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Cryptocurrencies

Qtum Blockchain Foundation plans crowdsale to raise over 13,000 BTC

Thursday 9 March 2017 | 01:17 PM CET

The Qtum Blockchain Foundation is planning to hold its upcoming QTUM token crowdsale to raise over 13,000 BTC on six exchanges at once.

The proceeds will be used to fuel the growth of its public blockchain for business. The 30-day token crowdsale will begin on 16 March 2017, offering 51 million QTUM for either Bitcoin or Ether. QTUM are the cryptographic software tokens used to engage with distributed applications and smart contracts on the Qtum platform, and will serve as the staking currency of the Qtum blockchain, as well as fuel for computational operations performed by the Qtum network. Details on the Qtum concept can be found in the company’s white papers.

With the setting of Qtum’s Genesis Block, one hundred million QTUM will be created as the total token supply, on top of which near 1% annual Proof of Stake inflation will be added. The crowdsale will start at 12 pm GMT on 16 March 2017 and end at 12 pm GMT on 15 April 2017 or when all of the 51 million QTUM tokens are sold. The QTUM price against ETH will be determined at the start of the sale according to the ETH/BTC market price.

An early-bird bonus phase and four tiers of pricing (each lasting one week) will incentivise early investors. The crowdsale will be facilitated on the following cryptocurrency exchanges and crowdfunding portals: Bizhongchou, Yunbi, ICOAGE, Allcoin, ICO365, BTC9.

The total QTUM token supply will be allocated in three primary ways. 51% of QTUM tokens (51 million) will be distributed through the crowdsale. This will fund the Qtum Foundation’s operation for the next four years, including development, administration, marketing, and financial/legal consulting. Remaining unsold tokens will be sold privately to institutional investors. 29% of QTUM tokens (29 million) will be allocated to community initiatives concerning business development, research, education, and market expansion. 20% of QTUM tokens (20 million) will be distributed among founders, early backers, and the development team.

Qtum recently announced a partnership with PwC professional service providers to fuel blockchain adoption across global business sectors.

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