ICO News: Currency Trading ICO Spectre Wins Over Investors
The CBOE in Chicago is poised to launch bitcoin futures trading this weekend, but it’s not receiving unwavering support from Wall Street banks. JPMorgan and Citigroup have no plans to clear bitcoin trades of clients, at least not at first, according to reports. Investment banks are key to clearing the bitcoin trade, and they appear to be on the fence about how they will proceed. Upcoming ICOs, however, are increasingly filling any gap left by the traditional financial markets.
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Upcoming Spectre ICO
Investors have been rolling out the welcome mat for the Spectre ICO, whose issuer is a broker-less financial trading platform. Instead of brokers, trades are governed by smart contracts on the blockchain. The company boasts a decentralized liquidity pool on the Ethereum blockchain and a platform that facilitates digital options and retail foreign exchange trading. While investors trade against Spectre’s liquidity pool, similar to a traditional exchange, Spectre is different in that the liquidity pool is owned by investors of the company’s ICO. As a result, token holders have a stake in Spectre’s profitability.
So far, the Spectre ICO has raised nearly USD 15 million, or about 33,000 ETH, across more than 5,000 contributions and there’s still another day to go on the token sale. Investors are no doubt responding to the startup’s maturity compared to other upcoming ICOs, as the British Virgin Island startup’s product has moved beyond just a concept and is in alpha stage with a trading platform for users to test. The company is targeting the end of Q1 2018 for the launch of its Ethereum-based platform.
Once the Spectre ICO is complete, the company’s digital tokens will be available for trading on cryptocurrency exchanges. Spectre offers two tokens: one that they consider a utility and another that is a dividend token. The dividend token entitles investors to payouts as part of the startup’s profit sharing business model.
The dividend token sounds as though it would fit the definition of a security in the United States, where regulators are clamping down on upcoming ICOs, but the Spectre ICO has blocked US buyers from participating in its deal. Incidentally, Spectre’s management team is comprised of traditional investment banking alums from the likes of Goldman Sachs, Deutsche Bank and JPMorgan.