Record-Breaking ICO Rakes in $30 Million in Two Hours

We have seen some spectacular ICO successes in the last couple of years, as well as some notable flops. However, it is hard to beat an offering that pulls in $30 million is just two hours.

This is the incredible success story of the ICO recently run by the ViaBTC mining pool and blockchain company. It was also noteworthy as it was the first important ICO carried out on the Bitcoin Cash platform using the Wormhole protocol.

How Successful Was It?

The figures for this initial coin offering are mightily impressive. The information from the exchange states that they picked up the $30 million in a little over two hours. This worked out at a dizzying rate of $3,700 every second that it was running for.

The VIAT token is the native currency of the platform. 750 million of them were sold during the recent ICO, out of a fixed supply of 2 billion. These tokens can be used as Gas, as well as a value transfer tool. VIAT coins can currently be traded with Bitcoin BTC, BCH, CET, and USDT.

There is also a suggestion that the success of this ICO will have a knock-on effect for Bitcoin Cash. This has been one of the cryptocurrencies that have dropped most in value lately, falling below $450 after a long spell above this figure and suffering in the same way as Ethereum ETH has lately.

Yet, having the highly regarded ViaBTC platform on the chain could turn out be a blessing. Certainly, given the low value of these tokens right now, investing in Bitcoin Cash looks as though it could turn out be a very smart move. Other digital currencies expected by some analysts to rise soon include Stellar Lumens and Cardano ADA.

There is also talk of Bitcoin Cash making some moves in term of smart contracts and the launch of some powerful dApps. This ICO could turn out to be the start of a revival for the platform that helps to push it ahead once again.

Who Are ViaBTC?

This company offers their token for use in something that they call duo mining. As well as the traditional pooled payout, miners will also receive payment using the VIAT coin. Miners who refer friends get extra tokens.

The founder of ViaBTC is called Haipo Yang, while their COO is Huimin Ouyang. They are mainly based in China and the team members come from strong technical backgrounds. The company started out in 2016 and on their own site they say that they “developed the world’s top Bitcoin mining pool with the most advanced deployment technology”. They also have mining pools for other crypto coins as well.

It is worth bearing in mind that this sort of incentive-based token model for services has been successful in recent times. The Binance crypto trading platform and CoinEx are both good examples of companies that have adopted this approach to great effect.

It is worth looking out for other new ICOs that are in the pipeline. The success of ViaBTC’s offering shows the public’s appetite for blockchain projects is as big as it has ever been.