$7.3 million raised in 24 hours of token sale

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11.12.2017

Following the launch of their Token Generation Event, SophiaTX raised $7.3 Million in the sale of 30 Million SPHTX tokens within 24 hours in the first round. Four rounds are planned. SophiaTX is focusing on integrating blockchain with SAP to allow businesses to deliver efficiencies and better collaborate along the value chain.

SophiaTX is a project of Equidato Technologies AG, which was established as a joint venture between two Swiss companies, DECENT, a blockchain platform for content distribution, and Venaco Group, an independent best-in-class SAP and innovation firm.

SophiaTX is the first platform to focus on integrating blockchain with SAP and other major ERP, CRM, and SCM systems to expand the possibilities of enterprise applications with the trust and security that comes with blockchain technology. Using Distributed Ledger Technology, companies are able to form new peer-to-peer relationships, innovate their business models, and eventually reshape entire ecosystems.

Successful Token Generation Event
Last week, the startup announced the successful closing of the first round in its Token Generation Event (TGE). Despite the volatility in the crypto market, SophiaTX was able to raise $7.3 million and sold out 30 Million SPHTX tokens in the first round in just over 24 hours. “This gives testament to our projects solid foundation, making us one of the more interesting and promising projects to come out this year” as stated in their blog. In total, four rounds will be run during the TGE. Round three is ongoing.

The company is now preparing to launch an early adoption program for businesses and technology professionals to explore the capabilities and possibilities of its platform, catered specifically to  the companies’ needs.

SophiaXT in use
The SophiaTX platform has been already used by some companies such as its first partner, Bitcoin Garden, an online blockchain and bitcoin related media portal acting as a social Network of bitcoin and altcoin news.

Towards the end of November, SophiaTX announced a working Proof of Concept (POC) to demonstrate how companies can exchange information between their enterprise systems, such as SAP, using SophiaTX blockchain. Following this announcement, SophiaTX won a new client, an undisclosed Riyadh-based Logistics company with whom SophiaTX signed a joint Letter of Intent (LOI). The two companies will jointly develop solutions to solve pharmaceutical transportation issues using blockchain. As part of the agreement, SophiaTX will develop a holistic ‘track and trace’ solution for the transportation of products and medicines in the pharmaceutical industry.

SophiaTX’s integration with the system will allow pharmaceutical companies to write their products directly into the blockchain, thereby addressing issues of counterfeiting, compliance, supply chain conditions, traceability and recalls. Using Blockchain thus enables pharmaceutical companies to guarantee product authenticity, decrease fabrication on the market, and eliminate adverse effects on the end user.

Picture: Fotolia.com / denisismagilov

(RAN)

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