Storj Labs, a leading decentralized cloud storage provider, has concluded the Token Sale for its Ethereum-based application token, STORJ. The Token Sale was set to end on June 19, 2017, but only one week after launching, Storj Labs has met its goal of $30 million.

Designed to be flexible and modular, Storj Labs uses tokens as an efficient and secure payment system for network users. Participants of the Token Sale will receive STORJ tokens and will be able to exchange them for cloud-based storage space within the Storj ecosystem.  All tokens purchased during the Storj Token Sale will be distributed within four weeks from today.

"Storj will only get better as our community of global users grows, and this Token Sale was a really exciting and efficient way to help our ecosystem expand," said John Quinn, co-founder, Storj Labs. "The Storj Labs team is incredibly excited about having the resources and tools we need to further our technology and meet the demands of our users. On the back of this Token Sale closing, we are set to make significant announcements very soon with channel partners which will further demonstrate the growth potential of the Storj ecosystem and will reveal our global go to market strategy."