Zen Protocol’s $35m Nod of Approval

Zen Protocol’s $35m Nod of Approval

With over $35 million raised in just 9 days, Zen Protocol is one of the most successful ICOs currently in progress. It has raised 68% of its $52,6 million targets with 21 days until the ICO closes. This puts it well ahead of the majority of token sales currently in progress.

Zen Protocol seeks to put financial assets on a blockchain using smart contracts, allowing anyone to trade them cheaply and safely. The goal is to allow anyone to buy, sell and create financial instruments without any third parties. The fact that it operates in the finance sector may be one of the reasons for the amount of investor interest –  it addresses problems that many who have worked in the investment industry are well aware of.

First Mover Advantage

Financial markets are full of intermediaries that act as gatekeepers, monopolising key points in the trade and settlement process. In theory, the blockchain will eventually allow traders to bypass brokers, exchanges, banks and custodians.

The project has received its fair share of media attention, being featured in Forbes and Finance Magnates amongst others. This, and the fact that the ICO was delayed from August to November, may also be responsible for investor enthusiasm.

The project also appears to have the first mover advantage. However, getting the technology right will only be half the battle. The real test will be convincing market participants that the solution is legal and secure. This is likely to become a competitive part of the crypto world, and the team will have a lot of hard work ahead of them.