AirFox’s ICO pre-sales to fund its AirToken platforms was closed on August 29, more than a week before its scheduled date of September 9. Pre-Sales of $6.5 million are reported.
AirFox has dedicated itself to providing cheaper mobile data services to those who cannot afford it at conventional rates. The company had announced earlier in the month that it will use an Initial Coin Exchange (ICO) sale to fund its AirToken service which is a consumer blockchain platform. An initial pre-sale for investors and people belonging to the field of cryptocurrencies was conducted, but the pre-sale has ended much before its scheduled closing date of September 9.
The pre-sale deadline was initially pushed back to September 9 due to overwhelming demand. Those who were present in the pre-sale, in addition to early proponents of the idea and technology, were crypt and angel investors. The vast support would have been encouraging for AirFox, who wanted exactly this kind of backing. They were looking for a broad support base, not just a base of few investors who backed them with huge donations. To avoid this from happening, a cap on the maximum amount of coins that could be bought was levied.
AirFox aims to raise $15 million from the ICO sale that goes live on September 19. This funding will enable them to develop and launch their AirToken service. This will use Air-Tokens, a new form of cryptocurrency, to provide mobile data and eventually mobile services to users. Consumers can use their AirFox Browser and AirFox Recharge Android apps to browse the web, watch advertisements, and complete offers to earn Air-Tokens. These Air-Tokens can then be exchanged for mobile data, allowing users who cannot always afford the internet on mobile to get it for free.
The primary goal of the ICO sale is to help gather enough funds to successfully launch the microloans project that AirFox has envisioned. This project will create credit ratings for users based on their usage. A number of statistics and analyses will be used to give these credit ratings to users, who will then be divided into tranches. People with a higher credit rating will then be able to loan Air-Tokens to those in need of it. This creates a better model of microloans than the kinds of services that exist today because it will help both the giver and receiver. The overhead involved in traditional lending is caused by government regulations and inefficient intermediaries. AirFox will use its blockchains to match prospective lenders with borrowers. The terms will be transparent, and transaction fee will be minimal.
In the past year, AirFox was able to reduce mobile costs for 2 million unique US-based customers using its business-to-business platform. AirFox’s new project will enable them to provide cheaper mobile internet to more than 4 billion people who are otherwise unable to afford it. The Air-Tokens can be shared and loaned using their 5 billion pre-paid SIM cards and more than 500 wireless carriers.
AirFox was launched in January 2016 by ex-Google employees Sara Choi and Victor Santos. The company is backed by many investors including Launch Capital, Project, 11, and NXT Ventures. The company wasted no time in making a name for itself for providing affordable data-plans for US-based pre-paid wireless carriers. With the AirToken initiative, it aims to provide unrestricted internet access to anyone who has a prepaid smartphone on them.
The ICO pre-sale event received a good turnout and sales of $6.5 million were reported. With such a promising start and the general progressive and helping nature of the initiative, the $15 million target set forth by the company for this AirToken funding looks quite an achievable target. When the ICO sale goes live on September 19, the countdown to the official launch of the AirToken service will begin. From the looks of it, investors and consumers have a lot to be excited about.