[Zama's First Crypto ICO Completed, Total Auction Amount Reaches $118 Million] Open-source cryptography company Zama announced that its first crypto ICO (Zama Public Auction) conducted on Ethereum concluded on January 24, 2026, raising $118.5 million. This Dutch auction utilized fully homomorphic encryption (FHE) to protect bid privacy, enabling decentralized confidential bidding. It attracted over 11,000 individual users who submitted nearly 24,700 bids, with the final clearing price set at $0.05. Total demand exceeded supply by 318%.