DAO Marketplace District0x Raises $9 Million in Token Sale

A protocol for decentralized marketplaces raised $9 million in ether in an initial coin offering closed Tuesday.

AccessTimeIconAug 1, 2017 at 8:15 p.m. UTC
Updated Sep 13, 2021 at 6:47 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.