ODX Private Token Sale Raises $60 Million for the Development of Internet Infrastructure in the Developing World
ODX Pte. Ltd. has confirmed that its private token sale already has commitments amounting to a whopping $60 million. The funds will primarily be used to solve what is perhaps the most pressing problem in that developing world; access to reliable internet. This process will be run by the Open Data Exchange, a decentralized data marketplace owned by ODX Pte.
Currently, an average internet user in that emerging markets in Africa, South America and South Eastern Asia accesses the web for a measly ten days per month. On the other hand, internet access is available throughout in the developed world. The reason behind this disparity is the expensiveness of mobile date, scarcity of free Wi-Fi hotspots and the inadequacy of DSL and cable connections. Given that a majority of the human population resides in these nascent markets, the gravity of this problem cannot be underestimated.
Some of the notable backers of the ODX initiative include leading tech and blockchain institutions such as Pantera Capital, DNA Fund, and Israel’s Hexa Labs, as well as eminent personalities, including Jonathan Finch of Liquid Telecom, Brock Pierce, Randy Kaplan and so on.
According to Scott walker, co-founder at DNA Fund, access to the internet is a fundamental necessity. Scott noted that the dynamism of the developing world might be challenging, but their innovativeness and determination will see them through. He concluded by expressing his pride in being on the initiative’s early contributors, revealing that ODX will use blockchain technology to provide reliable internet connections to the underprivileged around the globe.
Although the objective seems impracticable, ODX has the infrastructure required to execute it. The platform’s parent company, Xurpas Inc., is the largest consumer tech firm in the Philippines. Therefore, ODX will rely on Xurpas’s extensive network connections to actualize their goal.