Crypto Derivatives Exchange WandX to Launch Token Sale

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Pioneering Indian tech firm WandX, led by CEO Abhinav Ramesh, will launch a token sale on Friday 27 October to fund the building of its groundbreaking platform, which will allow investors to create and trade in derivative products based on crypto-assets.

Expectation around the token sale is high and a pre-sale raised 530 Ether (approximately $150,000) in only 36 hours.

Abhinav Ramesh, 26, who has a background in supply-chain and analytics at Ernst & Young:

“Until now, cryptocurrency investors have used decentralised exchanges to buy and sell different cryptocurrencies, in the hope of growing their assets.  The difficulty that investors encounter is that, with no centralised bodies regulating the supply of cryptocurrencies, their values can be volatile.

“Investors can only exchange an amount of one currency with an equivalent value of another, which is problematic because it makes it more difficult for them to diversify their portfolio and avoid unnecessary risk.

“That’s where WandX comes in. WandX goes a step further than the decentralised exchanges that enable trade between different tokens, and enables users to create – and trade in – portfolios and exchange-traded funds (ETFs) of tokens in the rapidly-growing ERC20 class.

“These instruments can facilitate the hedging of risk and enable users to own multiple tokens with a single transaction.  The plan is that this will not only make investing in cryptocurrencies easier for those who are already involved, but will attract new investors to the market.”

As it is built on the Ethereum blockchain, WandX can use smart contracts to ‘bundle’ together assets.

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Unusually for a product holding a token sale, Abhinav’s team – based in Bangalore, India – have already created a prototype platform.

The platform will also contain measuring and analytical functions, so that users can compare the performance of products and strategise accordingly.  It will offer a range of derivatives such as futures, options, securitisation of income streams and debt instruments.

The token sale will see the introduction of the WAND token, 55,000 of which will be issued.  The WandX team will end the sale when they raise their maximum of 12,500 Ether – approximately $3,720,000 or the 40-day time limit expires.

The WandX team is supported by a broad range of influential advisers and partners, such as financial services expert Raghuttama Rao, blockchain pioneer Bryan Feinberg, management advisor Ramesh Srinivas, data scientist and ICO adviser Nagu Thogiti and fintech entrepreneur Yogesh Gaikwad.

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About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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