The openANX Foundation Limited closed the OAX Token Sale ahead of schedule after surpassing its initial funding goal. openANX technology addresses in a distributed manner credit risk markets, transparent collateral ratings for Asset Gateways.
openANX is building a decentralized platform for the exchange cryptographic assets, including strong consumer protection and transparency “hardcoded” into the infrastructure. Such measures include collateral-backed asset gateways, credit risk trading, liquidity aggregation and an open-source code base.
openANX is overseen by ANX International, which was founded in 2013 and represents one of the earliest bitcoin companies. The Hong Kong- based company is a market leader in blockchain and operates ANXPRO, one of the first bitcoin trading platforms for Asia.
“We are extremely happy with the results of the OAX Token Sale,” said Ken Lo, Director of the openANX Foundation. “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.”
Having opened on June 22, ANX’s objective had been to sell no fewer than 13 million OAX tokens. It did that in under an hour. As of closing on July 4, the Foundation had sold 25,009.250 OAX tokens in under 11 days – that is, $18,756,937 USD at the sale exchange rate of 478.68 OAX per ETH.
openANX is built atop the Ethereum blockchain and will utilize decentralized exchange protocols to allow cost-effective trading with reduced credit risk. “By combining an open-source, decentralized matching engine alongside collateral-backed asset gateways,” states openANX, “the openANX platform greatly improves consumer protection and transparency while significantly reducing risk.”
The company states in a press release: “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.”
OAX, an ERC20 token developed to fuel the open-source decentralized exchange platform openANX, enables 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.”
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 was designed to solve two major issues. “[The barrier to entry for new cryptocurrency users, and risks associated with many transactions,” according to the company. “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 Foundation will now turn its focus to the coming weeks. It will launch a “User Group” of exchanges and help define and determine industry best practices and guidelines, campaign and meet the community, create a network of exchanges and expand the network of relationships and backers.
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Last modified: May 21, 2020 9:40 AM UTC