$25 Million: Blockchain Startup Tierion Completes ICO for TNT Token

Blockchain startup Tierion has completed its previously announced token sale, raising $25 million.

AccessTimeIconJul 28, 2017 at 8:45 p.m. UTC
Updated Sep 13, 2021 at 6:46 a.m. UTC
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Blockchain startup Tierion has completed its previously announced token sale, raising $25 million.

As CoinDesk reported earlier this month, Tierion launched its ethereum-based Tierion Network Token (TNT) as part of a bid to support the network effects of its Chainpoint protocol. The sale was launched yesterday with an initial closing date of August 10.

According to its website, the TNT sale raised a total of $25,032,609, slightly surpassing its stated goal.

In an interview with CoinDesk earlier this month, Tierion CEO Wayne Vaughan explained that the token is aimed at offsetting the costs of running the server clusters associated with the network that then anchor data to either the bitcoin or ethereum blockchains.

Ultimately, according to Vaughan, the process of anchoring data through the network will require payment in the TNT tokens (though these costs are being deferred for the time being).

The sale's launch and subsequent closure comes just days after a major release from the US Securities and Exchange Commission.

On Tuesday, the agency published the results of an investigation into The DAO, the smart contract-based funding vehicle that collapsed last summer following a debilitating code exploit. The project sold more than $100m worth of tokens at then-current ether prices – digital assets that the SEC ultimately deemed a security.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Tierion.

Gumballs image via Shutterstock

Correction: This article has been updated to correct a misspelling.

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