In a bid to improve institutional investors methods of trading and participating in cryptocurrencies, Kenetic Capital, a Hong Kong based cryptocurrency institution and Tora, a trading systems firm have come together to develop the Caspian blockchain that will solve this problem.
Tora is a trading systems firm that already supplies order execution, portfolio management, and risk assessment and compliance services for well-established asset classes. Kenetic is a crypto firm that offers exposure to crypto on users portfolios.
The launch of the Caspian project
Kenetic and Tora partnered to create the Caspian project that will assist institutional investors in specifically trading cryptocurrencies as it is done in traditional assets today. The need for Caspian arises from the lack of tools for trading cryptocurrencies at the fund manager’s disposal which stifles the overall trading of crypto amongst institutions. Caspian will provide its users with a system designed for institutional traders’ comfort who execute trades on various exchanges while needing to maintain tracking of their performance through all trades.
The CEO of Kenetic, David Wills called the Caspian project a “frictionless on-ramp for crypto traders.” Furthermore speaking on Kenetic Wills remarked on the difficulties the early running of the business lacked proper systems to trade crypto hence the need for introduction of the Caspian.
The partnership was further appreciated by Ari Paul, CEO of BlockTower Capital stating that Caspian will enable greater liquidity in the cryptocurrency market as the project is adopted across the globe.
“Liquidity is fragmented across dozens of exchanges globally, each with their own quirky API connections. Professional trading software will facilitate greater liquidity in crypto assets,” Ari Paul
The two companies came together in after Wills approached the Tora team to share their experience in traditional trading systems to create Caspian. Working in closely related fields and both aiming towards giving institutional traders the best trading systems has given the firms a purpose to work with each other on Caspian according to David Wills,
“We just sort of got the two management teams together and realized there was good culture fit. They brought the trading system and we brought the connectivity to the crypto space.”
The Caspian (CSP) token ICO details
Caspian (CSP) token has seen its pre-sale raise $16 million USD as participants across different industries took interest in the CSP token. Wills confirmed the following companies as the leading firms in the pre-ICO sale of the CSP token; Kenetic, Galaxy Investment Partners, Octagon Strategy, Techemy Capital, Global Advisors and Bletchley Park.
The public sale of the CSP token is expected to start in early October as the company aims to raise a further $1.5 million – 2 million USD for future development. The ICO is expected to perform well as the community backing Caspian is growing by the day and investment is expected from them.
The token will be used to buy access to Caspian; users that pay in the token will get a discount over those that don't.
The CSP token
A total of 1 billion CSP tokens will be produced through Ethereum’s ERC20 standard with the distribution of the tokens as follows:
- 40% of the CSP tokens will be released for the public sale
- 32% of the CSP tokens will be held in reserve for any future uses in development and the funding to build a retail-friendly version of the service, or it could simply be put on the market to increase the supply available to existing users.
- 28% is set for marketing, staff and developers fees, bounty fees and any other needs coming up
The project is currently connected to over 25 exchanges including BiMEx, Binance, Coinbase, Gemini, Bitfinex, Huobi and OKEx boasting over 100 customers on the platform. Furthermore the Caspian project has seen over 15 companies adopt the beta phase of the project as roll out of the full platform is expected next year.