What does Bitex plan to use proceeds from the XBX Token distribution for?
The funds raised from the sale of XBX tokens that take place during the pre-ICO and ICO phases will be used for the following purposes in the proportions:
47% will be spent on ongoing development of the Bitex, EZBitex, and BitexPay platforms;
17% will be spent on registration fees, legal and accounting expenses for building franchises in more regions where Bitex seeks to do business;
13% will be spent on marketing ap physical locations (Kiosks and Retailers), the Web (through social media) and using cross-border payments partnerships;
10% will be spent on recruitment of a banking team with expertise in the financial industry;
8% will be spent on administrative expenses for running Bitex Global;
5% will be spent on investment in development of Bitex-related apps and platforms supporting the future expansion of Bitex.