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Blockchain Startup OXIO Raises $12M to Advance Its Telecom-as-a-Service Model

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Besides registering its mark as a tokenized data services provider, OXIO blockchain also seeks to help take the adoption of the service mainstream.

New York-based blockchain startup OXIO has announced that it has secured a $12 million Series A funding round led by Atlantico Capital, Monashees as well as Multicoin Capital and Fintech Collective. According to a Coindesk report, this brings the total amount of funds raised by OXIO to about $20 million from the end of 2019 to date.

OXIO is a tech startup renowned for building one of the platforms that helps reinvent the asset-light carrier model (carrier-as-a-service) to enable brands to primarily offer wireless connectivity to their users and customers. Now, OXIO is aiming to enhance this business offering with blockchain technology by helping big business entities to offer telecommunication related services by turning mobile data into a tradeable digital asset using tokens on blockchains.

As noted by OXIO, the tokenization of mobile data will find wide adoption in countries with very expensive data costs like Mexico. OXIO provides an API that allows enterprises to ride on the shoulders of the best telecom service provider. The API also allows for some differentiation in the offering of the connecting business so that the model will not appear as a copycat of the primary telecom service provider.

“It’s less about becoming a telco and just providing exactly what Verizon and others have been doing, and more about brands adding their own spin while getting closer to their customers,” said Nicolas Girard, Co-Founder and Chief Executive Officer of OXIO. “So if a brand becomes a mobile operator, it can differentiate and offer plans that tie into what it does as a business, whether it’s e-commerce, or retail, or the gig economy.”

The Telecom-as-a-Service business model on offer by OXIO is not a new concept in the telecom space. According to Coindesk, United KIngdom’s Mobile Network Virtual Operator, as well as Hong Kong-based DENT Wireless, have pioneered the tokenization of Mobile Data services.

OXIO Blockchain to Drive Mainstream Adoption of Tokenized Data Services

Besides registering its mark as a tokenized data services provider, OXIO blockchain also seeks to help take the adoption of the service mainstream.

“The big picture is we are trying to build the first global network as a resource,” said Girard. “So we are saying wireless can be a tradeable asset and in order to get mainstream global adoption of that network, there can be a token that represents that fungible wireless data.”

To drive this mainstream adoption, OXIO Blockchain has been running trials on scalable blockchain networks including the Stellar blockchain, and more recently on Solana and Near Protocol respectively. OXIO aims to plug into the $2.5 Trillion mobile data network taking advantage of blockchain technology.

“If you’re creating new business models to subsidise connectivity, basically that means the user can pay with money or pay with data. And that’s also where the blockchain comes into play,” said Girard.

If you want to get more updates from the blockchain world, this section is for you.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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Chinese Ride-Hailing Firm Didi Targets $60+ Billion Valuation in IPO

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Going by Didi’s updates prospectus, Morgan Stanley Investment Management Inc has shown interest in acquiring a share of up to $750 million in the IPO.

China’s ride-hailing giant Didi Global Inc is expecting that an IPO could value it at over 60 billion. An SEC filing made Thursday shows that the company is going to list its shares on the New York Stock Exchange (NYSE) under the ticker symbol ‘DIDI’.

Didi will offer 288 million American Depository Shares (ADS) or 72 million Class A common stock, valued at $13-$14 each. At the upper end, the company could raise $4.03 billion, making it the biggest US IPO of 2021. It would also be the biggest U.S. share sale done by a Chinese company since 2014.

Moreover, in case of an over-allotment, the company could sell 43.2 million extra shares thereby raising an extra $605M.

Initially, Didi (Xiaoju Kuaizhi Inc.) wanted to list on the Hong Kong Exchanges (HKEX) but turned instead to NYSE. The business sought to mitigate risks for increased regulatory scrutiny in its practices, including using part-time drivers and unlicensed cars.

Already, the State Administration for Market Regulation (SAMR), China’s market regulator, has launched an antitrust probe on Didi. Investigations will determine if Didi has used unfair competitive practices, in addition to transparency in the ride-hailing pricing mechanisms. The probe is the latest, with Alibaba Group (HKG: 9988) and Tencent Holdings Ltd (HKG: 0700) having preceded.

Concerns over more Chinese regulatory crackdown have now cut the company’s IPO valuation by 33%. The drop was also attributed to uncertainty in the company’s growth prospects.

Didi Market Perspective and NYSE IPO

Going by Didi’s updates prospectus, Morgan Stanley Investment Management Inc has shown interest in acquiring a stock of up to $750 million in the IPO. Singapore’s Temasek Holdings Ltd. (SGX: TEKB) would also like to subscribe to $500 million worth of stock. Other giant tech firms in Asia counted as investors are SoftBank Group Corp (TYO: 9984), Alibaba, and Tencent.

Goldman Sachs Group Inc (NYSE: GS), JPMorgan Chase and Co (NYSE: JPM), and Morgan Stanley (NYSE: MS) are the IPO’s lead underwriters. On Thursday, Didi added to this cluster to include Barclays, Citigroup, and BofA Securities, among others.

Founded in 2021, the ride-hailing firm operates in 15 countries internationally, making it one of the top-five private start-ups worldwide. The firm also has over 490 million annual active users globally and it intends to reach 800 million by 2022.

As the company recovered from pandemic-inflicted sales, its Q1 revenue more than doubled year-on-year to reach $6.4 billion. The company also posted a profit for the same period.  Net income was $837 million before shareholder payouts, with a comprehensive net income of $95 million.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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Robinhood Delaying Its IPO Plans amid Expansion of Its Crypto Business

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The initial plan of Robinhood was for the IPO to be done in June but the plans stretched to July.

A reliable source has it that In the past, the SEC has been concerned about Robinhood‘s growing business related to cryptocurrencies. While the company may be listed by summer, those plans may as well be achieved later, probably in fall. Robinhood plans to put its house in order and publicize its past financial performances to make way for the public listing. A company’s spokesperson disclosed that a successful Initial Public Offer (IPO) filing was done earlier in the year, March. According to Bloomberg, the initial plan of Robinhood was for the IPO to be done in June but the plans stretched to July.

Robinhood Activities amid Its IPO Plans

Robinhood began trading cryptos two years ago, 2018. Today the company’s portfolio includes Bitcoin, Litecoin, and even meme-based Dogecoin which started as a joke. Besides the mentioned digital coins, clients can get many products on this platform. Robinhood is particularly popular with first time (novice) crypto investors. Robinhood became both popular and controversial during the pandemic and has elected new members to its board. The company is also popular for meme stocks.

The crypto market has been very volatile this year. Bitcoin achieved a high of $64,000 after being backed and endorsed by high-profile investors, notably Elon Musk. However, the rally was short-lived and the prices dipped to as below $30 K in June. Other crypto have been following the same trend increasing uncertainty in the general market.

Sometimes in the near future, Gary Gensler, the current SEC chair, is expected to make momentous rulings on digital assets. Robinhood made the application in a “bad year”. The SEC has been busy, thanks to the many IPOs, particularly for Special Acquisition Companies (SPACs) in their in-tray. These delays have however caused an equity backlog in capital markets. As per Bloomberg’s report, SEC staff has however warned lawyers that this time around, it may take well over a month to review SPAC paperwork. Additionally, they can expect another two to three weeks to get feedback on changes and amendments.

What Ails the Cryptocurrency Market

In the recent past, China has intensified its crackdown on crypto, particularly Bitcoin. Following the Chinese government’s decision to launch a Central Bank Digital Currency (CBDC), the digital Yuan, Bitcoin was no more welcome. In fact, all Bitcoin-focused activities were banned.

Last month, the Chinese government denied rumors suggesting that they wanted to ban Bitcoin mining. However, the same authorities reviewed the same matter, but this time said that they wanted Bitcoin miners out ASAP.

The decision was informed by the thinking that Bitcoin and the digital Yuan would not thrive in a common environment. Government authorities believed that when put in the same ecosystem, Bitcoin would outshine the digital Yuan and possibly hinder its growth.

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Patrick is an accounting & economics graduate, a Cryptocurrency enthusiast, and a Blockchain technology fanatic. When not crafting informative pieces on any of the above subjects, he will be researching on how the Blockchain technology can transform the world, particularly the financial space.



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Chinese Electric Car Maker Xpeng to Raise $2B, to List on Hong Kong Exchange

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The increasing level of tension between authorities in China and the United States is forcing the hands of many US-listed Chinese companies to list on the Hong Kong stock exchange as a way of protecting themselves against both governments.

Per a report from CNBC, Guangzhou-based electric car maker Xpeng is on the verge of raising almost $2 billion via its listing on the Hong Kong stock exchange.

According to the report, Tesla‘s rival had said it would be issuing 85 million Class A ordinary shares at a price of 180 Hong Kong dollars ($23.19) each. It was also revealed that the final offer price will then be set on or before the end of June.

Going by this, it means Xpeng would be able to raise 15.3 billion Hong Kong dollars at the maximum offer price, which roughly translates to $1.97 billion, before related costs, such as underwriting fees are removed.

Interestingly, this affirms a previous report where it was indicated that the electric carmaker could be looking to raise new funds for its operations.

Xpeng’s new listing is quite unusual as it is another primary listing. While companies like Alibaba and JD.com have employed secondary listing tactics, as they have a main listing location such as the United States, and they are also selling their shares on another exchange. The carmaker is not towing the same path.

The CNBC report revealed that Xpeng’s new listing in Hong Kong would lead to a “dual-primary listing. That means it will be subject to the rules and oversight of both US and Hong Kong regulators.”

Another interesting aspect of this new listing is that Xpeng could still make more than the projected $2 billion if demand for its stock is high which would lead to the firm and its underwriters issuing more shares that would inadvertently lead to an increase in what the company would get from its listing.

The proceeds of the listing will be channeled towards the development and expansion of the product, “Xpeng said it would use the proceeds from the Hong Kong listing to expand its products and develop more advanced technologies, as well as marketing and expanded manufacturing.”

In recent times, the electric car market in China is growing as startups like Nio, Li Auto, Tesla and a host of others are competing for a share of the market.

Tensions between US and Beijing Pushing the Need for Xpeng Listing in Hong Kong

The increasing level of tension between authorities in China and the United States is forcing the hands of many US-listed Chinese companies to list on the Hong Kong stock exchange as a way of protecting themselves against both governments.

The Securities and Exchange Commission (SEC) has imposed stricter auditing requirements on foreign companies listed in the country. Failure to comply with this policy by these companies could lead to delisting.

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Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.



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