[PRESS RELEASE – Munich, Germany, December 21st, 2023]
bitsCrunch, the decentralized AI-powered Web3 analytics network, has announced that the community sale of BCUT – the native utility and governance token for the bitsCrunch network – sold out in 24 minutes, a new record for CoinList. The community sale raised $3.85 million USD and added more than 3,300 unique token holders to the rapidly expanding bitsCrunch community.
With over 38,000 unique registrants and participation from 163 countries, the BCUT community sale on December 14th 2023 was one of the most geographically diverse sales in CoinList history, amplifying the network’s decentralization. The community sale made 7% of the total supply of 70,000,000 BCUT available at a price of $0.055 per token. Prior to the sale, registrants funded their wallets with $21 million, surpassing the maximum purchase amount by over a factor of five.
The bitsCrunch Network offers detailed forensic data on NFTs, enabling users to identify potential risks, fraudulent activities, and maintain security. The network empowers users to make informed decisions about their investment with in-depth analytics. For example, the network leverages AI technology to provide accurate price estimations for NFT tokens, among other insights. The bitsCrunch Network supports data from various blockchains and NFT marketplaces, providing users with a comprehensive and unified source of information.
In advance of the BCUT community sale, bitsCrunch launched an incentivized testnet campaign on CoinList to assess network security and functionality, as the network gears up for mainnet launch in 2024. Early adopters were given the chance to earn BCUT tokens by completing specific tasks. The incentivized testnet campaign attracted over 27,000 unique wallets, many of whom were granted Priority Queue access to the community sale.
The bitsCrunch team will be distributing 20% of the purchased tokens to its community on mainnet launch, currently earmarked for January 2024, followed by a 12-month linear release.
The current landscape of blockchain analytics and forensics is dominated by centralized systems, often constrained due to financial priorities. The bitsCrunch vision centers around decentralizing blockchain analytics and forensics data for the digital assets on the public blockchain. BCUT plays a key role in achieving this vision, ensuring a safe and efficient network that operates independently, diminishing the reliance on external volatile entities. The BCUT token facilitates seamless network operations functioning through the blend of cryptographic techniques and economic incentives, employed to promote adoption and maintain the integrity of the network.
Last year, bitsCrunch announced a private funding round of $3.6 million, led by Animoca Brands with participation from Coinbase Ventures, Crypto.com Capital, Polygon Studios, as well as Borderless Capital, Bison Funds, Mapleblock, Morning Star Ventures, Shima Capital, GravityX, Thykeblock Ventures, and Spark Digital Capital. Angel investors from Ex-CxO Huobi, CxOs of Biconomy, Frontier, and experts from JP Morgan, Goldman Sachs, and Facebook also participated in the round. Also their Strategic round of $2.4M last year was led by Hashkey Capital, with participation from Chainlink, Gate Labs, Cypher Capital, CoinSwitch Ventures, and a few others.
Vijay Pravin, Founder and CEO of bitsCrunch, said: “By selling out in a record 24 minutes, we have earned the esteemed title of fastest token sale in CoinList history. This represents a firm seal of approval for our vision to decentralize blockchain analytics – a vision that has already been backed by some of the world’s most renowned Web3 investors and VCs. As we march towards mainnet launch, this record breaking community sale bookends a tremendous year of growth for our network in 2023, and we look forward to building on this momentum in 2024.”
The bitsCrunch network ecosystem is rapidly expanding, drawing in a growing array of top companies from the Web2 and Web3 sectors. To learn more about bitsCrunch, visit the official website here. To stay up to date on the latest bitsCrunch developments, updates and exclusive content, users can join the official Telegram channel: https://t.me/bitsCrunch
About bitsCrunch
bitsCrunch is on a mission to elevate the global Web3 ecosystem by forging a safer, more transparent future for NFTs. The network aims to achieve this by offering unparalleled NFT data insights, forensic data, and development tools. At the heart of the solution is the bitsCrunch Network—an AI-enhanced data network that delivers high-quality NFT analytics and forensic data. Accessible via APIs, the network promotes a community-driven ecosystem and encourages diverse application development.
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