Caspian raises $19.5m through token sale

The crypto platform’s token sale closed early after hitting its target.

The crypto trading platform Caspian has announced its token sale close earlier than planned, having reached its $19.5m target ahead of schedule. The ICO offered 400m units of the token, CSP, with a public sale price of USD/CSP 0.0488.

In the announcement, Caspian said that its recent partnerships with Coinbase, Gemini and BitMEX were driving factors for the high interest in the ICO. The platform is confident that the recent interest it’s received indicates that institutional investors’ presence within the crypto space is soon to take off.   

40 per cent of the proceeds will be used to further develop the company’s technology and research, with 25 per cent set aside for marketing.

David Wills, COO and Co-Founder of Caspian, said: “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.”

Having completed a lengthy beta-testing period, the platform has a demand of 170 customers waiting to be onboarded. Currently there are 15 crypto-institutions trading on the platform and 15 clients in the process of being onboarded, include Lykke, ID Theory and Bletchley Park.