TenX, a blockchain based startup from Singapore raised US$80 million from a token sale that was held last week. Another US-based startup is on a lookout to raise US$5 million through ICO, Suggesting of the popularity and acceptance in the Initial Coin Offerings (ICO) in Singapore.
The reason why ICO is attracting a huge interest is that, of all the different crowdfunding formats that exist; where one gets rewards or equity, digital tokens are issued in lieu of the money. These token are further used such as Bitcoin or Ether.
TenX has built a protocol that enables quick and secure transactions across different blockchains. It started crowdsale of its token on Monday and eventually raised 245,832 Ether(ETH) with a value of around US$80 million in exchange for company’s PAY tokens at 350 PAY tokens = 1 ETH.
Cross Coin, on the other hand, announced the ICO in Singapore to raise up to $5 million in the token sale to raise funds for a pool of startups. Starta Accelerator has set up Cross Coin to raise capital.
Cross Coin is in hopes of raising an initial US$1.5 million that would be earmarked for the 21 startups that have passed Starta’s 2016-2017 accelerator program. Each token would be worth $1. The ICO is going to be on July 4.