Siafunds TSO raise $1.5M to support development for Sia project

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Decentralised storage platform, Sia has successfully completed their Tokenized Securities Offering (TSO) selling 231 Siafunds at a price of $7,500 USD each.

The reported sum, taking into account presale agreements with three investors prior to the TSO, is reported to be around $1.5M USD.

The team announced in a Medium post that the funds will be immediately put in use for the expansion of the project’s development team. Furthermore, the post confirms that the project has already hired a new core dev in the face of Matt Savey and plans to announce two new team members in the near future.

Sia has two digital assets, the Siacoin — token used to rent storage on the Sia network and Siafund — a digital asset that entitled the holder to a portion of the Siacoins exchanged in every instance in which a file contract is created on the network.

The project launched their fully functioning decentralized storage platform in 2015 and has since been gradually making progress in their quest to challenge industry giants such as Amazon, Google and Dropbox.

In addition to the successful TSO, the Sia team has also confirmed that more information on their 2018 roadmap will be released by the end of the week. You can keep up with the latest from Sia via their Twitter or Medium pages.

Image From Shutterstock

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