Qtum Ends Token Crowdsale, Raises $15 Million in 5 Days
Hybrid blockchain application platform, the Qtum Foundation has raised over $15 million in a five days, placing the project among the top 10 blockchain-token crowdsale campaigns to date. Qtum started the first day by selling $10 million of its tokens in the first 90 minutes.
Scheduled to last 30 days or until all tokens were sold, the crowdsale ended with the project raising over 11,000 bitcoins and 75,000 ether in exchange for the 51 million Qtum tokens being distributed to the public. Instead of sending tokens to a single crowdsale address, Qtum enlisted six cryptocurrency exchanges/crowdfunding portals to conduct the sale in a coordinated fashion. The sites participating in the campaign were Bizhongchou, Yunbi, ICOAGE, Allcoin, ICO365, and BTC9.
Qtum tokens are the cryptographic software tokens used to engage with distributed applications and smart contracts on the Qtum platform and will serve as the staking token for the Qtum blockchain, as well as fuel for computational operations performed by the Qtum network.
Patrick Dai, co-founder of the Qtum Project, stated: “We are confident that we can finish what we originally started a year ago. We hope our supporters can work with us to build the greatest blockchain platform for enterprise and consumer use cases. There are so many possibilities for the blockchain industry, with Qtum, we are just at the beginning of a long journey.”
The total QTUM token supply will be allocated in three primary ways. 51 percent of QTUM tokens – 51 million – will be distributed through the now-completed crowdsale. Funds raised this way will finance the Qtum Foundation’s operation for the next four years, including development, administration, marketing, and financial/legal consulting. Of the remaining 49 percent, 29 percent of QTUM tokens – 29 million QTUM – will be allocated to community initiatives concerning business development, research, education, and market expansion. 20 percent of QTUM tokens – 20 million – will be distributed among founders, early backers, and the development team.
Co-founder of the Qtum Project, Jordan Earls remarked: “Since we began this project, I have been excited about its premise. Now, this excitement has been validated and shared by thousands of backers. Qtum will bring about a new blockchain and smart contract revolution and will bring together the many disparate communities into one common goal of action.”
The company also recently announced that one of the leading professional service providers, PwC, will support Qtum’s efforts to help fuel blockchain adoption across global business sectors. Qtum has previously raised $1 million from investors including Chen Weixing (Founder of Kuaidi), Star Xu (CEO of OkCoin), Anthony Di Iorio (Founder of Ethereum & Jaxx Blockchain Interface), Jeremy Gardner (co-founder of Augur), Bo Shen (Fenbushi Capital’s Managing Partner), Roger Ver (First Investor in Bitcoin Companies), and Xiaolai Li (blockchain angel investor).