Hong Kong-based Open ANX Foundation has launched openANX, a project to build a new decentralized exchange and trading platform using the Ethereum blockchain, and held its first token sale for a cryptocurrency called OAX will be used in the openANX ecosystem.
In the first two hours of the launch, openANX said it sold over 18 million OAX tokens (including pre-commitments), which is equivalent to around $13.6 million.
openANX, launched with the support of ANX International and partners, promises transparency and openness to cryptocurrency markets, and aims to solve the challenges of bringing real world assets, like fiat, onto and off the blockchain. The Foundation says this is a problem not often addressed by other decentralized exchanges and a significant hurdle for mass adoption of cryptocurrencies.
Additionally, the openANX platform will enable users to have full custody of their private keys in digital token transactions, which is meant to decrease the risks involved in cryptocurrency markets.
In traditional financial markets, the ability to trade credit risk is taken for granted, but in the cryptocurrency space, no one has figured out a way to address these issues, much to the detriment of the community, said Hugh Madden, technical director for openANX.
“Bitcoin and Ethereum have experienced a surge in interest recently, but the elephant in the room is that there’s still a lot to be done before digital assets and tokens are widely accepted, with consumer protection being one of the key challenges,” he said. “With openANX, we’re taking significant strides to address consumer protection and making trading easy for all.”
The openANX platform utilizes decentralized exchange protocols to allow cost-effective trading with measurable credit risk. By combining an open-source, trustless decentralized matching engine alongside collateral-backed asset gateways, the platform intends to significantly improve consumer protection against potential security or fraud incidents and increase transparency between all trading parties.
The project team will begin working on the full scale prototype development next month, and expect to bring a working prototype to market in Q2 2018.