Blockchain prediction markets startup Augur has raised the equivalent of $4 million in 10 days of its Reputation Token (REP) crowdsale.
The sale lasts from August 17, 2015, 12 pm (EST) to Crowdsale End Date: October 1st, 2015, 12 pm (EST), with 11 million REP available for purchase in 10%, 5% and 0% discount phases.
The crowdsale funds have been raised in around 12,580 bitcoin and 1,048,000 ether, and 3585 user accounts have been created.
Tony Sakich, Augur’s Director of Marketing, blogged this:
The very first thing we would like to say is a sincere thank you to everyone who has supported Augur. As a non-profit group that will rely on these funds to create a user-friendly platform that will appeal to a much wider audience than the crypto community, they will enable us to achieve this goal and provide essential security audits and testing for the platform. Additionally, the money raised will help us continue to get the best legal advice, another valuable benefit.
According to the Augur team, the proceeds from the software sale will be used mostly to fund development of Augur beyond its initial release. Funds will also be allocated for operations, legal contingencies and marketing & community outreach.
All 11,000,000 REP tokens that Augur will ever issue will be distributed by the end of the sale. Since it’s an auction, the distribution of tokens will be constantly shifting until the sale ends. Instead of setting a price per REP, Augur setting a limit to total REP and letting the market price the tokens.
Building on Ethereum’s blockchain, the project’s development team has apparently rolled out its first release, Augur Alpha.