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Filecoin has largest-ever ICO, amid crypto boom

Three year-old Protocol Labs has raised around $193 million via an initial coin offering, for a pre-launch distributed computer memory storage project called "Filecoin Network." This comes on top of a pre-ICO raise of around $52 million from venture firms — Andreessen Horowitz, Sequoia Capital, Union Square Ventures and Winklevoss Capital — while the ICO itself had to be temporarily suspended due to overwhelming volume in its initial hour.

Why it matters: This already is the largest-ever ICO, if the pre-sale is included. But the offering suspension also reflects the tech challenges faced by this latest/greatest tool for capital-raising, and the size is sure to only increase SEC scrutiny.