Crypto start-up plans ICO, aims to raise $135m

By Andrei Skvarsky.

Cryptocurrency start-up, which is based in Zug, Switzerland, aims to raise $135m in a current round of funding, with the bulk of the sum to come via a planned initial coil offering (ICO) between December 5 and December 15., which is an Ethereum blockchain-based peer-to-peer (P2P) platform for trading in various assets, is raising the money by selling what it calls “trade tokens” or TIOs, which represent a new cryptocurrency to be launched by the company.

Altogether 275 million TIOs are to be sold by the end of the ICO. said it had raised $11.3m during pre-ICO token sales that finished on November 25.

On November 23, the firm said in a statement it had met a “soft target” of $5m.

A spokeswoman told in an email that this was enough for the company to complete the technological construction of its platform, and that the rest of the money to be raised “will go towards strengthening our liquidity pool”.

The liquidity pool is a revenue accumulation fund to be run on a P2P basis. TIO holders who participate in trading would be paid 50 per cent of profits but would have to refund 50 per cent of potential losses.

The early adopters of the platform are two online CFG brokerages both of which trade in currencies, commodities, energies, and indices – FXPrimus, an eight-year-old company headquartered in Cyprus, and Primus Capital Markets, a London-based firm set up in 2008.

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