Algorand Raises $60 Million in Dutch Auction, Market Cap of $24 Billion

The first algo token sale has concluded, and to much ado. The Algorand Foundation hosted its inaugural Dutch auction and processed it through the Algorand blockchain on Wednesday, June 19th. The initial price of an algo token, that proof-of-stake blockchain’s native asset, settled at $2.40 USD upon more than $60 million being raised in the offering.

Due to the nature of its specialized auction, the Algorand Foundation tentatively started the pricing off at $10 per Algo, with 25 million tokens having been put up for the first offering. 4,000 consequent blocks of bidding drove that valuation down to the token’s clearing price of $2.40.

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