PANews reported on January 26th that open-source cryptography company Zama announced the conclusion of its first cryptographic ICO (Zama Public Auction) on Ethereum on January 24th, 2026, raising $118.5 million. This Dutch auction used fully homomorphic encryption (FHE) to protect bidding privacy, achieving decentralized and confidential bidding. It attracted over 11,000 unique users who submitted nearly 24,700 bids, with a final liquidation price of $0.05. Total demand was oversubscribed by 318%.