Singapore-based Qtum Foundation said in a press release CoinReport received that it has raised over $15 million in a record five days, with the project becoming among the all-time top 10 blockchain token crowdsale campaigns.
Funds raised will finance the Qtum Foundation’s operation for the next four years, including financial/legal consulting, administration, marketing and development.
Qtum (pronounced “Quantum”) sold $10 million worth of its tokens (QTUMs) in a mere 90 minutes on the first day. By comparison, Ethereum, which is now the #2 cryptocurrency by market capitalization with a valuation of $3.6 billion, took 42 days to raise $18 million.
Qtum is a hybrid blockchain application platform. Its core technology combines a fork of bitcoin core, an Account Abstraction Layer allowing for multiple virtual machines, including the Ethereum Virtual Machine (EVM), and a Proof-of-stake Consensus protocol, aimed at tackling industry use cases. Details on the Qtum concept can be found in the Foundation’s white papers.
At the end of the crowdsale, which was scheduled to last 30 days or until all QTUMs were sold, the project raised 11,000 bitcoins and 75,000 ethers (ETHs) in exchange for the 51 million QTUMs.
Rather than sending QTUMs to a single crowdsale address, Qtum designated six digital currency crowdfunding websites/exchanges to carry out the sale in a harmonized manner. The participating websites included BTC9, Yunbi, Bizhongchou, Allcoin, ICOAGE and ICO365.
“We are confident that we can finish what we originally started a year ago. We hope our supporters can work with us to build the greatest blockchain platform for enterprise and consumer use cases. There are so many possibilities for the blockchain industry, with Qtum, we are just at the beginning of a long journey,” said Patrick Dai, co-founder of the Qtum Project.
There are three main ways the total QTUM supply will be allocated. 51 percent of QTUMs (51 million) will be distributed through the now-completed crowdsale. Of the rest of the 49 percent, 29 percent of QTUMs (29 million) will be assigned to community initiatives regarding research, education, business development and market expansion. 20 percent of QTUMs (20 million) will be distributed among the development team, early backers and founders. More details are outlined in the Foundation’s governance white paper.
“Since we began this project, I have been excited about its premise. Now, this excitement has been validated and shared by thousands of backers. Qtum will bring about a new blockchain and smart contract revolution and will bring together the many disparate communities into one common goal of action,” commented Jordan Earls, co-founder of the Qtum Project.
Qtum has previously raised $1 million from investors including Chen Weixing (Founder of Kuaidi), Star Xu (CEO of OkCoin), Anthony Di Iorio (Founder of Ethereum & Jaxx Blockchain Interface), Jeremy Gardner (co-founder of Augur), Bo Shen (Fenbushi Capital’s Managing Partner), Roger Ver (First Investor in Bitcoin Companies), and Xiaolai Li (blockchain angel investor).
Qtum recently announced that PwC, one of the leading providers of professional services, will support Qtum’s efforts to help fuel blockchain adoption across global business sectors.
Image via press release