The Open ANX Foundation Limited has announced that it has closed the OAX Token Sale ahead of schedule after it surpassed its initial funding goal. The campaign opened on the 22nd June with the aim of selling a minimum of 13 million OAX tokens, and achieved that milestone in less than an hour. As of the closing on 4 July, the Foundation has sold 25,009,250 OAX tokens in less than 11 days, or a total of $18,756,937 USD at the sale exchange rate of 478.68 OAX per ETH.
Ken Lo, a Director of the Foundation said: “We are extremely happy with the results of the OAX Token Sale. We are thankful to the community who have rallied around the openANX platform concept. Our team feels strongly that a large, engaged community will be a key factor in the success of the project. With over 4,400 participants that have exchanged 52,246.28 ETH for OAX tokens and the majority of our backers are individual contributors rather than the ‘whales’ that have filled some token sales. We are grateful for all those who participated and supported the project.”
OpenANX is a decentralized platform for cryptocurrency exchange that will focus on aspects of consumer protection and transparency ‘hardcoded’ into the infrastructure. These measures include collateral backed asset gateways, credit risk trading, liquidity aggregation and an open source code base. By allowing users of the platform to move fiat currency on or off the blockchain with confidence, the aim of the project is to accelerate the mass adoption of cryptocurrencies and reduce risk for users.
The Foundation is now working on the next steps, which they will detail in coming weeks. First among these will be the launch of a ‘User Group’ of exchanges to help define and determine industry best practice and guidelines. This will be accompanied by an ongoing campaign to get out and meet the community, advisors and exchanges and to expand its network of relationships and backers.