Taiwanese cryptocurrency platform BitoEX has announced that its recent ICO raised $10 million in just five hours, with all 175 million BITO tokens sold to the public in just over twenty four hours.
Describing themselves as delighted, the BitoEx team said that they had “felt the confidence and faith from our users” and would do their “best to fulfil these expectations.” First they hope to consolidate their position as “the most trustworthy exchange in Taiwan” before integrating the Taiwanese market with the rest of the cryptocurrency world.
Crypto Still in its Infancy
Compared to near neighbours South Korea and Japan, the Taiwanese crypto-economy is in its infancy. According to BitoPro CEO Titan Cheng, “wallets and exchanges are the infrastructures of the token economy,” and that without them cryptocurrency will never properly take off in the territory.
BitoPro has been at the forefront of that infrastructure development. It was “one of the first companies to create a fiat-to-cryptocurrency trading platform” and in 2014 partnered with Hong Kong exchange KBBEX to introduce Bitcoin to Taiwanese convenience stores. However, due to the local regulatory framework, progress has “not been easy.”
Cheng’s ambition is to “make trading digital assets quicker and better.” BitoEx is planning to use the funds to develop its crypto-exchange BitoPro, adding the option to trade in fiat and on margin, as well as expand its offering across Asia to Japan, India, Malaysia and the Philippines.
The exchange already boasts 300,000 users, and its Bitcoin trading represents 80% of Taiwanese Bitcoin trades. With the latest success of this ICO, it seems that Taiwan’s appetite for crypto is now growing.