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BPG Ambitiously Set to Attract $15M of Investments via ICO, ASX Seeks for More Details

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by Julia Sakovich · 3 min read
BPG Ambitiously Set to Attract $15M of Investments via ICO, ASX Seeks for More Details
Photo: ASX / Twitter

The ASX is trying to find out more details about BPG which is the first publicly traded firm in Australia that is going to raise funds via ICO.

As it has been recently revealed, the Australian Securities Exchange (ASX) is actively examining Byte Power Group (BPG), which is this very IT company that is listed on the platform and is trying to attract $15 million of investments to launch its cryptocurrency exchange.

On July 19, Byte Power Group received AUSTRAC registration approval and informed the ASX about its intentions to undertake a token generation event for Byte Power X Loyalty Tokens (BPX Tokens). Following this statement, the ASX issued a query letter to BPG requiring the company to provide more detailed information on its planned ICO. Today, the firm has revealed its statement with detailed replies to 17 questions that were asked by the ASX under its Listing Rule 18.7.

According to the published statement, BPG is going to generate 1 billion BPX Tokens, 25% of which will be bought by private investors. The price of one token is US$0.06.  The company has set a goal to raise $15 million which will be allocated for creation of the crypto exchange. Within this platform it will be possible not only to trade BPX Tokens but also to use them to pay transaction fees. The company is going to allocate 75% of its tokens for pre-registered users of its exchange, for pre-opening and marketing campaigns and for some special releases.

Special attention to BPG from the side of the ASX can be explained by the fact that it is the first publicly traded company in the country that is seeking to launch a cryptocurrency exchange via an ICO. That’s why early in August, BPG received the above mentioned letter with questions from the ASX’s compliance team. The main aim of this letter was to justify the legality of the company’s token generation event.

It’s worth mentioning that token sale has been already initiated. Currently, only private investors in Australia and Singapore have an opportunity to purchase BPX Tokens but it is believed that soon the company will start selling tokens to investors in Hong Kong. Nevertheless, still there is no information about the amount of the raised funds and the company’s plans to sell the rest 75% of their tokens to investors as well. In Australia and Singapore, the company has managed to receive confirmation about the status of its tokens that are not viewed as securities there.

As for other news from the ASX, it has become known that it postponed the earliest date for the launch of its new replacement for CHESS system. Let us remind that CHESS (Clearing House Electronic Subregister System) has been in use since the 1990s and now the ASX is going to replace it with the post-trade DLT-based platform. Though earlier, it was announced that this new system would be launched in the fourth quarter of 2020, the newly announced date is March-April 2021.

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