Monday 5 March 2018 4:33 pm

Healthcare blockchain startup Medicalchain lists its tokens on exchanges after raising $24m in an ICO

A healthcare-focused blockchain startup will list its tokens on five major exchanges following a successful initial coin offering (ICO) at the start of the month.

London-based Medicalchain has created a blockchain platform for medical records, which allows for the secure, fast and transparent exchange of medical records by patients and doctors.

The firm raised $24m (£17m) through an ICO on 1 February, and it will now launch its MedTokens on five exchanges: Huobi Pro, Kucoin,, Coinbene and Qryptos.

Transactions over the Medicalchain platform will be made using MedTokens, the company said.

"Blockchain is changing the way we approach virtually every industry and the security and transparency it offers makes it perfect for health data," said Mo Tayeb, co-founder and chief operations officer of Medicalchain.

"In the coming months, we will be developing our Medicalchain platform and rolling out some exciting applications which will give millions of people access to better healthcare.”

The UK's financial regulator has warned that ICOs are "very high-risk, speculative investments"because the space is completely unregulated and has no protection for investors.

Medicalchain was made to address the issue of a fragmented healthcare system, said Abdullah Albeyatti, co-founder and chief executive of the company.

“By creating an immutable, healthcare record that is incorruptible, trusted and cannot be deleted or tampered with – by patients or clinicians alike – we’re empowering patients to be at the centre of their care and enabling clinicians to make informed decision-making, as well as communicate to each other with ease," Albeyatti said.