Thank you for always using CROSS exchange.
Thanks to you all, it will now have been 1 year since the opening of CROSS exchange in November.
To thank users, we will implement various projects for our First Anniversary.
For such occasion, we are announcing the first TOB in the cryptocurrency industry starting October 10th.
🔷What is this CROSS exchange TOB?🔷
A TOB is an abbreviation for Take Over Bid (a tender offer), which means that CROSS exchange funds (CX funds) will purchase XEX coins from XEX holders at a fixed price.
CROSS exchange will present the purchase price, purchase period, and sales conditions to users in advance, and will perform bulk purchases outside the market from users who wish to sell their XEX.
＜Purpose of the TOB＞
CROSS exchange will comprehensively judge the results of this TOB, and will continue to carry out TOBs on occasion in the future with “1 XEX = $ 0.10 or more”.
Since the price of XEX is expected to increase by conducting this TOB, users will be able to enjoy XEX and enjoy daily distributions.
① Announcement of TOB purchase price
1 XEX = 0.10 USDT
CROSS exchange will purchase from XEX holders at a rate of 1 XEX = 0.10 USDT (purchase amount fixed).
The funds for purchase for the TOB will be $1 million of the Fund, and Fund assets acquired from the time of this month's announcement to the end of the month will be allocated.
② Types of XEX that can be purchased
Unlocked XEX (free XEX)
After applying for TOB, the applied amount of mined XEX can be the same quantity as free (unlocked) XEX under the "Mining 90" mining plan.
※ Applicable free (unlocked) XEX is XEX you currently hold, XEX you purchased from the trade board including all XEX that is unlocked.
Also, if you sell your current XEX, it will be deducted from the quantity you can apply for. To increase your quantity of XEX that can be applied towards the TOB, it is necessary to mine without selling your existing free XEX held.
※Minimum Purchase Amount: 100 XEX
The quanity of XEX that can be applied towards the TOB is calculated using the following formula:
【Quantity of XEX mined under Mining 90 after the TOB announcement - Quantity of XEX sold after the TOB announcement x 1.4】
※ Your applicable XEX quantity will be displayed on the TOB application page.
③ Eligibility for the TOB
Quantity of XEX that has already been locked for 90 days and acquired through mining after the TOB announcement.
・For example, if you acquire 10,000 XEX with a 90 day lock-up through mining after the TOB announcement, your TOB participation allotment will be 10,000 XEX.
(If you acquire a TOB participation allotment of 10,000 XEX, you will have the right to sell 10,000 unlocked XEX during the TOB. You must have unlocked XEX on hand to sell it.)
④ TOB Application Period
・XEX Quantity Count Start Date: October 10, 2019 (THU) 9:00 UTC
・Application Start Date: Coming soon
・Application End Date: November 8, 2019 (FRI) 3:59 UTC
⑤ Implementation of TOB
Within 3 days after TOB application, USDT for purchasing XEX will be funded to your wallet.
・If the TOB applications exceed the total purchase funds amount ($1M), proportional allocation will be made according to the amount of applications, with the amount of TOB purchase being determined for each user.
・The XEX quantity that was not purchased at TOB will be returned to your wallet with a 90-day lock. In that case, a 30% XEX bonus will be granted with a permanent lock.
・Future TOB’s will be conducted on occasion at a price of "1 XEX = $ 0.10 or more" based on future market conditions.
・The XEX repurchased through the TOB will be held by the CX Fund, and distributions will be used for future Fund repurchasing.
・If the customer sells XEX after applying for the TOB and their available quantity of XEX is insufficient based on the quantity applied for, the excess applied quantity will be returned as "XEX with a 90-day lock" after the TOB ends.
・During the TOB period, all XEX deposits and withdrawals will be temporarily suspended as it is necessary to count your applicable XEX quantity. Thank you for understanding.
Simultaneous Mining Campaign
A mining campaign will be held simultaneously with the 1st Anniversary of CROSS exchange!
・The mining gift BOX "2019 XEX" gift will be revived with a higher probability of winning! (Infinite lock XEX gift)
・Please see here for the Mining Campaign →Mining Campaign “2019 XEX” is Powered-Up and Back!
As for the CX community and XEX Premium ∞, which have already been announced, the release schedule will be postponed for the construction of the TOB system. Thank you for understanding.
CROSS exchange is striving to produce better services for users.
Thank you for your continued support.
CROSS exchange Team