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Quantum Medical plans its first cryptocurrency offering worth $50M

Quantum Medical Transport Inc. is planning to launch a $50 million initial coin offering, a means of crowdfunding centered around cryptocurrency, via a private placement.

The Sugar Land, Texas-based medical transportation provider said the digital tokens or cryptocurrency will be offered via a public blockchain Ethereum-based platform, which will enable digital coin traders, or miners, to buy the utility coins in a currency that a government has declared to be legal tender, bitcoin or Ether.

Quantum Medical added that it will seek to develop a blockchain technology.

The company said it is in the process of developing a memorandum to launch its pre-initial coin offering. It plans to raise the capital for growth, debt restructuring, stock repurchase and acquisitions.

Quantum believes that the technology platform could be a "significant" revenue generator for the company.