Token Sale for openANX Roars to Big Open

Announcements, FinTech, Investing | June 26, 2017 By:

Hong Kong non-profit openANX, an application of decentralized exchanges built on the ethereum blockchain, has raised $14 million USD in the first hours of its token distribution campaign.

More than 18 million of the total 30 million OAX tokens were sold in the initial token offering’s first two hours, with an average of $750,000 USD every ten minutes. OAX is an ERC20 token developed to fuel the open-source decentralized exchange platform openANX, which claims to provide an aggregated order book to increase liquidity, holds collateral for asset gateways, and features an off-chain, predetermined dispute resolution system governed by the DAO.

“We want to thank the community for its early and enthusiastic support of the openANX concept,” said Hugh Madden, technical director for openANX. “By participating in this project, backers are helping us build the technology needed to secure users’ digital assets with transparency and decentralization at the forefront. We are also very happy with the numbers of participants. We want to build a community and we currently have over 2,000 contributors, compared to 522 for Golem, 201 for BAT and Gnosis around 620. A vibrant community that is engaged with the project is a critical piece of the puzzle.”

The openANX platform claims it solves two major issues in the blockchain industry: the barrier to entry for new cryptocurrency users, and risks associated with many transactions.

The token sale will continue for another 28 days, or until the total cap of 30,000,000 OAX has been reached.

 

The launch and groundwork of openANX is currently being coordinated by ANX International, a Hong Kong-based FinTech company founded in 2013. Its technology powers bitcoin trading platform ANXPRO in Asia.