Ethereum-Based Aragon Raises $25 Million Under 15 Minutes in Record ICO

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Ethereum-based enterprise management platform Aragon has announced details of its Wednesday ICO token sale, raising a mammoth $25 million.

The token sale saw participation from 2,403 buyers around the world and lasted under 15 minutes to raise the figure for a token sale that was originally set to run until June 14, 2017.

As a decentralized management platform, Aragon offers basic company management features such as governance, payroll, accounting, cap table management, fundraising and more.

Aragon placed cryptographically sealed hardcoded hidden cap that was only revealed during the sale, for “not wanting to put the Ethereum Network at any risk” revealed Aragon co-founder and project lead Luis Cuende.

Notably, the full token sale amount invested into Aragon was in Ether, despite Aragon’s partnership with ShapeShift which allowed users to purchase the ANT (Aragon Network Tokens) with 25 digital currencies.

The $25 million token sale doubles the previous ICO record holder Gnosis, an Ethereum-based prediction market that raised $12.5 million in just under 10 minutes during the end of April.

Aragon’s token sale is now the 4th highest funded crowdsale ever and only the second behind last year’s DAO as the largest FinTech crowdsale ever.

In concluding the record ICO, Cuende stated:

We now have the resources to hire the best talent and execute one of the most ambitious projects, one which has the potential to create a more equal and fair society.

The revenue from the token sale will be deployed to Aragon Institution MTÜ, an Estonian-based non-profit established by Aragon earlier this month. The company will use the funds to ‘develop Aragon Core and the Aragon Network (AN), implementing security audits and hiring additional developers and operational staff,’ the company revealed.

“This project is cool. Very cool. Businesses of the future who are looking to integrate the blockchain into their business models will certainly be considering the Aragon platform, for its ease of use and powerful features,” wrote CCN’s own P.H. Madore in an extensive analysis of Aragon last week. ” The chances of it competing swimmingly in the arena of blockchain-for-business is very high. It’s easy to see more modules being developed for the platform. A moonshot thought is that someone like UPS or FedEx might integrate their own data into the network in order to help businesses track packages as well as to help themselves keep track of them in an immutable way. One assumes these companies already have proprietary solutions in place, but Aragon could be very attractive to them nevertheless, or a big help to competitors for them in less-developed regions.”

Over the course of this year, Aragon expects to staff 10 people in its team, ahead of its release in late 2018.

Featured image from Aragon.

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