Polkadot (DOT), a crypto startup developing a blockchain interoperability protocol to bridge major networks, is reportedly planning to raise up to $60 million through an initial coin offering (ICO) — around 15 months after its first token sale.
According to a recent report by the Wall Street Journal, which cites insiders familiar with the matter, Polkadot is hoping to conduct the ICO at a fully-diluted token valuation of $1.2 billion. This includes all tokens in circulation, plus those not yet issued.
Back in October of 2017, Polkadot raised $145 million through a token sale to several major investors including Boost VC, Pantera Capital and Polychain Capital.
Polkadot is being developed by Web3 Foundation and Parity Technologies with the goal of improving the compatibility between blockchains like Bitcoin (BTC) and Ethereum (ETH). Web3 Foundation’s director Ryan Zurrer has stated that Polkadot is set to launch sometime in Q3 2019.
Polkadot tokens have yet to be released onto the open market.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.