Blockchain-based cryptocurrency exchange and trading platform Quoine has ended its ICO on 350,000 ETH.
The oversubscribed token sale was closed within three days, and saw contributions from 4,988 participants, which spanned 98 countries. At the current price of Ethereum, according to CoinDesk, the ICO has raised around $110m. There was a minimum purchase of 500 QASH tokens during the sale, which cost 0.5 ETH.
Quoine is a blockchain-based company which is built up of two solutions, the trading platform World Book and an associated suite of services Prime Brokerage. The trading solution offers real-time feeds from all major exchanges, alongside its exchange engine. Other offerings include fiat management and credit facilities.
Following the rising fear around ICO fraud, Quoine implemented procedures to ensure safety and compliance of the transactions. In order to take part during the ICO, a user had to complete the purchase through a verified account on the Qryptos trading platform.
Part of the proceeds generated from this token sale will be used for product development and operations. The company is looking to launch its beta during the first quarter of next year, with an official launch in the following quarter. Across the next two years Quoine will launch a range of products including a direct market access and asset management. By Q3 2017 the company is looking to acquire a full banking license.
The close of the token sale, sees it as one of the largest ICOs to date. The current record holder is blockchain data storage network FileCoin, which pulled in $257m through its sale.
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