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Bitxoxo’s future receives a solid boost
India’s biggest, fastest and most-used cryptocurrency exchange, Bitxoxo, has announced a successful pre-sale, with every one of its 5 million XOXO tokens sold.
The token sale is raising funds for further product development and a planned expansion of new services to international markets, especially in Asia and the Middle East.
The token sale is the latest development at the exchange, which recently moved its operations away from India and incorporated in Australia, following regulatory tightening in its native country over cryptocurrency-related businesses. Recently, the Reserve Bank of India instructed its banks to withdraw support for all crypto-related companies, despite an earlier expressed interest in developing blockchain in the South Asian country.
With the pre-sale phase of the token sale completed on April 30th, Bitxoxo has now set its eyes firmly on establishing a presence in countries like Singapore and UAE, where the business environments are more conducive to cryptocurrency and blockchain.
The Bitxoxo public token sale
The token sale has now entered its public phase and will continue until May 31st, 2018, or until its supply of 10 million XOXO tokens is sold out. Tokens can now be purchased at a starting price of $2.00.
All contributions collected during the sale will be used for various development objectives, including to a marketplace, an e-university certification program, and a PoS system for Bitcoin Cash (BCH). The funds will also go towards expanding its Australian operation, while initiating a presence in UAE and Singapore. An incubator for blockchain startups, focused on acquiring investments, growth and marketing, is also in the pipeline.
A solid team of advisors
Bitxoxo’s recent extension out of India has largely been achieved through the backing of Bitcoin Cash proponents Roger Ver and Mate Tokay, respectively the CEO and COO of Bitcoin.com. Together, these personalities have helped Bitxoxo to shape its vision of establishing both Bitcoin and Bitcoin Cash as global values of exchange. The ideal of cryptocurrency as giving users freedom of money, independent from governments and banking, continues to be the concept it works upon.
Bitxoxo also draws from the advice of others like Crypto Hedge Fund’s Stephen Drew, law firm Lehman Walsh’s Janya Eighani, New York Consulting Group’s Bruce Jeong, Laura Zaharia, Robby Schwertner, Sydney Ifergan and Boris Otonicar.
Bitxoxo CEO and co-founder Hesham Rehman spoke of the appreciation the company felt in having such strong personalities to rely upon for advice and looked forward to further collaborations with these, especially in promoting the use, adoption and values of Bitcoin and blockchain technology.
Bitxoxo’s two years in India have seen it building a solid reputation as one of the most trusted names in cryptocurrency exchange, but will now focus on building a Bitcoin Cash ecosystem. This aim is also being currently boosted by the huge interest received from token owners requesting review and listing on Bitxoxo’s ICO launchpad and coming marketplace.
Bitxoxo was established in India in mid-2016 by CEO Hesham Rehman and COO Mohammed. Helped by Bitcoin’s popularity surge in 2017, Bitxoxo served over 100,000 active users by the end of last year.
Among its most popular offering is its mobile app , the world’s first Bitcoin prepaid gift card and the ICO Launchpad.