Algorand raises over $60M in token sale at an implied valuation of $24B

Algorand, the proof-of-stake based blockchain protocol, has raised over $60 million in a token sale conducted on CoinList, according to the Algorand Foundation. This raise was on top of the $66 million in equity funding the firm has raised over the past year from investors including Union Square Ventures and Pillar Venture Capital.

Founded by MIT professor and Turing Award winner, Silvio Micali, Algorand is a blockchain platform focused on scaling and improving user consensus. According to the Algorand Foundation, in its first five years of operation, the total supply of Algorand's native asset, Algos, will grow to 10 billion, with the Foundation auctioning off 600 million Algos per year. The recent token sale valued Algos at $2.40 per token, so investors are valuing the Algorand network at a fully diluted market cap of $24 billion. For comparison, Ethereum is valued at $28 billion at the time of this writing.