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On June 14, 2017, Bitquence announced a planned BQX token crowd sale to fund a mobile cryptocurrency wallet with portfolio tools, curated token baskets and a proposed liquidity network. The sale was scheduled for June 28, 2017. This is a historical account of the announcement and reported outcome—not a current sale or evidence that a Bitquence wallet is operating today.
What Bitquence announced
Bitquence’s June 14, 2017, press release said its BQX crowd sale would open on June 28 at 2:00 p.m. UTC, with contributions made in ETH. The company said proceeds would support platform development, launch costs, and legal and regulatory compliance. It also offered contributors early beta access. Read the original Bitquence announcement distributed by PR Newswire.
The release was company-supplied promotional material, not independent reporting. A contemporaneous republication identified it as a paid press release and included a disclaimer. See the Bitcoin Insider republication.
How the proposed wallet was meant to work
Bitquence described a mobile wallet combining cryptocurrency storage with portfolio management. Users were meant to select pre-curated baskets—such as “big-cap,” privacy-oriented, or crowd-sale tokens—and manage allocations among supported assets through one interface. The stated convenience was avoiding the need to buy, store and manage each asset through separate wallets.
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The company claimed that basket allocations would be backed 1:1 and said users could take part in a consensus process to assess or propose tokens for inclusion. Those were project claims in the announcement; the available sources do not establish independent reserve verification, a security audit, or that these functions were delivered in a live product.
Bitquence also proposed a Digital Liquidity Network to support changes in users’ allocations. Such a system would depend on actual liquidity, counterparties and reliable execution. The announcement did not provide independently measured liquidity or evidence of how the network operated in practice.
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What BQX was supposed to do
Bitquence described BQX as a utility token for using the platform, paying management and storage fees, and supporting liquidity when users changed their portfolio allocations. The project’s white-paper material also described BQX as a way to pay service, storage and transaction-related fees. See the Bitquence white paper hosted by Brave New Coin.
The project’s documentation said BQX did not confer company ownership, dividends or control. That description distinguishes the token from equity, but it does not establish the token’s present utility, redemption rights or value. See the white-paper copy on Scribd.
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Announced terms and reported sale outcome
The figures below come from different historical sources and should not be treated as one internally consistent set of sale terms.
| Source and point in time | Figure or statement | What it establishes |
|---|---|---|
| Bitquence press release, June 14, 2017 | Sale planned for June 28, 2017, at 2:00 p.m. UTC; contributions in ETH; 5,000 ETH fundraising target; 40,000 ETH described as a soft cap | These were announced terms, not independently verified sale results. |
| Bitquence press release, pricing language | 5,000 BQX per ETH for early contributors and 3,175 BQX per ETH later; the release also uses “5000 ETH” in a sentence that appears to discuss the exchange rate | The wording is ambiguous and may contain a unit or transcription error; it cannot safely be normalized into a definitive price schedule. |
| Bitquence white-paper material | Up to 30% for token-sale distribution, 30% retained for development and expenses, 40% reserved for liquidity; planned supply of 1 billion BQX; unsold tokens said to be slated for burning | These are documented plans, not proof that the allocation or burn occurred as described. |
| Archived project/community post after the sale | 14,405.667 ETH raised; 3,649 contributing addresses; total supply reported as 222,295,208.2384 BQX; estimated circulating supply of 68,665,836 | Reported project figures, not an independently audited financial report. See the archived Bitcointalk post. |
The reported ETH raised is above the release’s 5,000 ETH target and below its stated 40,000 ETH soft cap. Because the release’s use of “soft cap” is unusual and its pricing sentence is unclear, those terms do not support a simple verdict about whether the sale met its intended threshold.
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Why the token-supply figures do not line up
The white-paper material’s planned supply of 1 billion BQX differs sharply from the 222.3 million total supply later reported in the archived post. The available sources do not establish whether the difference reflects a later supply change, a distinction between a planned maximum and tokens ultimately issued, or inconsistent documentation. The figures should therefore remain separate rather than be reconciled by assumption.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Geographic restrictions and regulatory context
Although the press release described Bitquence as based in Palo Alto, California, an archived project announcement said the token sale would not be offered in the United States and that the service would not launch for U.S. citizens until the team was confident it could comply with applicable law. See the archived announcement concerning U.S. participation. This was a company-stated restriction, not evidence of regulatory approval, licensing or legal clearance.
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What happened to Bitquence, BQX and the later names
Archival material reports that Bitquence later rebranded as Ethos. See a 2017 retrospective discussing the rebrand. Later archival material connects Ethos.io with Voyager and says the token was subsequently rebranded as Voyager Token (VGX). See the later archival document. These sources provide historical background, not confirmation of current corporate status or a current migration process.
The original Bitquence name and 2017 wallet proposal should not be confused with an active Bitquence service. The available sources do not establish current availability, redemption, migration or value for old BQX, Ethos or VGX holdings.
What former holders should verify before taking action
Because a token migration or recovery can involve irreversible transfers, treat old links, unsolicited messages and websites claiming to restore balances cautiously. The historical materials cited here do not identify a verified current recovery route. Before connecting a wallet or sending funds, independently establish whether a current official process exists, who operates it, and which token contracts and networks it covers. Never share a seed phrase or private key with a purported support agent.
The project’s proposed baskets and liquidity functions also raise ordinary due-diligence questions: whether assets were actually held 1:1, who controlled custody, what contracts governed supply and rebalancing, whether unsold tokens were burned, and which assets were ultimately supported. The announcement alone answers none of those questions.
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