Indian Bitcoin exchange Bitxoxo has launched an Initial Coin Offering (ICO) after a successful pre-sale event that ended on April 30 selling 5 million XOXO tokens.
The main ICO event for 10 million tokens at $2 per token went live on May 5 and will end on May 31. The proceeds from the public token sale will be used to help fund the further expansion of the company and the creation new products and services.
The exchange claims to already have 100,000 active customers and a trading volume of over $10 million per day.
Owing to restrictions put by Reserve Bank of India (RBI) on banks to deal with any entity dealing in cryptocurrency, Bitxoxo has relocated its operations to Australia, where it is now incorporated. It plans to expand its operations to Singapore and the Middle East.
Bitxoxo has plans on creating a Bitcoin Cash(BCH) ecosystem including a marketplace, a E-University Certification Program, and a PoS system. The funds will also be used to launch an incubator for blockchain startups.
Bitxoxo has also expanded into bringing a mobile version of the platform for both Android and iOS, as well as is set to offer probably the world’s first physical Bitcoin prepaid gift card and ICO Launchpad. It will also issue an International Debit card.
Bitxoxo says it envisions a world where Bitcoin and BCH will be the only basic unit of currency required for all exchange of values across the globe.