Ouinex, the cryptocurrency exchange launched by FX industry veteran Ilies Larbi, informed Finance Magnates that it is aiming to secure €1 million in its pre-initial coin officer (pre-ICO) funding round .
There will be two subsequent ICO rounds expected for Q1 2023 launch. With that, the company will seek a further €15 million. It has already launched its website and whitepaper to support the funding.
Headquartered in France, Ouinex is an international cryptocurrency exchange . Larbi launched the exchange earlier this year after a long career in the retail forex and CFDs trading market. The exchange has a team of seven people, including the Co-Founder and Chief Commercial Officer, Benjamin Verdot, and Chief Strategy Officer, Lisa Majmin, both of whom are involved in the capital raising process.
"We feel our strength resides in the composition of the team," Majmin told Finance Magnates.
The company is targeting angel investors, venture capitals and high-net-worth individuals for its pre-ICO round. It will also allow retail investors to purchase OUIX tokens, which is a utility token of the exchange, in the ICO round.
Ouinex is targeting investors in the European Union, Africa and Latin America for its funding.
“After months of development, Ouinex Crypto Exchange is proud to announce our foray into a round of discussions for our pre-ICO cap raise,” Ouinex stated in its official press release shared with Finance Magnates.
“The last few months of the crypto 'winter' has proven opportune as our team has refined our strategy and offering. Our strategy relies on our agility to adapt to the current market climate."
Opportunity in Hard Times
Moreover, the exchange is seeking funds at an interesting time when the ICO market lost its popularity and cryptocurrency prices are shedding value.
“We firmly believe that the ICO market isn't dead, but rather has consolidated into a more strict environment,” said Majmin. “ICO investors are now a lot more diligent in choosing the projects they invest in, and only solid ventures will earn their trust. Where in the past all ICOs had decent chances at being successful, now only the most robust projects can make it. Ouinex is one of these projects.”
Further, the exchange thinks that the ongoing bear market gives traders and investors an opportunity with lower prices.
“We anticipate a decrease in investment appetite for investors to the crypto industry, however, we see that that the more seasoned VCs & Investors are still very much active in the space as this isn't the first crypto winter they go through,” the spokesperson added.
