Fixy Network, a Hong Kong-based startup building a decentralized cryptocurrency marketplace, plans to launch its initial coin offering in May 2018. The company targets a persistent problem in crypto
Fixy Network, a Hong Kong-based startup building a decentralized cryptocurrency marketplace, plans to launch its initial coin offering in May 2018.
The company targets a persistent problem in crypto adoption: getting money in and out of the system. Most people who want to buy cryptocurrency face high barriers at centralized exchanges, which demand lengthy verification processes and limit ways to convert between crypto and traditional currency.
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Fixy's approach hinges on a physical-digital bridge. The company will distribute Fixy Crypto Gift Cards through retail stores. Customers buy the cards with cash, then redeem them in the Fixy app to access a decentralized marketplace and exchange. Once inside, they can trade with no fees.
"The Fixy Network is intent on making cryptocurrency transactions and cryptocurrency trading straightforward, and available to all investors, regardless of their initial capital, or their educational and financial background," said Hasan Turgut, media representative for Fixy Network.
The gift cards create an on-ramp that bypasses traditional exchanges. The Fixy app maps retail locations so users can find nearby purchase points. The company plans to distribute cards across as many stores as possible, using physical retail as a gateway to crypto trading.
On the exchange side, the decentralized marketplace and trading platform handle peer-to-peer transactions and over-the-counter trades alike. Users convert fiat to crypto or trade crypto to fiat within the app. Businesses pay an entry fee in FXY tokens, Fixy's native currency, to list virtually any product for sale or renting.
Fixy plans to distribute 68 percent of FXY tokens during the public ICO, with 5 percent already taken by private investors. The company's roadmap includes an airdrop feature after the token sale closes, followed by over-the-counter trading. By year-end, Fixy intends to launch in-app games designed to increase engagement and reward users. The marketplace for private sellers should go live by March 2019.
Fixy Network operates from Hong Kong. More details about the ICO launch date will come in future announcements.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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