Blockchain-based exchange closes ICO on $31m

fintech-news has raised just over $31m during its ICO which closed with 15,073 participants.

The sale saw 65 million of the Trade Tokens sold. A soft cap for the ICO was just $5m, but the company had a range of milestones, which included strengthening the liquidity pool if $10m was raised, and creating a blockchain exchange once $30m had been invested.

However, the company was unable to reach all of its goals, with it missing its $50m milestone of making compliant smart contracts, a $75m target which would have seen the company go for a Swiss banking license and an alternative trading system. The company’s hard cap was $135m, and had it reached this, would have made acquisitions and further strengthened its liquidity pool.

Switzerland-based is a blockchain trading platform that supports asset trading. The Trade Tokens allow holders to make transactions on the exchange, take part in the platforms shared liquidity pool and used to purchase new assets and ICOs on the exchange.

To ensure full transparency all transactions receive a receipt, and the company’s e-wallet is a secure storage platform for fiats, cryptocurrencies and other tokenised assets.

Following the close of the ICO, the company’s next step will be to create its liquidity pool, which will receive 50 million trade tokens to support trading. Following this, the company will look to launch the exchange in April, according to the company.

Late last year, formed a partnership with Bancor Protocol, which enables the company to convert to and from Ethereum ERC20 tokens.

Bancor closed its own ICO last year, reaching $153m within three hours and from just 10,885 contributors.

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