Neon Exchange (NEX), a decentralized cryptocurrency exchange, has announced the times and dates of its token sale beginning September 3rd.
The following statement was released regarding the upcoming token sale event:
“The round 1 of the sale will start Monday, September 3rd on the first block after 18:00 UTC and end Friday, September 7th on the last block before 18:00 UTC. Round 2 of the sale will start Monday, September 10th on the first block after 18:00 UTC and end Friday, September 14th on the last block before 18:00 UTC.“
The event is open only to those who won the lottery draw and passed round one or two of the KYC process that was held earlier this year. Users can check their eligibility by visiting this link, whilst logged into the NEX Chrome browser extension. The team notes that the event will not be held on “first come, first served” basis. Therefore, contributions can be made at any time during the five day sale period without risk of missing out.
Contributions in round one will be capped to an equivalent of USD $1,000 per person and each NEX token will be worth $1 USD. Participants can contribute with either NEO or GAS and there is no minimum contribution amount with one exception: NEO is not divisible and must be sent as a whole number (minimum 1 NEO). Additionally, people may only contribute once per round in the token sale. After the contributions are made, the NEX tokens will appear in the user’s wallet after one confirmation (block) in the network.
The team also supplied the terms and conditions of sale as well as a link to its whitepaper for further reading. Users can also read through the knowledge base that answers the most common questions about the exchange.
The announcement of NEX’s token sale follows its final approval from the Financial Market Authority (FMA) in the principality of Liechtenstein. The team stated this final approval was needed before the sale could commence as NEX tokens are classified as securities, thus making “NEX the first regulated exchange security token in Europe and one of the first and few regulated securities in the world,” according to a separate statement.
The fact that NEX tokens are securities is claimed to bring “many benefits” according to the team: “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.
More information on Neon Exchange can be found at the links below.
About The Author: Matthew North
Matthew North is a freelance writer and journalist who resides in East Asia. He spends his time writing and learning about financial technologies like the Blockchain and digital currencies. You can follow him on twitter @fintech_matthew.
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