Golem Network Raises $20M in ICO, Stakes 100K ETH

The Golem Network, a decentralized computing platform, has sold 7,250 ETH, worth approximately $20 million, from its recent two-day Initial Coin Offering (ICO). According to Alethea, the team transferred 6,200 ETH to Binance and 1,050 ETH to Coinbase.

This sale comes after the Golem Network raised 820,000 ETH in its 2016 ICO. Despite the recent sale, the team still holds a significant amount of ETH, with 110,000 ETH remaining. Of this, 10,000 ETH is held in the Golem Multisig address, and 100,000 ETH is staked in Ethereum's native staking.

The Golem Network aims to create a global, open-source, and decentralized supercomputer that anyone can access. The platform allows users to rent out their unused computing power to others in exchange for GNT, the platform's native token. The recent ICO and subsequent sale of ETH suggest that the Golem Network is making progress in its mission to democratize computing power.