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  • 06.01.17

Mozilla’s former CEO just raised $35M by issuing virtual currency instead of shares

The $35 million was raised in just 30 seconds through an ICO, or initial coin offering. In an ICO, investors buy the company’s proprietary virtual currency instead of direct shares in the company, reports TechCrunch. In this case, former CEO of Mozilla Brendan Eich’s Brave browser startup created a new cryptocurrency called the Basic Attention Token, or BAT, and sold 1 billion of them, netting Brave $35 million in real cash.MG