Zap Store Token Sale

SONM ICO Raises $42m, SNM Token Now Listed on HitBTC and EtherDelta

By Avi Mizrahi Jun 19, 2017 3:07 AM EDT

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Photo: FM

SONM (Supercomputer Organized by Network Mining) has announced that its Initial Coin Offering (ICO) has successfully reached its $42 million cap with 8774 participants, closing in just four days into the sale.

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SNM tokens are now listed on Chinese cryptocurrency exchange HitBTC as well as on EtherDelta, a smart-contract based exchange platform built on Ethereum.

Sergey Ponomarev

SONM CEO Sergey Ponomarev said: “SONM is delighted to announce the spectacular success of the ICO. We humbly thank our community for its support and participation in the ICO which raised over $30 million USD in the first 24 hours and went on to reach its cap within just days of opening.

With a renewed sense of vigor heightened by our community’s strong demand for our tokens, the SONM team is excited to progress the project which we believe will revolutionize the computing market.”

Investors participated in the SONM ICO using ETH, BTC, Dash, and other major cryptocurrencies. A total of 331,360,000 SNM were minted in the ICO. Token creation is now permanently closed.

The funds raised in the crowdsale will be distributed as follows: 33% is reserved for marketing promotion, market growth, community, and expansion; 30% for research and development including team expansion, and advisers; 20% for the original SONM team; 7% for complementary technologies; 6% for technology infrastructure; and the remaining 4% for other indirect costs such as legal and office expenses.

Bitcoin exchange pioneer Jaron Lukasiewicz said: “Following the impressive success of its ICO, which attracted an extraordinary level of interest from investors, I trust SONM will quickly establish itself as a leader and innovator in the distributed computing market.”

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