Quantum Raises $4.12M in ICO
Ethereum-based liquidity pool Quantum claims it sold $4.12 million USD worth of QAU, its native token, during an initial coin offering (ICO) that closed on Monday of this week.
A total of 486 investors participated in the ICO. The participants will receive the tokens 30 days after the pre-sale.
The funds raised will power Quantum’s liquidity pool for investments. The pool proposes to provide liquidity for different exchanges or any other crypto markets created in the future. Quantum tokens will be issued on the ethereum network and will be freely traded on an open market.
The Quantum project, which was announced earlier this year, is designed to bring institutional grade liquidity to digital assets markets. The project aims to bridge the gap between large market players and crypto markets, which otherwise has seen very little traction due to poor liquidity in crypto exchanges.
“The aim of the Quantum project is to bring institutional grade liquidity to cryptocurrency and digital asset markets,” according to Quantum’s whitepaper. “This will be achieved by creating a liquidity pool of funds and allowing crypto community to participate in increasing the depth of various order books. The liquidity pool will be funded by issuing Quantum tokens that will be sold and traded on various crypto markets.”
The project is now in the process of adding QAU tokens to as many marketplaces as possible. Quantum also proposes to use the income generated by the liquidity pool to buyback these tokens, thereby ensuring definite profits for the early investors. Quantum said that all the bought back tokens will be sent to a black hole address, where they will be destroyed forever. This process will decrease the amount of tokens in existence and increase the value of all other tokens still held by token holders.
