openANX Raises First $14 Million to Fund its ‘Real World Application of Decentralized Exchanges’

By way of update, openANX has raised more than $14 million in less than one day into the ICO that went live on June 22. More than 18,000,000 of the total 30,000,000 OAX tokens were sold in the first two hours, with an average of $750,000 USD every ten minutes.

openANX (https://www.openanx.org/en/), a real-world application of decentralized exchanges built on the Ethereum blockchain, today raised $14 million in the first hours of its token distribution campaign. More than 18,000,000 of the total 30,000,000 OAX tokens were sold in the 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 provides an aggregated order book to increase liquidity, holds collateral for asset gateways to reduce credit risk, and features an off-chain, predetermined dispute resolution system governed by the DAO to maximize consumer protection.

“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 solves two major issues in the blockchain industry: the barrier to entry for new cryptocurrency users, and risks associated with many transactions. openANX will allow new market entrants to easily enter the space and to understand their exposure to risk on any potential deal, a feature that’s lacking in current exchanges. With openANX, customers will have greater control over their crypto-keys than on a centralized platform, helping to protect them from vulnerabilities that lead to hacks and failures.

The key technical aspects presented by openANX that address these problems include credit risk markets, transparent collateral ratings for Asset Gateways, and the use of smart contracts for memberships, Collateral Management and Dispute Resolution, Know-Your-Customer (KYC) and settlement for asset exchange, both for over-the-counter (OTC) and order book-based transfers. The token sale will continue for another 28 days or until the total cap of 30,000,000 OAX has been reached.

ABOUT Open ANX Foundation Limited

Open ANX Foundation Limited (the “Foundation”) is a non-profit-making entity established under the laws of the Hong Kong Special Administrative Region as a company limited by guarantee to promote the real world application of the openANX Platform (“openANX Platform” or “openANX”), a proposed open source, decentralized digital asset exchange along with the development of a bespoke token called OAX (“OAX Token” or “OAX”).

ABOUT openANX

openANX is a real-world application of decentralized exchanges. Built on the Ethereum blockchain, openANX will utilize decentralized exchange protocols to allow cost-effective trading without credit risk. By combining an open-source, decentralized matching engine alongside collateral-backed asset gateways, the openANX platform greatly improves consumer protection and transparency while significantly reducing risk. For more information, please visit: https://www.openanx.org/en/

ABOUT the Project Team

The launch and groundwork of openANX is currently being coordinated led by ANX International, and industry veteran advisors. ANX International is a Hong Kong based, market leading Fintech company founded in 2013 which specializes in blockchain technology with one of the world’s largest and most experienced blockchain development teams. Its technology powers one of the longest running bitcoin trading platform ANXPRO in Asia and its team of professionals is well versed in managing and operating sophisticated global exchanges. Highly experienced in cryptocurrency with passion to match, the openANX team consists of the industry’s brightest technology, business and legal minds.

Disclosure: Transform Group is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

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