Blockchain Startup Qtum Raises Over $12M in the First Day of Crowdsale

| Updated
by Polina Chernykh · 3 min read
Blockchain Startup Qtum Raises Over $12M in the First Day of Crowdsale
Photo: Qtum

The blockchain startup has already reached over 78% of its crowdsale goal, what demonstrates the rising demand for the project.

Qtum, the initiative launched by a Singapore-based organization Quantum Foundation, has raised over $12.2 million in less than 24 hours since the launch of its crowdsale on March 16. Given the current speed of the sale, the company will easily achieve its goal of selling 100% of the tokens in just a month.

QTUM tokens serve as a currency of the Qtum blockchain network and are used to engage with smart contracts and distributed applications on the platform.

More than 51,000,000 Qtum tokens has been sold so far, what is already over 78% of the startup’s goal. The cryptocurrency is availabe on the following bitcoin exchanges and crowdfunding websites: Bizhongchou, Yunbi, ICOAGE, Allcoin, ICO365, and BTC9.

Although it was predictable that Qtum would atrract much interest from investors, no one expected it would raise such a big sum in the first hours of the crowdsale. For investors, it’s better to acquire the tokens right now as their price will likely grow when the project is available to the masses.

Prior to the crowdsale, Qtum raised $1 million from prominent blockchain investors, including Augur co-founder Jeremy Gardner, Ethereum co-founder Anthony Di Iorio, Fenbushi Capital’s Managing Partner Bo Shen, angel investor Xiaolai Li, and OkCoin Chief Executive Star Xu.

With the aim of bridging the gap between enterprises and open-sourced innovation, the company has also teamed up with a blockchain research and testing center BloqLabs, as a foundational member. Qtum has joined the company together with Drivechains, VeriBlock, Bitcoinj, and the Android Bitcoin Wallet.

Qtum project combines the UTXO set of Bitcoin and Ethereum to enable developers create decentralized applications and execute smart contracts.

Earlier this week, Qtum unveiled a mobile platform that allows to use smart contracts on low data storage devices, like mobile phones and IoT appliances. Unlike existing smart contract platforms, Qtum enables smart contracts usage without the installment of heavy, specialized software.

“We want Qtum to be the easiest blockchain network to use,” Patrick Dai, Qtum Co-Founder and CEO, told Bitcoin Magazine. “That’s why we are pushing our Go-Mobile strategy. Today, everyone and everything is moving, that’s why we can’t have a network that is run by stationary objects.”

Qtum has done this by stacking the Ethereum Virtual Machine (EVM) on top of Bitcoin’s UTXO architecture, what makes EVM accessible with lite wallets and the SVP protocol. This lets users to validate their transactions and interact with the blockchan network without the need to download an sync with the entire blockchain.

“Making smart contracts work on smartphones and tablets heralds a new age in the field of decentralized computation,” Dai added. “With about half of all internet traffic being generated by mobile devices, every real-world use case for decentralized applications would massively benefit from mobile support — especially if we’re taking the tendencies of developing markets into account.”

A few days ago, Qtum announced a partnership with PwC to drive the adoption of blockchain across global business sectors. The professional services company agreed to give comments on a white paper, released by Qtum last month, and on their proposed project governance structure.

Blockchain News, News, Token Sales
Related Articles