The Web3 Foundation announced the successful completion of a private tokensale, whose goal was to raise funds for the development of the Polkadot protocol, a blockchain project by one of the founders of Ethereum and Gavin Wood. It is reported by CoinDesk .

According to a non-profit organization based in Switzerland, a total of 500,000 DOT tokens (5% of the total issue) were sold, after which the capitalization of the project rose to $ 1.2 billion. It is also said that investors wanted to acquire more tokens than were exhibited for sale.

“I am amazed at the interest that was shown towards Polkadot – many of us felt a great hunger for something new. After we have achieved this success, I expect the W3F team to manage the funds properly and support both Polkadot development and the wider Web 3.0 ecosystem, ”said Gavin Wood.

Representatives of Polkadot, however, did not disclose the amount of funds raised, and therefore it is not clear whether the project managed to attract $ 60 million from investors, which were announced in plans as early as January of this year .

As the newspaper notes, three Chinese funds agreed to invest in Polkadot last month; however, if this transaction took place, the project would be valued below $ 1 billion. They are not mentioned among the participants of the tokensale, and the list of investors called Web3 Foundation includes investors ChainX and Innogy Corporate Ventures.

The Polkadot protocol runs on the Proof-of-Stake algorithm and is designed to increase the compatibility of various blockchains, for example, Bitcoin and Ethereum. Holders of the internal DOT token act as validators and participate in polls related to code changes.

Previously, the project had already completed one successful tokenail, which resulted in raising $ 145 million. The launch of the main Polkadot network is expected before the end of 2019.

Recall that in May it was reported that DOT tokens are sold in over-the-counter markets with a big discount.

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