Singapore. Blockchain-based data marketplace Open Data Exchange (ODX Pte. Ltd) gained traction on their mission to provide free internet to emerging markets when the company announced a commitment of more than US$60 million from its private token sale.
The private sale was backed by committed investors made up of big blockchain funds that include DNA Fund, BlockTower Capital and Pantera Capital. Famous individuals such as entrepreneur Brock Pierce, Akamai co-founder Randy Kaplan and Russian composer Alexander Shulgin were also involved in making this happen.
“Free and fair access to the web is a fundamental human right,” says DNA Fund co-founder Scott Walker. “The dynamic nature of emerging markets creates unique challenges that have never confronted the developed world but also opens up opportunities for innovation and growth. The ODX platform will leverage blockchain technology to enable the delivery of free mobile internet access to underserved populations.”
The move reveals that ODX is on its way to becoming the largest initial coin offering (ICO) in the region as it follows its plan to raise US$100 million through its ICO. Singapore-based TenX currently owns the record for the biggest ICO in the Southeast Asian region after raising US$80 million in a token sale back in June.
ODX is set to create a decentralized data marketplace to address the problems of internet access in emerging markets. According to ODX chairman and co-founder Nix Nolledo, countries such as Southeast Asia, South America and Africa have average users that pay for internet access for less than ten days a month. This is due to expensive mobile data charges, scarce public Wi-Fi access, and limited cable or DSL options.
“This is especially significant when you consider the fact that over 80% of the world’s Internet population live in emerging markets,” Nolledo says.
With the majority of the population residing in these fledgling markets, ODX has found a need to resolve this issue.
ODX Pte. Ltd. is a subsidiary of Xurpas, Inc., the largest consumer tech in the Philippines. The startup will rely on Xurpas’ extensive infrastructure to realize its goal of making internet access readily available in emerging markets around the world. The Open Data Exchange (ODX) will democratize internet access through the blockchain.