Eric Porat, a New York-based online entrepreneur and the founder of One Acquire Media invests in Filecoin’s ICO funding –which has raised over $250 million to date. The project officially launched its main net on October 15, 2020. Filecoin’s ICO, which began in 2017, quickly garnered millions in investment via CoinList, a joint project between Filecoin developer Protocol Labs and startup investment platform AngelList.

The launch day brought a large influx of Simple Agreements for Future Tokens purchases (claims on tokens once the Filecoin network goes live), and quite a few technology issues due to the hurry by accredited investors over-running the CoinList website.

Only the most accredited investors were able to join in on this opportunity, names including: Union Square Ventures, Sequoia Capital and Andreseen Horowitz.

The Blockchain data storage network Filecoin officially completed its initial coin offering, raising more than $257 million over a month of activity. Porat is looking forward to the company’s future growth.

“I’m really stoked about the future potential of this project. Filecoin will revolutionize the industry, because it provides a decentralized network for digital storage through which users can effectively rent out their spare capacity, and then receive filecoins as payment,” Porat explained.

The second quarter of 2020, as a whole saw a record-breaking level of activity, with approximately $797 million raised through this type of funding model, according to the latest State of Blockchain report.

Filecoin is an open-source, public, cryptocurrency and digital payment system intended to act as a blockchain-based, cooperative digital storage and data retrieval method. Filecoin users pay to store their files on storage miners. Storage miners are computers responsible for storing files and proving they have stored the files correctly over time. Filecoin allows anyone who wants to store their files or get paid for storing other users’ files can join.

An unprecedented number of crypto-currency exchanges have on-boarded Filecoin including but not limited to Gemini, Binance, BKEX, Gate.io, Coinlist and Kraken. For many of the leading custodians to partake in Filecoin mainnet’s launch further solidifies the project’s legitimacy and value this utility brings. Porat believes this project will revolutionize the global storage economy. 

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