The new digital token, to be called Compcoin, is based on a technology that powers bitcoin and litecoin, two of the leading digital currencies. Initial coin offerings are the current rage among startups in the financial ledger blockchain space, enabling new companies with a technology idea to bypass banks and venture capital firms when raising capital.
That amount could double this year, according to market participants. Compcoin will give investors access to a proprietary, algorithmic foreign currency exchange trading platform called ART, which was developed by Fintech Investment Group.
The company said Compcoin is the first digital token that enables all types of investors access to algorithmic or automated trading in the global currency market. The coin also allows investors to profit from the price appreciation of the digital token once it starts trading on digital asset exchanges. Previously, algorithmic trading was available only to institutional investors, hedge fund managers and global banks in big lots and they trade on various currency platforms like Thomson Reuters.
They do not need a token to trade currencies on electronic trading platforms, but they usually require huge orders. Token holders will be able to trade spot foreign exchange and currency futures on the platform.
Proceeds of the ICO will go toward the development of new investor technologies, customer acquisition, and company growth. Fintech was launched in and is a member of the National Futures Association. All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays. Answers On Innovation Thomson Reuters. Amid political turmoil, Wall Street clings to mantra. Pleas to flee, a desperate video: Inside the oil industry's purge. Pictures of the year.
Editing by Matthew Lewis. The Thomson Reuters Trust Principles.More...