MiddleEast based AZFundChain holds IEO on Stex.com
AZ FundChain is a Middle East blockchain startup that is building applications on the blockchain to help run money circles as well as crowd funding campaigns using cryptocurrencies. As part of its fundraising, AZFundchain is holding its initial exchange offering on stex.com. The offering will start on 15 May and end on 20 May 2019. Right after the sale, AZT the AZ Fundchain native token will be listed for trading on STEX.
According to the press release, Stex wanted to have one of the most promising projects in the market to be their first IEO and they selected AZ Fundchain a team based in the Middle East to be their first IEO.
According to CEO of Azfundchain Mr. Mohamed Asif, “ AZ Fundchain is all about banking & saving along with friends, families and your community. It is a decentralized, transparent and reliable money circle and crowd funding application running on the blockchain.” He adds, “ROSCA funding also known as money circles are growing every day. AZ FundChain is built on blockchain on the backend and runs completely decentralized. Decentralization will eliminate the trust and absurdly high operating fee issues faced by ROSCA funding participants.
The AZT Token will be the fuel of smart contracts and organizers will be able to create and manage money circles through AZFundchain mobile application. They will be able to choose to organize the money circle with USD via cryptocurrencies such as native AZT or ETH.
Azfundchain is already being tested on a test run basis in Asia and the MENA region. The Beta version will be release to the public soon. In addition even non-blockchain users will be able to use the platform.
The token sale is currently live and will end on May 20th on the Stex exchange. The sale will be in 2 sessions with BTC and ETH currencies. http://bit.ly/2WH6yWl -Link to buy AZT using BTC on Stex http://bit.ly/2vVebNc -Link to buy AZT using ETH on Stex.
The team is looking at a hard cap: $1,500,000 USD with the sale of 2,500,000 AZT tokens at $0.60 USD each. http://www.azfundchain.io/whitepaper.pdf