BitoEX, a Taiwanese cryptocurrency platform that launched its ICO (Initial Coin Offering) on May 2, claimed to have raised $10 million in 5 hours and sold-out 175 million tokens (BITO) in 26 hours. The company told TechNode that they have raised approximately ETH 27000 in the ICO, which closed on May 3.
BitoEX, launched 4 years ago, touted to dominate over 80% market share in Taiwan. The company said the funds raised in the token offering will be dedicated to its international digital asset exchange, BitoPro, which was launched in March. BitoPro plans to rollout crypto-to-crypto, fiat-to-crypto, and margin trading services in the future to offer users more ways to manage their digital assets. The company plans to expand their operations across Asia, including in India, Singapore, Malaysia, the Philippines and Japan.
The company said it is working on building up the cryptocurrency ecosystem and connecting local financial services. “Wallets and exchanges are the infrastructures of the token economy. BitoPro is in the midst of building the token economy as we were one of the first companies to create a fiat-to-cryptocurrency trading platform, but it was not easy to fit the regulation,” Titan Cheng, CEO of BitoEX, said in the company press release.
The crypto market in Taiwan is still nascent. Blockchain transaction database Elementus’ data show that Taiwan so far has contributed approximately 0.06% to global ICO fundraising activity. However, signs show that the crypto fever is beginning to catch on. New crypto account openings surged in Taiwan in late 2017 when Bitcoin prices skyrocketed.
BitoEX is one of the two major digital asset exchange platforms in Taiwan. MaiCoin is another exchange platform, which provides Bitcoin, Ethereum, and Litecoin trading and payment services.