Crypto Project Sells Ethereum Worth $72 Million, Gained from 2016 ICO

A crypto project that initially raised 820,000 ETH in a 2016 ICO has sold a substantial amount of ETH on major exchanges.

Golem Network (GLM), an open-source platform facilitating decentralized computing power access, raised its Ethereum holdings when ETH was priced at $10.20 during its ICO in November 2016.

Golem aims to democratize access to censorship resistant computing power. This is facilitated by a cutting-edge protocol that allows users to supply and lease providers’ idle hardware in a peer-to-peer (P2P) manner.

According to Lookonchain, Golem recently sold 24,400 ETH valued at $72 million across Binance, Coinbase, and Bitfinex over a span of three days.

READ MORE:

Will Ethereum Skyrocket After SEC Approves Spot ETFs?

Despite these sales, the project retains 127,634 ETH valued over $381 million at current ETH prices around $3,000, marking an astronomical increase of over 29,000% since its ICO.

Alexander Stefanov