AX1 is launching a capital appreciation token that enables holders to benefit from the large-scale mining of various leading cryptocurrencies.

AX1 is a British Isles-based tech start-up company founded by an experienced team spanning multiple disciplines within the finance and technology sectors.

Its intention with the AX1 ICO was to open up the cryptocurrency market to investors with no technical knowledge as well as those already familiar with it.

The company has secured the use of two entire floors in a state-of-the-art data centre in Manchester, UK, and retains an option to construct additional purpose-built premises in the north of England for enterprise level mining operations.

AX1 has already raised sufficient funding to achieve its soft cap. This funding will be used for the purchase of data rigs and associated core operations of AX1.

All contributions raised through the ICO will therefore be used entirely for growth purposes rather than start-up costs.

The company has established a team of investment, legal, accounting and cryptocurrency professionals to advise the AX1 board on which cryptocurrencies to mine at any given time.

Stuart Anderson, CEO of AX1, said: “Many ordinary investors were watching perplexed from the sidelines last year when they saw such activity with Bitcoin and other currencies.

“We believed the cryptocurrency market could offer a much better — and potentially more fruitful — way for those people to get involved who did not necessarily have the same level of technical knowledge that most crypto investors had.

“The AX1 ICO represents months of hard work, so we are delighted to be launching. We look forward to welcoming a new breed of investors to the cryptocurrency world.”

“We chose to launch the AX1 ICO using a Jersey company because of the sophisticated regulatory approach of the jurisdiction. Anyone issuing an ICO through a Jersey company will require a specific consent from the Jersey Companies Registry, part of the Jersey Financial Services Commission. Whilst this consent does not give the ICO a ‘regulated’ status, it is bespoke to the ICO in question, and mandates an additional set of conditions designed to ensure continued high standards of governance, investor disclosure and AML/CFT compliance.”

Mark Shaw, technical director for AX1, said: “We’re confident that our ICO will bring something new to the market from day one. We are also convinced that industrial-scale mining will dominate the field within a few years, meaning our investment in the equipment and premises to house such an operation will place AX1 in an excellent position for the future.”

ENDS

CONSUMER RISK WARNINGS:

Neither the ICO nor the issuer of the ICO is regulated by the Jersey Financial Services Commission.

ICOs are a highly speculative form of investment and are not subject to existing capital market regulations.

Investors should be prepared for the possibility of losing their investment completely.

For full consumer and investor risk warnings please see the Information Memorandum

Click herefor the JFSC’s public statement on ICOs