Caspian Institutional Crypto Trading Platform Closes Early After Hitting $19.5 Million in Token Sales
Caspian Closes Early After Hitting $19.5 M Target in Token Sales
Caspian, the recently launched institutional cryptocurrency trading platform, has wound up its public and private token sales ahead of schedule. The firm announced its token sales closure after successfully meeting its target and reaching a hard cap of USD 19.5 million.
The newly launched platform provides institutional cryptocurrency investors with a sophisticated crypto trading platform. The major token sales contributors came from the UK, Canada, Singapore, Hong Kong, South Korea, Australia, Italy, and Switzerland. The backing and support for the Caspian platform shows the demand for a radical institutional-grade crypto trading platform and could be pointing a way forward for new sources of money to enter the crypto market.
In a statement, Caspian’s COO and co-founder David Wills indicated that the token sellout is a massive milestone in the growth of the company. It is also the beginning of a journey towards building the first institutional grade full-stack crypto trading, and risk management platform for professional investors and traders. He also added that the trading platform is a valuable tool to assist the increasing number of financial institutions that seek to trade cryptocurrencies.
According to Caspian around 170 institutional-grade customers are waiting to be boarded and use its new platform that recently finished an extensive beta testing. They also boast of 15 other clients who are waiting to be onboard, they include ID Theory, Lykke, ex-Point 72 manager Travis Kling’s Ikigai Asset Management and Bletchley Park.
Caspian also states that other presale investors and cryptocurrency institutions include Blockstars, Global Advisors, Techemy Capital, OSL, and Galaxy Digital are already live and trading on the platform. The platform has connections with over 24 different exchanges including Bitmex, Binance, Coinbase, and Gemini.
Robert Dykes CEO and Co-Founder of Caspian says that the tools needed by institutions to make serious investments in the platform are gaining momentum. Fidelity’s launch of a much-needed solution for the custody of assets; that allows investors to outsource the trusteeship of their assets to a trusted intermediary, together with the user-friendly and intuitive nature of a software platform like Caspian for the managing of these assets, has paved the way for institutional money to enter the market.
The founder of MelonPort and former star trader at Goldman Sachs, who is an advisor to Caspian, Mona El Isa added that cryptocurrencies would play a progressively more prominent role with institutional players. To date, the sophisticated trading and portfolio management tools haven’t been accessible for this asset class, so it would be exciting to see Caspian fill this gap with high-quality cryptocurrency -tools.
Caspian is a full-stack cryptocurrency asset management platform that seeks to bind together some of the biggest crypto exchanges in a single interface, as well as real-time and historical P&L and exposure tracking.
The Caspian’s technology enables other users to connect to various cryptocurrency exchanges and systems which also provide support services that are designed to allow for superior trade execution, algorithms, compliance, portfolio management, risk, and reporting.