One of the largest and most successful ICOs to date, TenX, is set to launch on Bittrex.
The idea behind an Initial Coin Offering is simple, it’s crowdfunding using cryptocurrency. But, unlike Kickstarter, people that buy-in to the ICO typically have a way to make money off of it, although it’s never guaranteed. This potential for profit makes ICOs that much more appealing.
It’s almost like buying equity in a company, but not quite. Instead of getting equity, contributors get native tokens issued by that particular organization based on how much you put in.
For example, PAY, a token issued by TenX, their goal is to make Cryptocurrency spendable in the real world through a debit card that instantly converts Cryptocurrency to Fiat. TenX gave roughly 350 PAY for each 1 Ether (Ethereum) that people put Ether into their ICO.
What happens next is that after the ICO is finished, the goal is generally to get the token listed on as many big exchanges as possible.
In the case of TenX, it was just announced that they will be listed on an exchange called Bittrex, which is one of the biggest exchanges in the world.
Contributors to the ICO can then sell, buy more or exchange their PAY tokens. TenX had over 40,000 people that tried to contribute to the ICO but it reached its goal after the first 4,000 contributors. So that leaves a big demand of at least 36,000 people that still want to buy PAY tokens. And potentially a lot more as it becomes more and more popular in the time between the ICO and being listed on exchanges. This, in turn, helps raise the price of the token.
According to a press release, TenX is releasing 205 million tokens total. The value of those tokens could be all the way up to the prices PAY is trading on at future markets already or potentially more. It is then up to supply and demand to see where they go from there.
Now that the token delivery is happening tomorrow, it is up to TenX to continue to deliver value for token holders and customers. Continued development of their product and following their roadmap is an extremely important part of that. For TenX, a big next step will be getting their core product (TenX cards that instantly exchange Cryptocurrency for government-issued dollars) in as many hands as possible since the $80 million ICO.
At the end of the day, the post-ICO phase is all about delivery as much value as possible for customers and token holders. Development of the product and providing clear communication to the public is a key part of that.