AirFox successfully raised $15M with our ICO. AirTokens have finally been minted and distributed to token contributors. Currently AIR is trading on EtherDelta and HitBTC, with more exchanges coming soon.
After last minute non-accreditation KYC red flags and refunds (AirFox returning ETH because a contributor had been flagged for risk), the final tally is 1.491B total AIR minted, with 8,507,442 tokens burned. Outside of legal compliance and trying our best to self-regulate, AirFox’s strict KYC process was implemented to ensure successful entry into larger exchanges, which we are currently working on to bring AIR into the hands of as many people as possible.
There is a deeper story on the delays (WBUR story on AirFox) that people may overlook. Although we received a lot of criticism and “FUD” (Fear, Uncertainty, Doubt) for delaying, we truly believe it was the best thing to do for the long-term value of the token. The community may not see this now, but the value will pay off in the mid-to-long term. Our strict KYC registration caused delays given the fast changes to the regulatory landscape. From the moment when we started the ICO process (beginning of June) the following happened:
- SEC issued statement on ICOs and the DAO
- China banned ICOs (one week before our roadshow was scheduled)
- FINMA issues stricter ICO / AML regulatory compliance requirements
- SEC puts task-force on ICOs
- SEC shutsdown Protostarr
- South Korea Bans ICOs
We did our best to comply and self-regulate, causing delays and mistakes given the speed in which we were moving. Also, we continued running our B2B AirFox Wireless business while we ran the ICO, which is usually not the case with most ICO companies, which typically have no product or revenues. It wasn’t as smooth as we were hoping, but at the end of the day we accomplished our goals while trying to stay compliant to the best of our ability within the current regulatory climate.
We are not worried about the current price of AIR. We are here to build a long-term, sustainable business. The token value appreciation will be a consequence of building a successful platform. We have an established team of successful entrepreneurs, investors and advisors that will contribute to the success of the AirToken ecosystem.
By unlocking emerging markets’ dead mobile capital, the AirToken project will provide the underserved masses with greater access to affordable mobile internet and capital accessibility. AirFox made a concerted effort to attract a large group of diverse backers committed to its mission in order to ensure the continued success of the AirToken. AIR is truly a utility token funded by the people, for the people.
What’s next in the short-term?
- AirFox will conduct monthly product releases of the platform to get feedback from the community
- AirFox will prepare launch and user acquisition campaigns of the AirFox Browser in Brazil as the first market in the next 3 months
- AirFox is working on getting into many exchanges around the world
- AirFox has made 2 strategic hires this month and will announce in the coming weeks
If you would like to get involved as an alpha tester for the micro-lending Daap, as a test user of the mobile browser or in any other way shape or form please don’t hesitate to contact us at corporate@airfox.io
The AirFox team thanks you so much for your support and contribution and looking forward to the future!
