Two major crypto entities COSS and ARAX, have decided to become one. For the first time in the crypto world there will occur a merger of two utility Cryptocurrencies and companies, resulting in the creation of one of the largest crypto ecosystems out there.
According to Sankalp Shangari and Rune Evensen, Co-founders and Co-CEOs of Arax Capital , the combined entity will have a large existing user base and a combined team of people behind the functioning of the entities.
This step will put both the entities on the map and among the top blockchain corporates of the world.
While describing the modus operandi of the project which they disclosed in a letter to the public, the founders said, “ONE MASSIVE SINGLE token across multiple platforms will be introduced. It has taken months of preparation behind the scenes to create this massive multiple-token utility ecosystem right, and most importantly, to make sure our community and users win first.” All formal and legal announcements will be made by the month of May.
The new ARX Master Token has been created by combining an existing universal crypto wallet, one of Asia’s oldest crypto exchanges, a soon to be announced DEX and several Apps and DApp partners with facilities like lending, staking, GPS based transfers, merchant App, etc. Some functionalities have already been integrated into the ARX Ecosystem in one way or another with an active and large user base.
Existing tokens, their utilities, and their benefits will all transfer to the new ARX token.
The aim, as explained in details in the letter, is one of a full ecosystem that realizes the vision of activating the full potential of a Crypto One Stop Solution for mass adoption. Over 50 partnerships across multiple industries and blockchain products already established.
All existing tokens will be swapped into the new token on a date to be announced soon. Swap ratio for each token will be announced closer to the actual swap date. Till then, it will be business as usual.
According to the letter, all FSA, referrals, transaction discounts, trading fee discount and any new features will exist in the new token. CossX, the new DEX will also have 50/50 FSA and a 25% discount on trading fees by using the new token similar to the existing token.
The only change is being made by creating a single token to be used across multiple utilities in one Ecosystem.
All further queries and/or information will be provided by the CEOs in May. Till then they have requested all interested to keep an eye on all public crypto forums and social media.