TechFinancials shares soar on increased Cedex ICO size

TechFinancials rocket

Shares of binary options technology (and more recently Blockchain tech) provider TechFinancials Inc (LON:TECH) were soaring by 28% to an all time high of 37 pence on Friday morning, after the company announced that it was increasing the size of the planned token sale for Cedex Holdings Ltd.

TechFinancials recently invested in Cedex, which is setting up a Blockchain based online diamond exchange called TechFinancials currently has a 2% interest in Cedex, but with an option to acquire a further 90% for next to no consideration it effectively controls the company.

Cedex is presently in the process of an ICO, selling a total of 50 million digital Cedex coins by way of a Token Sale, and is presently in the private selling phase. In light of what TechFinancials called strong demand for the ICO, Cedex has decided to increase the number of Cedex coins available for sale during the pre-sale phase from 10 million to 25 million Cedex coins, with a commensurate reduction in the number available in the sale phase from 40 million to 25 million Cedex coins.

In this connection, Cedex has sold a material proportion of the Cedex coins available for sale during the private phase in return for a substantial amount of Cryptocurrency (Bitcoin and Etherium). The introducer of the purchasers has received options to acquire up to 5% per cent of Cedex, with the result that TechFinancials now has an option to acquire up to 85.5% of Cedex with a total possible holding of up to 87.4% of the company.

Cedex has also decided to delay the pre-sale start of the public selling phase to March 16, 2018, partly to accommodate the increased demand for Cedex Coins noted during the private phase but also to allow Japanese participants to purchase the Cedex coins.

The Japanese Financial Services Agency (JFSA) has clarified its position on Public Token Sales, and has established a requirement that tokens be registered on a Japanese regulated exchange prior to a token sale. Japan has long been a leader in cryptocurrency adoption and acquiring of such currencies and represents a major potential market for Cedex. As such, Cedex stated that it felt obliged to reschedule the pre-sale in order to try to accommodate the Japanese market.

The full announcement by TechFinancials on the Cedex ICO can be seen here.

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