Cryptocurrency exchange OKEx has participated in the initial coin offering (ICO) of Bidooh, a facial recognition digital billboard platform.

Bidooh lets businesses create an advert on its app or website and then have it displayed on a billboard screen within 60 seconds. Data analytics enables advertisers to measure the performance of their campaign.

The venture launched an ICO pre-sale of its cryptocurrency, DOOH Token, on 1st October. In addition to participating in the ICO, OKEx has agreed to promote Bidooh to prospective token purchasers and display its own adverts on Bidooh’s network of digital screens.

“We are delighted to have received this level of institutional support from OKEx, one of the largest digital asset exchanges in the blockchain world,” says Abdul Alim, Co-founder and CEO of Bidooh. “It is very rare for exchanges to engage directly in token sales, so to receive this endorsement is extremely encouraging.”

The company’s blockhain-based platform aims to bring a new level of transparency to the $34.8 billion (£26.6 billion) out-of-home advertising industry.

“We believe Bidooh’s platform is well positioned to disrupt the rapidly growing digital advertising market,” says Estrella Du, investment manager at OKEx’s investment arm, OK Blockchain Capital. “We are excited to see a real-world example of a traditional business moving to the blockchain for the benefit of both the advertising industry and consumers.”

Bidooh also announced that within days of its project applying for Huobi’s HADAX exchange, its application was fast-tracked through to the listing process, reaching number two on the exchange’s popular projects page with over 150 pro votes. Bidooh has now been invited to present to three of Huobi’s institutional investors.