Singapore’s stock tracking app Spiking raises US$30M via ICO
The private coin offering round was led by Dr. Charlie In from Raffles Financial
Singapore-based stocks trading platform Spiking today announced it has raised US$30 million in a private initial coin offering (ICO) round led by Dr. Charlie In from Raffles Financial—an associate of diversified financial company Raffles Capital.
Following the investment, Dr. In, who has 40 years of experience chairing public companies, will take on an advisory role in the company. He will provide governance, investment oversight and market access to Spiking.
Spiking will use the investment to set up its blockchain asset validation and AI driven crypto trading infrastructure in Shatin, Hong Kong.
Launched in 2016, Spiking’s fintech app helps average traders track stocks of reputable investors in the traditional markets, allowing them to make more astute choices when building their portfolio.
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Spiking currently works with a customer base of more than 180,000 traditional investors. It is now helping them access cryptocurrency markets through a solution that track trades of cryptocurrency “whales” or holders of substantial crypto assets.
Whales are essentially mining pools and or individuals that hold large holdings of cryptocurrency. Because of this, they are able to influence and manipulate the price of crypto tokens — sometimes arbitrarily. This is a perennial problem that the cryptocurrency industry has yet to find a solution for.
Spiking will let traders mirror the trading activity of any whale and control their own segregated trading accounts directly, using smart contracts on the blockchain. The platform will come built with “fully audited security standards”.
The company intends to hold a public token sale on November 22, 2018.
“We are humbled by the huge demand for Spiking’s tokens which resulted in the over-subscription,” says Dr. Clemen Chiang, CEO of Spiking. “With this momentum, public buyers can look forward to the initial exchange offering on Kryptono Exchange next month, which is an industry leading crypto exchange.”
Prior to its private token sale, Spiking raised a US$1.63 million Pre-Series A round. Its other backers include Quest Ventures, CRC Capital, Mars Blockchain, J Capital, and Jove Capital.
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Image Credit: Spiking
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