IDEX Token Sale Raises $6 Million to Create Decentralized Crypto Exchange

Aurora Labs S.A., a Panama based company, has completed their initial coin offering raising over $6 million. Aurora has launched the IDEX – a real time decentralized cryptocurrency exchange. The funds received will be used to fuel platform growth.

Aurora announced a strategic partnership with the WINGS Foundation last month where all ICOs participating in the Wings crowd evaluation process will be listed on IDEX.

IDEX claims to be the first decentralized exchange with real-time trading, automatic trade matching, free order cancels, and a market making rewards program. Users are not required to purchase or hold specialized tokens to execute trades. Instead, trade fees are collected automatically from the currencies in which the user is trading. Aurora says this creates a more seamless trading experience.

Today, IDEX claims over 18,000 active users and almost $4 million in daily trading volume only 4 months after launch. This rapid growth has not come without some challenges as IDEX recently experienced down time as the servers were hit with a heavy load.

Aurora CEO Alex Wearn says that decentralized exchanges are currently slow and unintuitive. With IDEX, his company seeks to provide a solution to this problem.

“IDEX combines powerful on and off-chain technology in a way that allows users to trade securely along with the speed, matching capabilities, and ease-of-use previously limited to centralized exchanges. As blockchain technology scales, IDEX will transition to a fully-decentralized architecture built upon our upcoming Snowglobe protocol.”

Regarding the ICO, participants received IDXM (formerly known as DIVP) membership tokens as well as AURA staking tokens on January 17th. The company reports that IDXM provides benefits such as reduced trading fees or increased market making rewards paid in AURA until the year 2021. AURA is Aurora’s network Proof-of-Stake token, allowing those who stake AURA to be compensated for providing security to their upcoming Snowglobe sidechain protocol. Both tokens are currently available on the IDEX exchange.

Aurora also announced the next 50 companies to raise over $5 million using WINGS for ICO price forecasting and evaluation will receive IDEX membership tokens (IDXM) to encourage trading.

 


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