Financial technology startup TraXion is launching an initial coin offering (ICO) that aims to raise up to $55 million worth of virtual currency through the sale of 250 million TraXion tokens or TXN.
These utility tokens will grant TXN holders access to TraXion’s suite of blockchain-enabled products such as an electronic wallet, a payments platform and a fundraising platform. These will be white-labeled, allowing other businesses to use the products and services under their own brands.
“This is what we're envisioning: a system where you can be poor and yet you're enjoying technology,” said Jojy Azurin, TraXion’s head of business strategies, in a media briefing held last May 3.
Unlike similar startups that are launching ICOs, TraXion sees its competitive edge in having already built and established several of these products prior to the token sale. Part of TraXion’s roadmap is incorporating existing businesses such as crowdfunding platform GavaGives and employee benefits provider BayaniHealth into TraXion’s blockchain-enabled ecosystem.
As well, TraXion has already signed up the Seamanpreneurs Consumer Cooperative (SEACOOP), an organization that aims to enable its member seafarers and their families through financial literacy and entrepreneurship, as a user of the startup’s e-wallet product. Through TraXionWallet, up to one million SEACOOP members will be able to transact, invest and access other financial services even if they don’t have a bank account.
“We’re onboarding a large cooperative to use the TraXionWallet for the members to take advantage of all the features [of the platform],” said Azurin.
TraXion’s whitepaper also revealed that it has established a partnership with Unionbank GlobalLinker, a platform that provides micro, small and medium enterprises with online tools for business management. The startup mentioned that it will provide a “seamless payments system” to businesses that will sign up with the universal bank’s platform.
TraXion launched the pre-sale of its TXN tokens last May 1, having already raised $2.6 million from a prior private sale. The startup claims to be the highest-rated ICO among Philippine companies, maintaining high scores in ICO rating websites such as ICObench, Foundico and ICOholder.
Interested individuals who wish to participate in TraXion’s ICO are encouraged to view TraXion’s whitepaper for more information on the company, its products and the ICO.
Lorenzo Kyle Subido is a staff writer of Entrepreneur PH