All of that was possible despite one’s disbelief and it’s all thanks to the initial coin offerings or what they also call as ICOs. This very much resembles an IPO or initial public offering and it happens when the private company sold their stock to the general public for the very first time. ICO is very much like a company fundraising but instead of using traditional cash as currency, cryptocurrency is used instead.
Brave in fat developed their own coin which they referred to as BAT or Basic Attention Token. The price basis is another cryptocurrency known as ETH or Ethereum. In conversion, every ETH is worth 6,400 BAT. The company then offered to the public for sale a maximum amount of 1.5 billion BAT. They are aiming to gather a total of 156,250 ETH which is equal to more than $35 million in real currency. The cryptocurrency was purchased and out of stock in less than 30 seconds which made history after that. The money will be added to $7 million that Eich was able to gather from investors.