Decentralised database firm Bluzelle raises $19.5 million in ICO
They generated the amount after putting 165 million tokens for sale within 24 hours.
Decentralised database provider Bluzelle closed its three-day Initial Coin Offering (ICO) in January with $19.5 million in fresh funding.
Bluzelle's ICO veered away from "Fear of Missing Out" or FOMO tactics and instead gave buyers 24 hours to purchase the 165 million tokens made available for sale.
The 165 million tokens sold is 33% of the 500 million generated by Bluzelle.
Amongst the database provider's investors include Kenetic Capital, Hashed, Kryptonite 1 and 8 Decimal Capital.
The Singapore-based firm's decentralized database is a pioneer in data storage and management systems for the decentralized internet. It solves dApp developers' need for data storage and management systems that are flexible enough to allow fast and simple data queries on decentralized internet.
Bluzelle Chief Executive Officer (CEO) Pavel Bains says the funding gained made from the ICO will be used to further develop its decentralised database technology.
“Selling out the crowdsale is a huge milestone in the growth of our company and our journey to deliver a product that will be a key component of the new, better Internet," he says.
"We have been into this technology for years and the CEOs and CTOs we work with are just as enthusiastic as us about the product, technology and the future," says Bains. "With this funding, we will now be able to bring our decentralised database to everyone.”
Bluzelle's ICO came just a month after the blockchain-based database company appointed several new advisors to its board.
Among the firm's new advisors include Alex Leverington, one of the original Core Ethereum developers, Ryan Fugger, the original creator of Ripple, Brian Lio and Matt Chwierut, co-founders of leading blockchain and cryptofinancial analyst firm Smith + Crown, Antoine Cote and Lionello Lunescu, co-founders of engineering consultancy Enuma Technologies, and Dr Michael Egorov, former LinkedIn engineer, and current co-founder and CTO of distributed systems encryption company NuCypher.
Leverington is expected to provide insight on decentralised infrastructure and crypto technologies for Bluzelle.
“The infrastructure of peer-to-peer technology has always been important for me and I am fascinated to see how Bluzelle develops its solutions in this vital area,” says Leverington.
Similarly, Egovrov, who works as an encryption specialist, will lend his expertise to boost Bluzelle's security design.
"Bluzelle is working on what I think is the most practical approach to decentralised databases, building a vital component for the future decentralized internet," says Egorov. “I am excited to play a role in the company’s very bright future.”