NEX Token Approved as a 'Security' Sale Announced for September 3rdAug 29, 2018, 12:45PM
The NEX team has finally launched the date of the Neon Exchange ICO. September 3rd opens a two-round sale for April's lottery winners.
The NEX tokens and exchange have been technically ready for sale and launch since May 2018 but have been delayed due to regulatory hurdles. Clare Saunders explained NEX position regarding regulations in a blog post in May.
Fundamentally, the reason NEX needs regulatory approval is that it is a security token under its jurisdiction. This status as a security brings many benefits, such as protection for investors against market manipulation, fraud, and insider trading. It also allows NEX to explicitly pay its investors dividends through fees taken by the exchange, a form of profit sharing./Clare Saunders via Medium
The NEX team chose to seek approval through the Financial Market Authority (FMA) of Liechtenstein. This makes NEX token the first regulated exchange security token in Europe. The debate whether digital assets on a blockchain should be considered securities has been raging in the US for the last year.
September 3rd marks the next chapter in NEX's history as excited investors can open up their wallets for the highly anticipated token sale. A lottery system was implemented this spring to fairly determine who would have access to the eventual sale. Now that the day is here, investors will have two opportunities to purchase tokens.
Approved members will have access to the first round of sales on Monday, September 3rd on the first block after 18:00 UTC. Tokens can be purchased throughout the week, ending on Friday, September 7th on the last block before 18:00 UTC.
Sales will reopen after the weekend for a second week-long opportunity. Access will again be granted on the first block after 18:00 UTC (Monday, September 10th). Lottery winners will have access granted through the end of the week, Friday, September 14th on the last block before 18:00 UTC.
It is not a first come first served sale, if you won a spot, there is no need to worry about when you contribute. /Clare Saunders via Medium
Maximum contribution during the first ICO round is $1,000. The NEX token conveniently launches at a value of $1 USD. Investors have the option to contribute both NEO and GAS with prices following the 10 day simple moving average at the highest volume exchange as of August 30th. Members may only contribute once per round, allowing for two individual contributions over the two-week ICO.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.