Zichain has postponed its initial coin offering (ICO) due to high demand from institutional investors which saw it surpass its soft cap target of US$3mln in the token pre-sale.

The blockchain asset management group said it would suspend the ICO until September 16 after closing its first round books on June 21 while it undertook due diligence processes of orders.

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Zichain said it had received 650 token orders for a total amount of US$5mln as well as more than US$3m extra following meetings with private investors.

The group added that orders received in the second round of pre-sale (from June 21 till August 31) would be placed on a “white list” and processed on a “first come, first served” basis if there are tokens available after the pre-sale.

The firm said the suspension decision had been made after a roadshow in which it secured commitments to participate in the sale from several institutional investors in Asia, Europe and the Commonwealth of Independent States.

Zichain added that it would issue a quarterly report in a few weeks time, which would include a detailed review of each project's progress, the completion status and plans for their further development/launching.

Khachatur Gukasyan, chief executive of Zichain, said: “The pre-sale has shown strong investors’ confidence in Zichain’s asset management solutions which apply traditional and familiar models of traditional finance to the crypto world using cutting-edge technology. The rapid achievement of our soft cap target during pre-sale combined with strong interest from institutional investors gives us an opportunity to set ambitious goals in the future.”

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