London-based ThinkMarkets announced on Tuesday that it’s launching an initial coin offering (ICO), the proceeds of which will go to developing its multi-asset blockchain-based exchange, TradeConnect. The ICO commences March 27, 2018.
As “the very first exchange of its kind in the world”, ThinkMarkets claims that its service will allow investors to trade in a wide range of financial products, including commodities, precious metals, equities and cryptocurrencies. Further, TradeConnect will allow peer-to-peer trading between individuals and institutions without the need for an intermediary. A single digital trading token – ThinkCoin – will be used as a unit of exchange, stated the company.
“The exchange will use Artificial Intelligence to build Digital Personas for investors, so that each trade is matched on the network with the right participant as quickly as possible and at the best price,” says ThinkMarkets. “This significantly reduces trading costs and stabilises pricing on the exchange, to create a more level playing field. The exchange is powered by blockchain technology, which delivers greater transparency for traders and reduces the time needed to settle a trade (from days to seconds), compared with a traditional brokerage.”
The hard cap for ThinkMarkets’ ICO is USD 50 million, and the proceeds will be used to develop its exchange, attract users, and expand the range of trading products on the exchange. ThinkMarkets stated that it plans an April launch for its exchange, with its cryptocurrency, the ThinkCoin token, listed on crypto exchanges by May, A beta launch for select clients is planned for July and it’s aiming to have TradeConnect obtain a U.S. exchange license by December.
ThinkMarkets co-creator and CEO, Nauman Anees believes TradeConnect has the potential to revolutionize how the trading process: “Trading is currently conducted with little transparency, with large prime brokers, banks and institutions controlling the flow of information and maintaining full control over both the prices set and the settlement process,” he stated. “The time has come to change this by decentralizing, disrupting and democratizing the world of trading with the TradeConnect network.”