Author: Jagdish Kumar, India
Indian’s largest cryptocurrency exchange, Bitxoxo has announced that it will be coming with token generation event (TGE).
This comes after the company managed to sell 5 million tokens in pre sale, which was concluded last month.
After this success, the company will has decided to come up with the TGE, so that funds generated will be invested in companies expansion, which will end by this month end.
The company which sold 5 million tokens, have decided to invest in creating new products and services and also plans to launch an incubator that will help invest, grow, and promote blockchain startups.
In the statement, the company said that it has a vision of creating BCH marketplace and also opting for a BCH E-University Certification Program, as well as a BCH enabled POS system.
The company also said that it will split the money raised from TGE that will be invested in usual development, legal, marketing fields.
Bitxoxo will also set aside 10% of the funds for cryptocurrency, which will be used in spreading awareness through organizing various events and seminars.
In pre-sale of ICO, the total supply will be 5 million tokens was sold of the total token supply of 20 million token type is ERC20. The company is looking to sell 15 million tokens with a purchase price of $2 per token in TGE. The company has a set a soft cap at $5 million and the hard capital is set at $27.5 million.
Speaking on this, Hesham Rehman, CEO & Co-founder, Bitxoxo said, “Unlike other initial coin offerings (ICOs), this isn’t an investment into a new and untested exchange. We have had over two years of experience in running one of the most successful cryptocurrency exchanges ever, responsible in part for making Bitcoin a household name in India.”
After the TGE, Bitxoxo is looking to launch its own debit card in the last quarter of this year. By 2019, the company will bring crypto e-universe, BCH enabled POS, and the Bitxoxo Incubator.
The company currently handles $10 million of volume daily and charges $0.1 fees from its 100,000 plus users as on 2017 spread in India and other countries.
The exchange operates 24/7, providing support through its chat, email and phone support system and is also available on Android and iOS platforms, as well as offering the world’s first Bitcoin prepaid gift card and Token Sale Launchpad.