Decentralised cloud storage platform Storj has raised 910 BTC in a crowdsale.
At the time of writing, the amount raised equates to $461,802, according to the CoinDesk Bitcoin Price Index.
Participants in the Crowdsale are to be rewarded with early access to Storj's DriveShare and MetaDisk apps, which enable users to rent out their unused hard disk space and store their files on the Storj network, respectively.
A post on the company's website states:
The post reveals that the funds will be used for staff salaries, marketing, advertising, community funding, legal counsel and the development of Metadisk and DriveShare.
The company explained that, once DriveShare is ready for beta testing, the release will be staggered. Initially, a small group of people will test the network and offer feedback. Any issues that arise during this period will be addressed, then the beta will be released to a larger group.
Only those involved in the crowdsale will be part of the network until the company opens the app up to the general public.
According to CoinMarketCap, Storjcoin X has a market cap of $1.2m with each coin currently being worth $0.01. This makes it the cryptocurrency with the 33 largest market cap, postioned close behind vericoin and primecoin.
In the interests of transparency, Storj has published its bitcoin and Storjcoin X addresses so users can track how and when the funding is spent. It has also made its open-source code available on GitHub.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.