Following a regulatory restriction in its home India, crypto exchange Bitxoxo has now incorporated its business in Australia and concluded a successful pre-sale attempting to raise funds for global expansion of new services and product development.
Despite previous interest in expanding blockchain and cryptocurrency horizons, India’s Reserve Bank of India (RBI) recently moved to restrict blockchain industries by asking its banks to end support for crypto-related businesses. This move has prompted its largest exchange, Bitxoxo, to move its operations abroad, incorporating an entity in Australia.
Before launching its token sale, it successfully completed the pre-sale phase on April 30th, selling 5 million of its XOXO tokens, and is now eyeing more conducive environments in Singapore and the Middle East. A general token sale is now ongoing until May 31st, 2018, with 10 million XOXO tokens available for purchase at a minimum price of $2.00.
Supporters of Bitxoxo’s token sale are raising funds for the creation of a marketplace, e-university certification program and PoS system for Bitcoin Cash, among others. The funds will also expand operations in Australia while helping reach out to new markets in Singapore and UAE. Additionally, the firm is setting up an incubator to help blockchain startups gain investments, growth and promotion.
Bitxoxo acknowledges the vital roles played by the likes of Bitcoin.com CEO Roger Ver and Bitcoin.com COO Mate Tokay in helping the business expand out of India. These prominent blockchain influencers have helped shape its vision of establishing Bitcoin and Bitcoin Cash as basic units of exchanging value globally, freeing users from the influence and control of states and banks, allowing them to freely transact with each other.
Others advising Bitxoxo include the likes of Stephen Drew of Crypto Hedge Fund, Janya Eighani of the Lehman Walsh law firm, certified accountant and lawyer, and COO of New York Consulting Group Bruce Jeong, as well as Laura Zaharia, Robby Schwertner, Sydney Ifergan and Boris Otonicar.
Bitxoxo CEO and co-founder Hesham Rehman remarked that investors of Bitxoxo were investing in a product and service with an established track record of over two years operating in India, making itself a reputable household name in its home country. Rehman said that their focus was now on creating a Bitcoin Cash ecosystem and expanding upon it:
“We are extremely grateful for the guidance and support received from eminent personalities in the cryptocurrency universe like Roger Ver and Mate Tokay, and look forward to associating with them to spread the awareness of Bitcoin cash and Blockchain technology to the world.”
Rehman added that they receive a lot of interest from token owners to review and list their tokens on Bitxoxo’s ICO launchpad and upcoming marketplace.
Incorporated by CEO Hesham Rehman and COO Mohammed Rezwan in India in July 2016, Bitxoxo had been operating long before Bitcoin’s popularity surged in 2017, recording over 100,000 active users by the end of last year. The company is best known for its popular mobile app and the world’s first Bitcoin prepaid gift card and Token Sale Launchpad.