It is not surprising that Caspian, an Institutional-grade crypto trading platform, has raised US$16million in a pre-sale of its CSP token, announced yesterday. Given that Caspian will provide a platform for institutional investors to enter the crypto market, and the fact that the platform is live and running and not in Beta version.
Another bright sign behind Caspian is the formidable names behind and investing in the project. Kenetic and Tora are the companies who have built Caspian. The two companies worked together 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.
Caspian is set to be used to assist institutional investors in trading cryptocurrencies as there is lack of tools. 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 public sale of 40% of CSP tokens 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 token will be used to buy access to Caspian; users that pay in the token will get a discount over those that don’t.
Today Caspian is connected to over 24 exchanges including BiMEx, Binance, Coinbase, Gemini, Bitfinex, Huobi and OKEx boasting over 100 customers on the platform. The platform provides a single interface into all marjo crypto exchanges as well as real-time and historical P&L.
Caspian also revealed it has 170 institutional-grade customers interested in on-boarding to its platform, with 15 customers already using it – perhaps the strongest signal yet that financial institutions are ready to embrace cryptocurrencies.
Pre-sale investors and customers include Galaxy Investment Partners, Global Advisors, Octagon Strategy, Kenetic, Techemy Capital and Bletchley Park.
Caspian recently entered into strategic partnerships with Blocktower and Galaxy Digital Capital Management, led by Bitcoin evangelist Mike Novogratz.
Novogratz said: “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.”