The AirToken pre-sale was scheduled to close September 9th before the $21M ICO on the 19th. Due to overwhelming demand, AirFox had to close out the pre-sale weeks in advance. The public token-sale will open September 19th. AirFox is the first TechStars company to do an Initial Coin Offering and one of the first venture-backed companies in the Boston area to go through an Initial Coin Offering. The pre-sale was intentionally very diverse including sophisticated crypto investors, angel investors and early backers of the project. AirFox wants to build a diversified community of supporters, not just large early investors. AirFox also capped the amount a single person could purchase in the pre-sale to maximize individual contributions while creating a diversified pool of AirToken holders to benefit the long-term success of the project.
AirFox will use the ICO funds raised to further develop and launch its new blockchain consumer platform, AirToken in order to tokenize mobile access by unlocking mobile capital from the smartphone for the underserved and underbanked prepaid mobile subscribers in emerging markets.
The AirToken micro finance system will allow peer-to-peer lending in Air-Tokens at more affordable rates using the mobile data and airtime ecosystems that already exist in these markets. The overhead involved with traditional lending caused by inefficient intermediaries and government regulation is eliminated by using the blockchain to match lenders with borrowers at transparent terms, and reduces the transfer fees involved. By analyzing thousands of data points on mobile behavior, device data, payments and browsing history, AirFox will use proprietary algorithms to assign credit rankings to users. Using these credit scores, AirFox will segment users into tranches, allowing lenders to provide microloans in AirTokens through an Ethereum smart-contract. The AirToken system provides greater access to capital at cheaper rates, expands access to mobile capital through pre-paid wireless accounts, and improves the lives of underserved lower socioeconomic classes. To learn more about the microloans program, click here.
On September 11, AirFox will be at Pepcom and Showstoppers at Mobile World Congress Americas to promote the AirToken platform.
