The Open ANX Foundation Limited has announced the closing of the OAX Token Sale ahead of schedule as it surpassed its target.

The campaign kicked off on 22 June aiming to sell a minimum of 13 million OAX tokens. The token sale drive achieved this milestone in less than an hour and went on to sell 25,009,250 OAX tokens in less than 11 days, or a total of $18,756,937 USD at the sale exchange rate of 478.68 OAX per ETH. The campaign was closed on 4 July.

"We are extremely happy with the results of the OAX Token Sale. We are thankful to the community who have rallied around the openANX platform concept. Our team feels strongly that a large, engaged community will be a key factor in the success of the project. With over 4,400 participants that have exchanged 52,246.28 ETH for OAX tokens and the majority of our backers are individual contributors rather than the "whales" that have filled some token sales. We are grateful for all those who participated and supported the project”, Ken Lo, a Director of the Foundation said.

According to the official release, the Foundation is now working on the next steps which will be revealed in the forthcoming weeks. The first step is the launch of a "User Group" of exchanges to help define and determine industry best practice and guidelines. This will be accompanied by an ongoing campaign to get out and meet the community, advisors and exchanges and to expand its network of relationships and backers.

The Foundation last month announced openANX – a project to build a new decentralized exchange and trading platform. The platform will include strong aspects of consumer protection and transparency "hardcoded" into the infrastructure. These measures include collateral backed asset gateways, credit risk trading, liquidity aggregation and an open source code base. By allowing users of the platform to move fiat currency on or off the blockchain with confidence, the aim of the project is to accelerate the mass adoption of cryptocurrencies and reduce the risk for users.

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