Bancor, a company with Israeli roots, staggered the local high-tech industry in mid-June by raising $156 million in just three hours, in an ICO (initial coin offering) of digital virtual currency that it developed itself, called Bancor Network Tokens, or BNT. Investors paid for BNT using the crypto-currency ether, which was then trading at $391.
In total, Bancor raised 400,000 ether, the currency used in the Ethereum network, an open-source, public platform for online contractual agreements.
Investors were speculators from the world at large with a yearn for digital currencies of the type like ether and Bitcoin, which have been very successful so far. Ether, for example, started at $8 at the beginning of 2017. Bitcoin, which was trading for around $1,000 at the beginning of 2017, is now trading around $2,300. That’s big money.
The timing of Bancor’s issue was sublime. The buzz around digital currencies was peaking, it turns out. Since then, the market has cooled a bit and the value of the crypto-currency ether has been on a roller coaster.
Last week ether sank below $200. On July 19, it suddenly leaped from around $180 to about $260, then retreated to around $225. As of Thursday evening Israel time, ether was at $229.28, according to SkinCoin (a site to track crypto-currency market capitalizations).
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