Xurpas unit plans $100-million digital token sale

ABS-CBN News

Posted at May 16 2018 03:17 PM

MANILA - Technology firm Xurpas said Wednesday it planned to sell $100 million in digital tokens to fund fund the first of 7 projects that leverage blockchain technology.

The coins, named after Xurpas subsdiary ODX Pte Ltd, gives free internet access to consumers in emerging markets through sponsored data packages, the company said.

The tokens are not available in the Philippines, China and the US, according to the company. Proceeds from the sale will be used to build the ODX infrastructure, Xurpas said.

"We have been studying the technology and believe that our existing business will benefit significantly from the scalability, efficiency and security of the blockchain, while making it possible to introduce new business models that would not have been possible otherwise, Xurpas chairman and CEO Nix Nolledo said.