Tokenize Exchange, a platform that enables users to buy and sell established and emerging digital currencies, today announced that they have successfully completed their first IEO, raising US$2.8 million for WhatsHalal, which aims to be the definitive guide and provider of unquestionably Halal Thoyiban food to the Muslim community, and to create a Halal ecosystem on the blockchain that benefits both the merchant to consumers, locally and internationally.
The IEO, which lasted approximately three months, from February 7th, 2019, to May 15th, 2019, saw Tokenize Xchange listing the WhatsHalal token (WHT) for sale on its Xpress platform, which helps blockchain projects to launch their IEOs, and for the users to participate in IEO events organized by such projects.
The IEO at completion, saw the sale of 31 million WHT tokens, of which the first tranche of 10 million tokens was sold at US$0.08, the second tranche of 10 million tokens sold at US$0.09, and the last tranche of 11 million tokens sold at US$0.1.
Singaporean start-up WhatsHalal, which aims to benefit both F&B manufacturers and consumers in terms of market entry and food safety using its blockchain-powered platform, plans to use 40% of the proceeds from the IEO to support its overseas expansion plans, another 40% to continue building up its infrastructure capabilities, and the remaining 20% for its marketing efforts.
“We see great potential with many start-ups in the region and continue to see a growing number of quality ideas come to market, but many still have issues financing their projects. Tokenize Xchange aims to fill this gap with our IEO platform, which has proven to be successful as seen with the WhatsHalal listing.
The Xpress platform not only raises funds for startups, but also provides a ready, active user base for which startups can gain access to and ease their way into a new marketplace,” said Hong Qi Yu, CEO of Tokenize Xchange.
Tokenize Xchange also started its second IEO project for Opiria on May 18th, 2019. Opiria is a global decentralized marketplace powered by blockchain that helps companies with collecting and analyzing consumer data and enables them to make better business decisions. Since its launch in 2015, the Opiria product has been used by hundreds of customers globally, including many Fortune500 companies such as BMW, Audi, Mercedes, Volkswagen, GM, Nissan, P&G, and Intel.