New institutional cryptocurrency trading platform Caspian has announced that its token sale has been closed. Crypto Ninjas reports that the sale succeeded in hitting its target of $19.5 million earlier than expected.
Caspian's platform recently went live after extensive beta testing. As one of the first institutional crypto exchanges, it has received a significant amount of support, and could point the way forward for new sources of money to enter the crypto market.
According to Caspian CEO Robert Dykes, "With Fidelity announcing the launch of a much needed custodial solution that allows investors to outsource the safekeeping of their assets to a trusted intermediary, coupled with the intuitive and user-friendly nature of a software platform like Caspian for the management of these assets, the floodgates have opened for institutional money to enter the market."
Caspian currently has around 170 customers waiting to be on-boarded to the platform, including Lykke, ID Theory, Bletchley Park and Ikigai Asset Management. 15 crypto institutions are already trading on the platform, including Michael Novogratz's Galaxy Digital.
COO David Wills said that "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."