Quantum, an Ethereum-based liquidity pool, announced on its website the close of its Initial Coin Offering (ICO) on May 15th 2017, with $4.12 million raised. A total of 486 investors from all across the world participated in the ICO.
The fund, which is generated by the selling of Quantum’s native tokens QAU, powers the project’s liquidity pool. This pool, according to Quantum’s whitepaper, proposes to provide liquidity for different exchanges or any other crypto markets created in the future. As a standalone token, QAU will be available to trade against leading crypto- and fiat-assets, in an open market.
“The aim of the Quantum project is to bring institutional grade liquidity to cryptocurrency and digital asset markets,” reads Quantum 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.”
Quantum was announced this year as a project that proposes to bring institutional grade liquidity to digital assets markets. The purpose, as quoted in the project’s whitepaper, was 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 QAU token presale kicked off April 15th, 2017 and the presale price was set at $0.05. Comparing the per unit price with the total amount raised, it is evident that Quantum sold as much as 8.24 million token units. The participants will receive these tokens after 30 days of the presale, i.e. on June 14th, 2017.
Quantum is now in the process of adding QAU tokens to as many marketplaces as possible. The project also proposes to use the income generated by the liquidity pool to buyback these tokens, thereby ensuring definite profits for the early investors.
“This operation will be executed on a monthly basis and publicly announced on the official website of the project,” adds Quantum.
‘In the end, 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,’ it confirms.