AirFox, a company aiming to make mobile internet more affordable for millions of people, announced it has reached its $15 million funding goal and closed its public ICO.
The firm says it saw an outpouring of support in the weeks leading up to its ICO, raising $6.5 million in an impressive ICO pre-sale, and later more than $8.5 million in the public sale.
In the midst of a volatile ICO market often plagued by scams and illegitimacy, AirFox stitched together a unique framework of regulations and processes in order to effectively self-regulate. More than 2,500 legitimate backers successfully contributed to fund the development of AirFox’s new blockchain consumer platform, AirToken (AIR), and its revolutionary microloans program.
“Emerging markets rely on smartphones not only as a form of connectivity, but also as the primary method of banking for most of the prepaid population,” said Amy Spurling, ex-COO & CFO of Jana and current AirFox advisor. “AirFox is going beyond just raising money; it is demonstrating at its core the power of blockchain technology and its ability help those around the world gain access to information and banking.”
“We look forward to developing AIR to its fullest extent in order to enable a new blockchain-based mobile ecosystem in the developing world,” adds Victor Santos, AirFox’s Co-Founder and CEO. “Almost half of the world’s population is unable to access the internet and another 2 billion are excluded from financial and banking systems due to poor infrastructure, archaic systems and high costs. This means much of the developing world is deprived of the educational, commercial, and social benefits associated with capital and mobile access. The AirToken system provides greater access to capital at cheaper rates, expands access to mobile capital through prepaid wireless accounts, and improves the lives of those in the underserved, lower socioeconomic classes.”