Caspian exchange raises $16m in token pre-sale

September 18, 2018
Chris Wheal

Caspian, an institutional-grade cryptocurrency trading platform, has raised $16m in a pre-sale of its CSP token, the company announced on Monday.

Having completed its beta testing, the platform was switched live and the company announced also that 15 customers were already using it, with 170 institutional-grade interested in becoming clients.

“This is perhaps the strongest signal yet that financial institutions are ready to embrace cryptocurrencies,” the company said.

It added: “It’s significant news for a crypto investment community that is looking to Caspian – which has a community numbering almost 100,000 – to spark an influx of institutional investors that could in turn lead to rapid growth in the cryptocurrency market.”

Exchange interface

Caspian said its platform provides a single interface into all major crypto exchanges designed to meet the needs of institutional investors who need to execute trades and maintain target allocations across many exchanges.

The platform is connected to all the main exchanges, including Binance, Bitfinex, Gemini, Coinbase, Huobi and OKex.

Pre-sale investors and customers included Galaxay Investment Partners, the investment vehicle of crypto evangelist Mike Novogratz.

Other investors

Also on board in the pre-sale funding round were Global Advisors, Octagon Strategy, Kenetic, Techemy Capital and Bletchley Park.

Novogratz commented: “We believe institutional investors will drive exponential growth in the cryptocurrency market, and Caspian are becoming a big part of this story. We’re excited to be in partnership with them and expect exciting developments over the next few months.”

The public sale of the CSP token takes place on 3 October, the company said.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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