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<ul><li>The company will sell the token at a face value of Rs. 10 till June 1, while BTX lists on the exchange on June 4. </li><li>Like most new coins today, the <keyword id="11246224" type="COMPANY" weightage="20" keywordseo="bitex-coin">Bitex Coin</keyword> is also based on the Ethereum chain and will be the native currency for the <keyword id="10251857" type="COMPANY" weightage="20" keywordseo="Bitex">Bitex</keyword> exchange. </li><li>The coin is a utility token -- it has value, but it can’t be used to purchase another product.</li></ul><keyword id="6286377" type="UNKNOWN" weightage="20" keywordseo="Crypto-exchange">Crypto exchange</keyword> platform Bitex, on Wednesday, announced its Bitex Coin (BTX) in over 50 countries. According to Bitex, which is based in the United Arab Emirates (UAE), the total support of BTX will be capped at 1 billion to be issued by Global Cryptocurrency Exchange, and 20% of this will be available for public sale through an Initial Exchange Offering (IEO). The company will sell the token at a face value of Rs. 10 till June 1, while BTX lists on the exchange on June 4, which is when a second round of public sale will begin. Like most new coins today, the Bitex Coin is also based on the Ethereum chain and will be the native currency for the Bitex exchange. The company says it will help in “mass adoption of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" data-type="tilCustomLink">cryptocurrencies</a>” by reducing hurdles in fiat currency to crypto conversion, bank related delays and high fiat deposit/withdrawal fees on platforms. The company said it will charge zero trade fee for BTX trading pairs, and 50% fee for trading with other cryptocurrencies. What are utility coins? The coin is a utility token -- it has value, but it can’t be used to purchase another product. In essence, you cannot go to a platform that accepts crypto payments and pay with BTX, at least for the time being. Utility tokens allow crypto exchanges like Bitex to increase their overall market share in terms of trading volumes, since they can be traded only on their own platforms. Platforms like <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" data-type="tilCustomLink">WazirX</a> and Binance also issue their own currencies. Utility tokens can become full-fledged cryptocurrency in future, but there’s usually a fixed period for that. “A significant interest in cryptocurrencies has been observed since last year across India and around the world. Yet despite the mainstreaming of the digital asset, it continues to be concentrated among few investors and mass adoption is still at the periphery owing to several systematic challenges ranging withdrawal and deposit time, banking related delays among many others,” said Monark Modi, chief executive and founder of Bitex. “Currently, high fiat deposit and withdrawal fee, custody of fiat funds and 2-5 days to process fiat withdrawals are other major deterrents to trading on cryptocurrency exchanges,” the company said in a press release on Wednesday. But despite future use cases, the crypto industry has been largely settling into asset-based trading. While popular and mature crypto like <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" data-type="tilCustomLink">Bitcoin</a> and Ethereum still can be used as currency, it’s unlikely that smaller coins like BTX will grow beyond the asset stage. That is, it’s unlikely that they will be widely accepted as modes of payments in future, though one cannot rule them out either. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/internet-computer-cryptocurrency-is-valued-at-45-billion-within-24-hours-of-the-debut/articleshow/82572233.cms?upcache=2">This cryptocurrency is valued at $45 billion, and it's just a day old</a>

Crypto exchange Bitex’s new utility token aims to simplify trading in rupee

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Nadine Rupp/Getty ImagesTelegram CEO Pavel Durov. Telegram has raised $1.7 billion through an ICO this year.</div></div></div><ul><li>Autonomous NEXT: $9.1 billion raised through ICOs so far in 2018.</li><li>But if you strip out two mega deals - Telegram and Block.one - deal activity per-month is lower than at the end of 2017.</li></ul> LONDON - Cryptocurrency startups have raised over $9 billion through so-called initial coin offerings in 2018, according to consultancy Autonomous NEXT, but the rate of activity is slowing down."Well, there doesn't seem to be another way to say it - ICO activity is absolutely and unequivocally slowing down," the financial consultancy said in an email newsletter on Monday.ICO, short for initial coin offering, is a new form of fundraising activity that became hugely popular in 2017. Startups mint their own digital currencies, structured similarly to bitcoin, and sell them in exchange for bitcoin or ether. These cryptocurrencies can then be sold for fiat currencies or used as funding themselves.These coins are often linked to an underlying product or company but there are no requirements for this. Regulators around the world have warned investors that ICOs are speculative, high-risk investments.Startups, most of them looking at blockchain technology, raised $6.6 billion last year through ICOs, according to Autonomous NEXT, and have raised $9 billion via ICOs so far this year.While that already eclipses the 2017 total, Autonomous NEXT said this figure is boosted by two mega deals that are unlikely to be sustainable.Messaging app Telegram, which is hugely popular with the crypto community, has <a href="https://cheddar.com/videos/telegram-raises-another-850-million-for-largest-ico-ever">raised $1.7 billion through an ongoing ICO</a> while Block.one, the startup behind the EOS token, <a href="http://www.businessinsider.com/blockone-raises-4-billion-ico-2018-6">on Friday closed a $4 billion raise.</a>"If we pull out Telegram and EOS on a monthly basis, the monthly trend look severely down - to $560 million from a high of $1.5 billion in December 2017," Autonomous NEXT wrote."So unless you believe in the continued presence of mega deals, token offerings have indeed been dragging due to continued regulatory uncertainty, tax overhang, and a lack of tangible progress in software adoption by the mainstream consumer."The consultancy said it is hopeful that deal activity will pick-up once regulators take more definite action to establish a framework around ICOs."Just look at the Internet wave: March 2000 was the peak value share a percentage of market capitalizations," the consultancy wrote. "Despite the crash, the web has never been more present or important than today. Will crypto follow the same hype cycle curve?" <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/jpmorgan-chase-cmo-kristin-lemkau-interview-2018-5">THE KRISTIN LEMKAU INTERVIEW: JPMorgan Chase's CMO explains how she deals with disruption on two fronts at once, why she's moving some ad dollars back to TV, and why it matters what your credit card feels like</a></h3> <div> </div> </div>

A startup just closed a huge $4 billion ICO - but the crypto fundraising method is 'absolutely and unequivocally slowing down'

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Crypto exchange Bitex’s new utility token aims to simplify trading in rupee

BI India Bureau

A startup just closed a huge $4 billion ICO - but the crypto fundraising method is 'absolutely and unequivocally slowing down'

Oscar Williams-Grut

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