. He graduated cum laude from Georgetown University where he studied international economics. In his spare time, Matthew loves playing basketball and listening to podcasts. He currently lives in Los Angeles.
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