CG Blockchain, Inc., a New York-based company developing powerful sets of blockchain-based tools and services for the financial services industry, today announced that its affiliate BCT Inc. has closed the online public sale of its BCT ERC20-compliant utility token, raising over $31 million.
The BCT public token sale began April 1 and tokens are scheduled to be distributed at the end of May. Before the distribution date, BCT Inc. will continue discussions with interested parties that include exchanges, beta testers, and distribution partners, who can still buy the token beyond the conclusion of the online public sale. BCT Inc. has set a cap of an additional $20 million for these potential buyers.
BCT Inc. offers a comprehensive suite of proprietary and third-party application tools for hedge funds, wealth management enterprises, and other institutional traders to trade cryptocurrency through its Blockchain Terminal–a single, integrated interface for trading cryptocurrency across 65 major cryptocurrency exchanges. Among the third-party applications planned for the Blockchain Terminal is ComplianceGuard, owned by BCT Inc. affiliate CG Blockchain, the first software developed to monitor traders’ desktops while simultaneously writing all transactions to a private blockchain, rendering the transactions immutable. The Blockchain Terminal with the ComplianceGuard software is currently running with a select group of traders and hedge funds that have approximately $1.8 billion USD in assets under management.
“During the past two months, the Blockchain Terminal has hit milestone after milestone: growing its exchange base from two to four to 40 to now over 80 exchanges on the platform. The Blockchain Terminal now features a UI/UX that is beautiful and easy to navigate and a consolidated order book that is much easier to use than any other platform we’ve seen. The Blockchain Terminal has been shipped to domestic and international partners in both crypto and traditional trading. And there is much more to come,” said CG Blockchain President Bob Bonomo.
CG Blockchain and its associated companies are also actively collaborating with companies such as computer technology company Dell and algorithm marketplace Tradingene for additional features and markets.
“To have achieved what the team at BCT Inc. has managed to do during such a difficult time for the ICO market is extraordinary – and I believe the Blockchain Terminal will change the way the market operates when it is adopted widely,” said Joel Emery of Tareo Capital, a CG Blockchain advisor and Blockchain Terminal tester.
The BCT utility token is the primary token powering the Blockchain Terminal ledger. The Blockchain Terminal also includes a secondary ERC20-compliant token, available since the platform’s launch, that represents subscription and entitlement to the services provided by the native BCT token. Together, the two tokens secure the integrity and provide incentives for the correct functioning of the Blockchain Terminal platform.
“Given the current turbulence of the ICO market, we couldn’t be happier about the response to the Blockchain Terminal token. We want to thank all of our advisors, partners, employees, and token participants for their efforts during this process,” said CG Blockchain President Bob Bonomo. “As impressive as that effort is, we still have much work ahead, from finding additional partners to token distribution to continuing to build out the top crypto-focused resource for hedge funds and other investors.”
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