Newly launched institutional cryptocurrency trading platform Caspian has announced that its token sale has closed early due to funding targets being met.
The company reached its hard cap of USD $19.5 million through a private and public token sale.
Contributors came from Canada, UK, Hong Kong, Singapore, Italy, South Korea, Australia, and Switzerland. The support and backing for the Caspian platform, which has recently gone live following extensive beta-testing, shows the demand for an advanced institutional-grade cryptocurrency trading platform.
“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.”
Caspian recently revealed that around 170 customers are waiting to be onboarded to its platform. Currently, it claims 15 clients in the onboarding process, including Lykke, ID Theory, Bletchley Park and ex-Point 72 manager Travis Kling’s Ikigai Asset Management. Also, 15 crypto institutions are already live and trading on the platform, including Techemy, Blockstars, OSL, and Galaxy Digital.
“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 star trader at Goldman Sachs, who is an advisor to Caspian added, “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.”