Blockchain Company TenX Raises over $65 Million through Initial Coin Offering

06/24/2017 09:42 am ET Updated Jun 24, 2017

Initial Coin Offerings (ICOs) are the new way startups are raising 10s of millions of dollars through crowdfunding.

Ethereum is the new hot cryptocurrency that is allowing people to leverage these ICOs.

Bancor raised over $150 million during their ICO in the last 2 weeks, Status did over $100 million and today TenX just raised roughly $65 million.

TenX, in my mind, is the world of entrepreneurship merging with the world of blockchain. Entrepreneur’s have gotten their hands on blockchain and cryptocurrency, which is a good thing, based on the fact that good entrepreneur’s seek out to solve the world’s biggest problems.

In the cryptocurrency space, the biggest problem is that spending cryptocurrency in the “real world” is quite difficult. You can’t walk into your average store or restaurant and actually spend the currency. TenX changes that. They partnered with VISA and Mastermind, and in typical blockchain style created a decentralized platform to instantly exchange currencies in real time.

The ICO market is red hot right now. With a great concept and a solid blockchain startup people are quickly raising millions of dollars. It essentially works like a Kickstarter but hosted on the Ethereum platform fueled by what’s called smart contracts.

These smart contracts “receive” the cryptocurrency and then the company instantly dispenses their native tokens back to you. A new token ecosystem is instantly created and they get bought, sold and traded on the open market.

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