India’s largest cryptocurrency exchange, Bixoxo, announced that it has launched its TGE. The launch comes after the exchange successfully finished an ICO in which 5 million tokens were sold a month ago.
Details of TGE
The company says it will use the money raised from the token sale to fund its expansion as well as develop new products and services. Bitxoxo envisions having Bitcoin (BTC) and Bitcoin cash (BCH) as the de facto standards of exchange value and it hopes that participants in this sale will help in making this a reality. Additionally, the company intends to use the money to launch an incubator which will help in investing, growing and promoting blockchain startups.
A fraction of the money raised to go towards Cryptocurrency
The exchange says it will split the funds between its development activities, marketing field and legal. 10% of the money raised will go towards cryptocurrency. The money allocated to cryptocurency will mainly be used to create awareness by organizing seminars and other events, which is a new initiative that many ICOs are not doing.
Leading Advisory Team
The development of Bitxoxo is being spearheaded by some of the best advisors in the blokchain industry. These include Stephen Drew, a member of the Crypto Hedge Fund, which is based in NYC and Caymans, Janya Eighani a legal luminary and founder of Lehman Walsh, a leading law firm in Australia, Bruce Jeong, a legal authority and certified accountant, who also has a lot of experience in private equity. He is also the Chief Operating Officer of New York Consulting Group. The group also includes Boris Otonicar, Sydney Ifergan, Robby Schwertner and Laura Zaharia.
The sale was completed on May 31st and 10 million token were sold at the rate of $2 per token. Since its launch in 2016, the exchange has grown to become one of the most powerful in India and in the international market. As at 2017, the exchange had 100,000 active users. It handles more than $10 million in daily trade volumes. The exchange also has a 21/7 customer support from program through email, chat, as well as phone support system.