Pod Save America Hosts Call on Democrats to Cut All Israel Military Aid, No Longer Accept AIPAC Funding
Jews, Israelis Targeted in Austria Amid Surge in Antisemitic Incidents; Local Jewish Community Calls for Action
‘All of Our Strength’: Over 1,000 Pro-Israel Activists Gather in DC for Solidarity Conference
‘Devastated’: Wesley LePatner, Killed in Manhattan Mass Shooting, Was a Jewish Communal, Philanthropic Leader
Sen. Angus King Vows to No Longer Vote for Israel Military Aid Until Gaza Conditions Improve
Europe Won’t Pressure Israel to ‘Commit Suicide’ Amid Gaza Backlash, Palestinian State Push, Says Israeli FM
Israel’s National Soccer Coach Attacked in Athens Before Soccer Fans Chant ‘F–K Israel, Free Palestine’ at Match
New York Judge Sentences Neo-Nazi to 5 Years for Livestreaming Bomb Threats Against Jewish Hospitals
US Pressures Lebanon to Issue Cabinet Decision to Disarm Hezbollah Before Talks Continue
UK Plans to Recognize Palestinian State in September Unless Israel Meets Conditions, Starmer Says
Israeli Blockchain Start-Up Bancor Raises $153 Million in Digital Currency
Error: Contact form not found.
by JNS.org
An image from the Ethereum digital currency network. Photo: Amazon.
JNS.org – The Tel Aviv-based blockchain start-up Bancor Foundation raised $153 million worth of digital currency this month, in a record-setting initial coin offering (ICO) on the Ethereum digital currency network.
The ICO was so popular that the network became congested, causing a crash in the price of the digital currency from $320 to as low as $0.10, before a quick recovery.
A total of 10,885 buyers participated in the offering, including American billionaire and venture capitalist Tim Draper, who also joined Bancor’s board of directors.
Bancor is an application based on Ethereum, a digital currency and programmable network that allows for the creation of decentralized applications called “DAaps” within its platform.
DAap projects such as Bancor are crowd-funded through ICOs, which allow investors to send Ethereum tokens directly to developers in exchange for tokens that represent a share in the new project. ICOs are a new way of crowd-funding capital, akin to an IPO (initial public offering) on a stock market. But unlike an IPO, an ICO is not subject to government regulation.
Bancor seeks to advance the so-called “democratization of currencies,” acting as an intermediary in an environment in which digital currencies such as Ethereum or Bitcoin could be used as legitimate currencies. The term “bancor” was originally used by John Maynard Keynes and E.F. Schumacher as a name for a supranational currency that was conceptualized in the 1940s.
