Beaxy Funding Update

T.J. Wilson
Aug 24, 2018 · 2 min read
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Hey Beaxy fans,

Wanted to grab your attention for an important announcement. As of today, we’re cancelling the public ICO. We’ve raised over 3 million in our private period and as we near our soft cap we will be focused on raising funds in private going forward. There are many reasons why we’ve chosen this route, including the state of the market and the regulatory uncertainty around public ICOs. We have always sought to be compliant with laws and regulations in the jurisdictions in which we operate, and this decision is an extension of that.

In place of a public ICO, users will be able to buy utility tokens directly on our exchange platform. BXY tokens will be available for purchase and price will be adjusted based on the price the market reflects at that time. This is a continuation of our ‘product first’ mentality. Price will be adjusted based on this market activity, and a restricted number of tokens will be released for sale each day/week for 100 days after our platform launch. After this period, any remaining tokens that were allocated for sale will be burned and the only way to access BXY tokens will be through the BXY token market.

So, in summary;

  • Our exchange platform will go live soon
  • We are nearing our soft cap, but we are cognizant of the limits of public ICOs
  • As such, the public sale will be cancelled
  • BXY tokens will be available for purchase directly on the platform for the first 100 days
  • Fundraising will continue in a private round for the next few months until exchange release

As always, thanks for following us on our journey to improve the state of exchanges and trading for everyone in crypto!

-The Beaxy Team

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