USV, Winklevoss Bros Invest in $50 Million Blockstack ICO

Blockstack’s initial coin offering (ICO) has officially closed, with the company announcing today it has raised $50 million through the sale of 440 million tokens.

Launched in November, the sale saw investors – including Union Square Ventures (USV), Foundation Capital, Lux Capital, Winklevoss Capital, Blockchain Capital, Digital Currency Group, Y Combinator partner Qasar Younis, Techcrunch founder Michael Arringtonand Digg founder Kevin Rose – fund Blockstack’s particular vision for a decentralized web built on blockchain technology.

Still, in statements, the Blockstack team was keen to stress that those involved are best thought of as long-term partners, all of whom agreed to take long positions in its new cryptocurrency.

For example, Blockstack said the largest investment came from an undisclosed endowment, which secured a $6 million allocation after agreeing to a four-year lock-up for half of its allocation (other investors had a two-year lockup, with a $3 million maximum).

Co-founder Muneeb Ali told CoinDesk:

“I think it’s more like a funding round, with high-quality sophisticated investors, rather than random people just throwing money at something,”

Elsewhere, Blockstack provided a host of metrics on the offering. More than 800 people and entities were said to have participated in the public token sale (a pre-sale was not offered), where the minimum investment was $3,000. The median investment was $6,140…

Read Full: USV, Winklevoss Bros Invest in $50 Million Blockstack ICO