Kyber Network ICO Raises About $60 Million in a Little Over a Day

The token sale by Kyber Network has reached its full funding cap of 200,000 ETH, worth about $60 million at an Ethereum price level of $300. The service is a decentralized and trustless exchange for instant conversions between crypto-assets.

Learn how to buy Bitcoin and Ethereum safely with our simple guide!

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

Through KyberNetwork, a user can send one token to a recipient who wishes to receive the payment in another token in a single transaction. It will also introduce a new smart contract interface that would allow existing wallets, which only accepts certain specific tokens, to receive any existing or future token without having to modify the token contract code.

Prior to the ICO, Kyber Network CEO and co-founder Loi Luu sat down to talk with Finance Magnates about the project ahead of its token sale. Listen to the interview on SoundCloud or watch it on YouTube:

Following the completion of the token sale Luu commented: “I would like to thank the Kyber Network team members and advisors for getting the company to successfully raise a good round. Not forgetting the community moderators and volunteers who have been extremely diligent in keeping the community safe and secure for all members, and in keeping the communication from Kyber Network to fellow members succinct. Lastly, this token sale wouldn’t have been possible if not for the enthusiastic support from all of you.

This marks the end of one phase and the beginning of another. Moving forward, we will channel our energy and resources to product and business development. We promise that we will continue our effort in creating a world-class and highly usable platform that everyone has access to.”