A blockchain project boasting support from industry venture firms Boost VC and CoinFund has completed an initial coin offering (ICO), netting around $9 million in ether.
Called District0x, the project aims to use ethereum smart contracts to power decentralized marketplaces and community applications. Offering 600 million District0x Network Tokens (DNT) to buyers, the ICO started on July 18 and ended on August 1.
According to data from the ethereum blockchain, a total of 2,394 participants contributed 43,170 ether to the project, an amount that was slightly less than a tentative cap of $10 million imposed by project creators.
Notably, the project excludes contributions from citizens or residents from the U.S. – a move commonly adopted to avoid regulatory issues. In recent days, regulators in the US and Singapore have issued new statements that indicate some types of token offerings may be captured under securities law.
Despite such warnings, though, July is proving to be a record month for ICOs fundraising, with more than $500m raised by 29 projects as of July 26, according to CoinDesk data.
District0x image via project website