NairaX - ICO Review

As the crypto development and adoption continue, numerous new use cases for cryptocurrency and blockchain technology are emerging. Bitcoin is already seeing growing use cases, with numerous online merchants and services opting to start accepting it. Such a move gives the merchant a valuable advantage over the competition, as the crypto user base itself continues to grow rapidly on a daily basis.

However, Bitcoin is not the only solution that aims to deliver such a solution. There are also projects such as Ripple's XRP, which aims to become the main cryptocurrency for the banks and financial institutions around the world. Ripple is offering its payment processing solution to the banks, promising instant transactions and cheap fees, which serve as a major improvement on the technologies that the banks are currently using, and which are considered outdated an extremely slow.

Then, there are projects that are trying to do the same in the industry of eCommerce, especially in places where cryptocurrencies can do a lot of good. One such project is known as NairaX, which is currently distributing its token in a preICO, with the ICO itself being only days away.

About NairaX

NairaX is the first viable product from NIRX BLOCK PAYMENT SYSTEMS. It is a Nigerian project that is working on the development of its stable utility coin. The project's goal is to serve as a way to power a crypto-payment processing solution, which will be offered to eCommerce platforms.

The project aims to start with the platforms based in Nigeria, and then to move on and spread to the eCommerce platform globally. Of course, the end goal is worldwide adoption of its token and products, which is likely to give higher value to the token, and increase its usefulness and adoption even further.

The eCommerce sector is huge, and it has been for years now, but it still continues to grow itself, and any project that aims to become a part of it has huge potential, provided that it plays its cards right. NairaX is not the first one to come to the idea, but as a new project with advanced technology that could improve the eCommerce industry itself — it likely has a major advantage, and it might be worth considering.

And, of course, all that the project needs right now is to launch its token, which is already in its preICO phase.

NairaX ICO details

As mentioned, NairaX has already started its preICO over three weeks ago, on August 31st. This phase of token distribution will end in about a week, on September 30th. After that, the ICO is expected to start on October 2nd of this year and last until October 31st.

The token sale will see the distribution of NairaX's new cryptocurrency, NIRX. This is a utility token that was created on Ethereum's network. As an ERC-20 token, it can be exchanged for Ethereum, but the project also announced that it is accepting BTC and LTC. The token's price during preICO is $0.002 per token, while the ICO price will be slightly higher — $0.003 per 1 NIRX.

The project offers a bounty and a working MVP. Meanwhile, its ICO goals include $10 million as a soft cap or $15 million as a hard cap. As mentioned, the project was registered in Nigeria, and the only restricted area is the US. However, there are no KYC or Whitelist requirements for participation.

Author: Ali Raza for

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StartOctober 2, 2019
EndOctober 31, 2019

The review says that NairaX plans to create a stable utility token called NIRX, but the question arises of how the project would endure this stability. Would the coin be pegged to fiat currency to avoid volatility? If so, what's the exact name of the currency, how NairaX is going to ensure the sufficient monetary reserves to back NIRX, and do they plan to broaden the scope of operations beyond Nigeria? All these questions remain unanswered at this point, so it NairaX's calling to invest in their project.

Bruuuh   October 18, 2019  

ICO investors have been burned more than a few times in the past, and the fact that there are no KYC requirements might raise a red flag among many of them. The team itself seems competent enough to pull an idea such as this off, and they have associated themselves with the project via LinkedIn. As for the vision, it is also quite good, especially when it comes to targeting a specific country first. Not to mention that stablecoins have an advantage over other cryptocurrencies when it comes to volatility and liquidity.

cReAtUrE   September 24, 2019  

Additionally, while the soft cap is a bit high — the white paper and the project's roadmap appear to be realistic and well thought-out. All in all, it appears to be a good project, although we urge you to conduct your own, thorough research before choosing whether or not to participate.

d0na1d   August 14, 2019  

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