OpenANX, the blockchain based solution for decentralized cryptocurrency exchange platforms is currently in the process of raising necessary funds for development. The OpenANX crowdsale that went live on June 22, 2017, has already raised over $16 million against the sale of over 22 million OAX tokens.

In a recent press release, ANX International — a leading blockchain company known for its white-labelled cryptocurrency exchange and blockchain solutions states that the OpenANX ICO raised over $14 million in less than one day. The highly successful first day of the ICO saw people purchasing the OAX tokens at an average rate of $750,000 every ten minutes. The OpenANX project is coordinated and led by ANX International, making it more attractive to the investors.

According to the company, the OAX token is an ERC20 compatible cryptocurrency on Ethereum blockchain, and it will be responsible for powering the open source OpenANX project which will, in turn, make it possible to launch decentralized exchange platforms. In the same media release, the technical director of OpenANX Hugh Madden thanked the early bird investors by saying,

“We want to thank the community for its early and enthusiastic support of the OpenANX concept. By participating in this project, backers are helping us build the technology needed to secure users’ digital assets with transparency and decentralization at the forefront. We are also very happy with the numbers of participants. We want to build a community and we currently have over 2000 contributors, compared to 522 for Golem, 201 for BAT and Gnosis around 620. A vibrant community that is engaged with the project is a critical piece of the puzzle.”

The OpenANX project is expected to solve a couple of major issues faced by the cryptocurrency community. It will drastically reduce the barrier to entry for new cryptocurrency users. At the same time, the decentralized aspect of OpenANX will also reduce the risks otherwise associated with centralized exchange and trading platforms. Besides, OpenANX offers its users complete control over their private keys on the platform, ensuring that they are always in control of their funds.

In addition, the development of OpenANX will include other smart contract based applications that will come in handy for managing the platform, while complying with any applicable regulations.

Following many hacking incidents involving centralized platforms in the past, people are more apprehensive about using centralized platforms. With OpenANX making its way into the market, the platform will be able to address the issues faced by the community.

Ref: Media Release | Image: NewsBTC