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While Bancor’s ICO set records, it did not go off without some glitches.

So many people piled in to take part in the ICO, some of the transactions did not go through. Bancor blamed demand and traffic, which it called overwhelming as being among the culprits. It also noted that there had been “massive malicious attacks.”

Bancor ended up extending the minimum time for the ICO to allow the Ethereum network to process affected transactions. Many proved that patience is a virtue, waiting for the problems to be resolved. On that day, Bancor raised from investors roughly $70 million in the first hour.

As far as the malicious attack was concerned, some took issue whether any had actually occurred to affect Ethereum.

In the previous piece, (link here, please to “Bancor’s Basket of Cryptos”- td) we told you about how Bancor’s protocol calls for smart tokens to hold several cryptocurrencies at once. Here, we’ll discuss its ICO, and how proceeds are being used to fund its efforts.

Pundits weighed in

As is the case for most startups in the crypto space, Bancor’s record-breaking raise brought out critics. Interestingly, one of the critics was one of its own. Bancor is based in Israel. The chairman of the Israeli Bitcoin Association is also a member of Bancor’s advisory board. The member, Meni Rosenfeld, told CNBC, shortly after the deal the following:

"There's a lot of hype about ICOs currently. Bancor raised a lot of money, which is nice but it leaves you to wonder whether they actually need all this money and whether the issuing was valuated correctly."

The next interesting, and/or disturbing thing to follow Bancor’s ICO was a heated debate it got into with two economists who wrote a blog entitled, “Bancor is flawed.”

Those three words infuriated those at Bancor and they took to their site’s blog with a long – very, very long – response. While the diatribe didn’t seem to affect its BTN token’s price, it did highlight an area that Bancor, and other startups, seem to have major problems in – public relations.

Their reactions to criticism seem to be of the classic knee-jerk variety, where the intention to defend themselves comes off as unnecessary and elementary. Lashing out at critics is not the way to run a business. It’s off putting, and can leave investors annoyed enough to just avoid the company and its offerings all together.

Projects in the works

Since the ICO, the company has not slowed its effort to contribute to the growth of digital tokens. It’s has several projects in the works that can further help to bring the mainstream into the world of cryptocurrencies.

Bancor eventually hopes to have thousands, even millions, of cryptocurrencies using its protocol, which runs on the Ethereum Blockchain. One of the newest additions is Invest.com. The financial advisory startup is developing a prediction market called Stox. It held its ICO last month using Bancor’s protocol.

Working out the kinks

Bancor is not shying away from discussing the kinks in its system. One of those relates to wallets, and the process of purchasing and liquidating smart tokens. Acknowledging that this process is cumbersome to use, Bancor says it is working on integrating web3 its web UI.

Referring to their ease of use, Bancor is working with Metamask, Parity and imToken to provide external wallets.

One of the most important things that a startup to should do after its ICO is provide investors and observers with regular updates. Bancor heeded this, and has been keeping investors, and others who may be interested in updates about its progress in the loop.

It is committed to providing information on a set date each month through its website. On the 21st of each month, it will list the company’s happenings.

Trading interest

While Bancor’s $153 million raise set a record for the being the most ever raised during an ICO, that record has since been broken. We told you how FileCoin smashed that record when it held its ICO that closed this month. It raised $257 million. Prior to it becoming the record holder, Tezos held the title after raising $232 million during its ICO held this summer.

Bancor’s token is holding its own. Since being activated on June 22, a trading volume of more than 300,000 Ether have taken place through the Bancor’s BNT smart contract. As of Sunday, it was trading at $2.25, and there were about 77 million BNT tokens in circulation. Bancor’s market cap is roughly $173 million.