Xurpas ($X) confirms its move to the blockchain in a recent disclosure to the Philippine Stock Exchange (PSE).
The tech company confirms that one of its subsidiaries, ODX PTE. Ltd., will launch an initial coin offering (ICO) to be sold to institutional and accredited investors. Funds collected from this token generation event will be used to build the ODX infrastructure, which, when completed, will allow consumers to access the internet for free through sponsored data packages.
The tokens from the ICO will not be available for citizens or residents of China, the United States, and the Philippines.
According to data from SGP Business, ODX is a company incorporated on April 27, 2018 with a registered business address on North Bridge Road, Singapore.
Xurpas is a publicly-listed tech company in the Philippines engaged in creation and development of digital products. The company is first reported to be interested in blockchain late in 2017, when the newspaper Inquirer published “On Xurpas and Cryptocurrencies”, leading to some speculation that the technology firm is currently working on cryptocurrencies.
In an earnings disclosure to the PSE on April 2018, the company briefly mentioned its interest in leveraging the blockchain across its businesses.
The blockchain is a digital ledger technology that cannot be tampered or forged. It provides efficient ways for money transactions and record keeping of data.
Shares of Xurpas rallied by 10% and closed at Php 3.50 on May 15, 2018 upon the release of the disclosure.
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