A Swiss firm recently broke crypto records through raising $36 million in just a bit more than a minute. Here is a look behind the lightning-fast coin offering of this crypto provider.
The initial coin offering of SingularityNet or ICO is currently dubbed as Gone in 60 seconds. It’s now named after the 1974 action drama and the 2000 Nicolas Cage remake because it is the quickest take-up and issue of any digital currency in history according to the crypto observers.
This Swiss-based crypto start-up was able to raise $36 million the previous month through selling its digital AGI token. The fundraising took around 66 seconds to hit the cap that SingularityNET set.
The Swiss cryptocurrency firm Bitcoin Suisse chaperoned the record ICO that was trying to win domestic banks as their clients. The demand for the coin outstripped the supply. According to SingularityNET, there are 20 thousand investors who are prepared to put up $360 million more for the firm.
The additional funds allowed SingularityNET’s ICO to become the fastest and most significant fundraising. In the past year, ICOs were able to raise around $3.5 billion according to the business and economy portal.
In the past year, the largest ICOs are the Sirin Lab’s $157 million, the U.S. based Filcoin that has $257 million, and Switzerland’s Tezos Foundation’s $232 million that erupted in a bitter dispute.
How did SingularityNET become popular? The firm is a spin-off of the American tech company Hanson Robotics that centered their activities around the hot theme of artificial intelligence. It wanted to build a blockchain-based marketplace for that purpose. Developers and investors can now feed their designs into the platform so they can match up with customers similar to Hanson that have the capabilities to turn the technology into robots.
The boss of Hanson research is Ben Goertzel who is also the CEO of SingularityNET. He already created the robot Sophia who he believes would do a better job than the current U.S. President Donald Trump. However, she also said that she wants to destroy the humans.