DAO Startup Aragon Raises $25 Million in Under Fifteen Minutes

The Aragon token sale becomes the 4th highest funded crowdsale ever, trailing only the DAO in fintech ICOs.

Aragon, a Spanish blockchain startup developing a decentralized management platform for organizations, has announced today that its token sale has raised $25,000,000 in less than fifteen minutes from just 2403 buyers across the world.

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Luis Cuende

“We are extremely delighted with the success of our token sale and are humbled that the community has placed this trust in Aragon. 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,” said Luis Cuende, co-founder and Project Lead at Aragon.

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Originally set to run until June 14, 2017, the Aragon token sale closed out in under 15 minutes. While the token sale was uncapped, Aragon placed a hidden cap, cryptographically sealed and only revealed during the sale. Luis Cuende said: “For our token sale, we placed a huge focus on security, not wanting to put the Ethereum Network at any risk. Therefore, we set a hard coded cap into the sale contract.”

Despite accepting over 45 currencies through a partnership with instant digital asset exchange ShapeShift, the full token sale amount was invested into the Aragon platform in Ether due to the speed of the sale.

Earlier this month, Aragon established an Estonian-based non-profit, Aragon Institution MTÜ, which will deploy the revenue from the token sale. With the funds raised, Aragon will focus on the development of Aragon Core and the Aragon Network (AN), implementing security audits and hiring additional developers and operational staff, bringing the team to 10 people over the course of 2017.

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