SONM “Spectacularly Successful” ICO Nets $42 Mln in Four Days

So-called “Supercomputer Organized by Network Mining” (SONM) has concluded its ICO after hitting its prearranged $42 mln cap in four days.

In a press release on Monday, the next-generation cloud computing network announced that 8,774 participants had contributed to its SNM token sale, with coins debuting trading on HitBTC and EtherDelta.

“With a renewed sense of vigor heightened by our community’s strong demand for our tokens, the SONM team is excited to progress the project which we believe will revolutionize the computing market,” CEO Sergey Ponomarev commented, describing the project as having achieved “spectacular success.”

In terms of cryptocurrency ICOs, the sums and rate of income are comparatively modest, yet the appetite for such tokens is far from over.

“Following the impressive success of its ICO, which attracted an extraordinary level of interest from investors, I trust SONM will quickly establish itself as a leader and innovator in the distributed computing market,” SONM advisor and former Cavirtex CEO Jaron Lukasiewicz projected.

Meanwhile, talk is increasingly turning to what action the US Securities and Exchange Commission will likely take with regard to regulation of ICOs, which are now an almost $100 bln industry.

Last week, an unnamed source confirmed the topic was “high on the radar” of the financial regulator.

For its part meanwhile, SONM is seeking to separate itself from the projects gaining large investments through ICOs while battling negative public image.

Describing the project as “Airbnb for computers,” Ponomarev sees genuine room for improvement over current cloud computing setups.

“Distributed fog computing, which designed to be universally applicable for all industries and purposes, is an ideal alternative for organizations looking to reduce costs and strengthen their grid,” he said in comments prior to the ICO getting underway.