ICO watch: ASX-listed Byte Power wins approval to launch its own cryptocurrency
ASX-listed Byte Power has won approval from the cryptocurrency watchdog to launch an Initial Coin Offering.
Byte Power (ASX:BPG) has been telling investors it’s working on a cryptocurrency exchange for months, bringing on the founder of blockchain payments platform Beefledger, Warwick Powell, in November to help launch the exchange project.
However, Powell left the business in June.
Today Byte Power said it would move ahead with plans to launch its own cryptocurrency — or “digital token” called Byte Power X Loyalty Token.
The BPX tokens will be redeemable for a discount on commissions for users of Byte Power’s X Cryptocurrency exchange.
Bte Powe is not the first ASX-listed company to launch a digital cryptocurrecny.
ASX-listed fintech Change Financial (ASX:CCA) part-owns “Ivykoin” — a digital cryptocurrency issued in April.
Byte Power ran into challenges earlier this year when its Singaporean developer SoarLabs allegedly stole $6.7 million of cryptocurrency.
It settled the suit against Soar Labs earlier this month.
Byte has been suspended from the ASX since December 2017.
On Thursday evening, Byte Power said AUSTRAC — the federal governent authority that oversees cryptocurrencies — had given the green light to build its exchange.
Byte Power now plans to create 1 billion tokens at a value of US 6c each, allocating 25 per cent of these to private investors before opening the token sale up to the public.
“Actual launch and trading dates [are] to be determined,” Byte told investors.
Byte wants to set up its crypto buying and selling platform so users can initially trade eight different currencies: Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ripple, Dash and Monero.