Blockchain indexing service Subsquid plans to launch SQD token on Friday

ChainCatcher news, according to CoinDesk, Marcel Fohrmann, co-founder of blockchain indexing service Subsquid, revealed that Subsquid’s native token SQD is scheduled to be launched this Friday and listed on multiple cryptocurrency exchanges. The utility token is designed to support Subsquid’s network of independent node operators whose collective computing power can parse large amounts of on-chain data. In January, Subsquid sold $6.3 million worth of tokens to the public via CoinList, according to a press release. This brings the project’s total funding to $17.5 million, across multiple rounds involving participation from Blockchange, Hypersphere, Zee Prime, DFG, and Lattice, among others.

Fohrmann added that the launch of the SQD token is “99% confirmed” for Friday, but that date could be pushed to next week or the week after. He said the timing depends on "a major exchange" planning another token launch on Thursday.