cryptocurrency

Crypto Trading Tools Startup Caspian Raises $12 Million


Kenetic, a Hong Kong-based cryptocurrency firm, and Tora, a trading systems firm, recently joined forces to supply institutional traders with better crypto tools.

The new initiative has led to the creation of Caspian, a project that has raised $16 million in funding following a token presale.

According to David Wills of Kenetic, Caspian was built out of the necessity of presenting “a frictionless on-ramp for crypto traders.” Once Wills departed from running a trading desk at a hedge fund, Kenetic began finding ways to manufacture reports and visualizations of data that may be shared with their compliance and risk teams.

In an interview with CoinDesk, Wills noted, “When I joined Kenetic, and it was sort of early days of running the business, it became very clear that different parts of our business needed a proper system to run all those businesses successfully.”

Wills understands that these products existed in a traditional finance circuit but now seeks to repurpose the service for crypto. In moving forward, Wills approached the team at Tora for aid, noting, “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 companies hope to raise $1.5 to $2 million from its relatively large user base during a public sale that will occur in early October. The token may be utilized to purchase access to Caspian, and users that pay in tokens receive a discount over users who do not.

Upon launch, one billion Caspian tokens, created with the Ethereum token standard ERC-20, will be available. 32% of tokens will be available in a reserve for future uses, while 40% will be available for the initial token sale. The remaining will be set aside for advisors and staff.

Wills anticipates some of the reserves may be sold at a later date to fund the building of a retail-friendly version of the service, or to be included on the market to increase the supply available to current customers.

Caspian is already plugged into 25 crypto exchanges and has started offering working products to institutional clients. Investors in the round include Kenetic, Octagon Strategy, Techemy Capital, Galaxy Investment Partners, Bletchley Park and Global Advisors.

More: Galaxy Capital Leads $16 Million Funding for Crypto Project Caspian
Interesting: Nasdaq Explores Adding Cryptocurrency Datasets to Its Analytics Tools





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