Globitex ICO raises €7 million within 24 hours

ICOs helped many companies in raising significant capital last year. The market overtook IPOs as the preferred way to aggregate investments. Globitex is another company that has successfully conducted an ICO, raising more than $12 million.
Globitex has successfully sold out €7 million worth of its digital ERC20 compliant token GBX via its ICO. Globitex group company is a Gibraltar-based institutional grade cryptocurrency exchange seeking to upgrade itself to a global commodities and derivatives trading platform.

Initial Coin Offerings (ICOs) have become a widely popular fundraising tool among startups. Emerging businesses create an ICO in order to sell a new cryptocurrency and raise capital. Several companies have benefited from ICOs, so far. Over 200 ICOs were reported to have raised more than $3 billion last year.

Globitex has now joined this growing list as well. The exchange’s public token sale sold out within 24 hours. As such, the company's overall pre and public sale hard cap has totaled $12 million. Globitex ICO is aimed at facilitating global trade and mass adoption of bitcoin. It plans to do so by creating a diverse exchange platform that utilizes bitcoin as its basic currency.

The exchange will include financial instruments like repo, swaps, futures, and options. It will also enable the listing of commodities, futures, and options with bitcoin pairing. When turned into a global trading venue, Globitex will allow the listed products to be bought using bitcoin.

The news came through Liza Aizupiete, Globitex's managing director and co-founder. She thanked the investors for their contribution and support towards an “industrial level commodities cryptocurrency exchange”.

She detailed that their clients would be able to trade “commodities such as gold, coffee, and crude oil” for cryptocurrencies. The company’s digital token GBX will play an important part in this initiative by promoting new listings. The entire project is basically aimed at advancing the global crypto economy as a whole, Liza concluded.

Globitex was cofounded by Jon Matonis, former Bitcoin Foundation Executive Director. Globitex group company NexPay UAB received Electronic Money Institution license from the central bank of the state of Lithuania. Awarded last year on November 23rd, this license allowed Globitex to issue e-money in the European Union (EU) and create IBAN accounts to its clients. It also enabled NexPay to offer payment services across all 28 countries across the EU.

Globitex now plans to become an international exchange platform that enables trading of commodities using cryptocurrency-based pairs  in large volumes all over the world. This project is a significant step towards promoting worldwide adoption of bitcoin and other cryptocurrencies.
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