ICOs

Caspian token sale closes early after $19.5m raise

Institutional crypto trading platform Caspian’s private and public token sale has closed ahead of schedule, with the company reaching its hard cap of $19.5 million. It had been intended as a 48 hour sale, but closed within 24 hours.

The platform recently went live following beta testing. David Wills, COO and Co-Founder of Caspian, says: “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.”

Onboarding

Around 170 customers are waiting to be onboarded to the platform. Currently, it has 15 clients in the process, including Lykke, ID Theory, Bletchley Park and ex-Point 72 manager Travis Kling’s Ikigai Asset Management. 15 crypto institutions are live and trading, including Techemy, Blockstars, OSL and Galaxy Digital.

Robert Dykes CEO and Co-Founder of Caspian, comments: “The tools institutions need to make serious investments in this space are gaining momentum. 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.”

Mona El Isa, Founder of MelonPort, and former trader at Goldman Sachs, who is an advisor to Caspian, adds: “Cryptocurrencies will play an increasingly big role with institutional players, yet to date, the sophisticated trading and portfolio management  tools have not been available for this asset class. It is exciting to see Caspian fill this gap with high-quality crypto-tools.”

Scott Thompson

Scott has been working in technology and business journalism for nearly 20 years, with a focus on FinTech, retail, payments and disruptive technology. He has been Editor of such titles as FStech, Retail Systems and IBS Journal and also contributed to the likes of Retail Technology Innovation Hub, PaymentEye, bobsguide, Essential Retail, Open Banking Hub, TechHQ and Internet of Business.

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