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.

Market size: We've already seen over $1.3 billion in ICO volume so far this year, excluding ongoing offerings like Filecoin, according to Smith & Crown.

Bottom line from WSJ's Paul Vigna: "Filecoin initiative is designed to allow users to exchange empty storage space on their computers for tokens. Users can earn tokens for contributing space on their hard drives, or can use tokens to buy space from other users. The way the public sale was orchestrated, the earliest investors would get the lowest price. This appears to have contributed to the rush in the first hour, as investors tried to get in and get the lower prices."

Go deeper

Robert Mueller speaks out on Roger Stone commutation

Former Special Counsel Robert Mueller testifies before the House Permanent Select Committee on Intelligence on Capitol Hill on Wednesday July 24, 2019. Photo: The Washington Post / Contributor

Former special counsel Robert Mueller responded to claims from President Trump and his allies that Roger Stone was a "victim" in the Justice Department's investigation into Russian interference in the 2016 election, writing in a Washington Post op-ed published Saturday: "He remains a convicted felon, and rightly so."

Why it matters: The rare public comments by Mueller come on the heels of President Trump's move to commute the sentence of his longtime associate, who was sentenced in February to 40 months in prison for crimes stemming from the Russia investigation. The controversial decision brought an abrupt end to the possibility of Stone spending time behind bars.

Trump dons face mask during Walter Reed visit

Trump wearing a face mask in Walter Reed National Military Medical Center on July 11. Photo: Alex Edelman/AFP via Getty Images

President Trump wore a face mask during his Saturday visit to Walter Reed National Military Medical Center, according to AP.

Why it matters: This is the first known occasion the president has appeared publicly with a facial covering as recommended by health officials since the coronavirus pandemic began, AP writes.

Updated 12 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 5:30 p.m. ET: 12,607,510 — Total deaths: 562,338 — Total recoveries — 6,948,863Map.
  2. U.S.: Total confirmed cases as of 5:30 p.m. ET: 3,228,884 — Total deaths: 134,600 — Total recoveries: 983,185 — Total tested: 38,919,421Map.
  3. Public health: Jimmy and Rosalynn Carter: "Please wear a mask to save lives" Fauci hasn't briefed Trump on the coronavirus pandemic in at least two months — We're losing the war on the coronavirus.
  4. Food: How the coronavirus pandemic boosted alternative meat.
  5. Sports: Charge of "money grab" by college football.
  6. World: India reimposes lockdowns as coronavirus cases soar.