Upcoming ICO: WandX Token Sale Ends as Bitcoin Futures Trading Debuts

on Dec 5, 2017

The WandX ICO probably couldn’t have come at a better time, with the highly anticipated launch of bitcoin futures on the CBOE scheduled for Sunday, Dec. 10 and the CME’s contracts making their debut on the following day. All the hype surrounding derivatives contracts using cryptocurrencies shines a spotlight on WandX and its token sale, as the startup is behind a platform for trading baskets of cryptocurrencies including newly minted coins from upcoming ICOs. The token sale ends today, and they have raised 1,800 ETH so far.  

The hype behind bitcoin futures contracts has been building for the past several weeks at least, with the likes of billionaire investor Mark Cuban offering his take. Cuban said that the advent of bitcoin futures would be “generally positive,” pointing to transactions costs as the determining factor. “If this pushes transaction costs lower, it will be a benefit to the BTC market,” Cuban told Bloomberg. 

Hedging Their Crypto Bets 

WandX is looking to democratize the process for upcoming ICOs to develop new digital coins as well as for investors to gain exposure to various cryptocurrencies in a single trade. 

For instance, the company uses the example investors shying away from the risk that a new cryptocurrency reflects. On the WandX platform, a “basket” comprised of a combination of bitcoin, Ethereum and a new digital coin would give investors the ability to hedge their exposure to the new cryptocurrency in the same trade. So even if a new coin fails, the greater maturity of the bitcoin and Ethereum coins, notwithstanding their volatility, should offset the selling pressure. 

WandX is also a decentralized platform for upcoming ICOs to create new ERC20 digital coins, sans coding, on the Ethereum blockchain in a matter of minutes. 

WandX plans to direct the proceeds from its token sale toward operations and hiring. They will generate revenue from fees as a percentage of transaction costs. The startup expects to release its app onto the Ethereum network in the coming week.