Caspian Completes Token Sale Early After Raising $19,500,000

2018-10-23 19:29

Institutional trading could get a head start in the cryptocurrency sector as trading platform Caspian closed its token sale early, after raising $19.5 million. The platform’s partnerships with BitMEX, Coinbase, Gemini, OSL and advisors like Ari Paul and Mike Novogratz have helped it gain more interest amongst the investors. The company raised funds via private and public token sales that saw investors from Canada, UK, South Korea, Singapore, Hong Kong, Switzerland, Australia, and other countries.

Global Group of Investors Comes Together

The token sale for Caspian was completed ahead of schedule as the company reached its hard cap of $19.5 million. The institutional trading platform has already gone live with an extensive beta-testing phase. The platform is designed for institutional-grade digital asset trading.

Caspian’s co-founder and COO David Wills commented on the event, saying:

“Selling out the crowdsale is a huge milestone in the growth of our company and our journey to build the first institutional grade full-stack crypto trading and risk management platform for professional traders and investors. Caspian is a critical tool to assist the rapidly growing number of financial institutions seeking to trade cryptocurrencies.”

Customers Are Waiting for Caspian

Around 170 customers are waiting to get started on the Caspian platform, according to the company. Around 15 clients are already a part of the onboarding process. Some of these clients are ID Theory, Lykke and Bletchley Park. Ikigai Asset Management from the ex-Point72 manager Travis Kling is also in line to start using the platform. 15 global crypto institutions are live on the platform, including OSL, Blockstars, Techemy and Galaxy Digital.

Co-founder and CEO of Caspian Robert Dykes said that the tools needed to enable institutions to make serious crypto investments are gaining momentum. He also referred to the recent move by Fidelity Investments to establish a new company to facilitate institutional investments in the cryptocurrency sector. Fidelity would be providing crypto custodial services to clients.

Dykes said:

“With Fidelity announcing the launch of a much needed custodial solution that allows investors to outsource the safekeeping of their assets to a trusted intermediary, coupled with the intuitive and user-friendly nature of a software platform like Caspian for the management of these assets, the floodgates have opened for institutional money to enter the market.”

MelonPort founder, former Goldman Sachs star trader and Caspian advisor Mona El Isa said that digital currencies will play an “increasingly big role” with institutional players.

Caspian Completes Token Sale Early After Raising $19,500,000 was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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