Following up on our earlier post where we had shared the early days of Chynge leading up to today, we are delighted to announce that…
After seven months in the making, we finally launched our ICO!
We are selling Chynge Tokens in the amount of USD 28M via an Initial Coin Offering (ICO) to develop a Blockchain Project that will make cross-border digital payments instant, free and safe. Last month we embarked on a series of roadshows to share the Chynge story in Singapore, Jakarta, Bangkok (with more to come), and we got to meet some of you too.
We are heartened by the overwhelming interest which also informed our decision to launch with a private sale, open to our strategic partners and early community supporters.
Early on, we made the strategic decision to work closely with regulators as we want to hold ourselves to the highest standards in doing business, so as to instill trust and confidence in our partners and customers. To date, Chynge is licensed or admitted to regulatory sandboxes in Hong Kong, Singapore, the United Kingdom, Abu Dhabi, and Brunei Darussalam. We are working hard to expand our global reach with continuing discussions with regulators and partners in parts of Europe and the Middle East with a sharp focus on Asia-Pacific.
For our ICO, we are issuing our own tokens that will run on the Chynge permission-based private blockchain. The CLPX (say “clip”), previously known as XCLP, token is a payment token that acts as a store of value and a medium of exchange, not unlike Bitcoin (BTC) and Ether (ETH). However, the classic payment token has an inherent problem of price volatility, and the Chynge Token solves this by also being a store of exchange rate. This is achieved by pre-funding accounts in multiple countries thus creating Chynge Liquidity Pools, and then perfectly matching transactions and offsetting them to lock the FX rates in addition to avoiding expensive bank rails.
The ICO — in details
We are raising 560,000,000 CLPX tokens (USD 28M) in our ICO, with a soft cap of 80,000,000 CLPX (USD 4M). To participate in our ICO, you must be successfully whitelisted (in other words, pass the “Know Your Customer” process). Here are some of dates to bear in mind:
- Private Sale: In Progress
- Crowdsale: June 28, 2018 (00:00 GMT) to Sept 25, 2018 (23:59 GMT)
- Receive CLPX tokens: Within 21 days after the end of the Crowdsale
The minimum purchase for the crowd sale is USD 250 with a limit of USD 10,000. We accept Bitcoin (BTC), Ether (ETH) and Lumens (XLM) as forms of payment. As CLPX runs on Stellar, you will need a Stellar compliant wallet to receive our tokens. Stellar is an awesome open-source protocol for value exchange, and in a later article we will share more about why we chose Stellar for our RemTech service.
Here’s a look at the timeline for the Chynge token sale:
The proceeds from our ICO shall be used for our blockchain project, while the rest of the funds will allocated for our liquidity pools. The goal of our blockchain project is to make digital payments instant with blockchain, free with liquidity pools and safe with smart compliance. More on that in our next article.
Meantime, do join the Chynge community on Telegram to keep updated on our latest news and events! Soon we will also be announcing our bounty program that rewards you for sharing Chynge with your friends.
We hope you’ll join us and embrace Chynge!
Read more about the Chynge ICO here: http://bit.ly/chynge_whitepaper
Our Private Sale is in progress. If you are interested to participate, please reach out to us at info@chynge.net.
