Filipino start-up Acudeen Technologies Inc. said it will begin the preselling of its tokens in the Lion City starting today (March 15), hoping to raise as much as $35 million, as the company plans to use to fund its expansion in the region.
Acudeen Chairman Januario Jesus Gregorio Atencio III said the company may migrate its systems to use cryptocurrency, as the company push to expand its services of discounting company’s receivables.
“Proceeds from the token sale will be used to fund our expansion and our migration to blockchain technology,” Atencio said in a text message on Wednesday. “It’s a utility token that will be used for transactions in the Acudeen platform.”
Atencio will fly to Singapore by next week for the company’s road show to promote its token sale.
Private sale of the tokens starts on March 15 through April 8, while public sale will commence on April 9 through the end of the month.
The size of the sale is at 10 billion ACU tokens priced at $1 per 100 token.
“The ACU tokens serve as our answer to the growing demand for our services outside of our current consumer market,” Atencio said. “The purpose of our token sale is to accelerate more businesses with our services in the coming years through this revolutionary technology.”
The said token sale is a form of initial coin offering. Atencio, a former mass-housing executive, however, said the company wants to emphasize the utility form of the token.
Acudeen said its current model utilizes advanced methods of validating transactions. Tokenizing its services in a new ecosystem design allows the company to bring its services to other parts of the world.
“With this technology, the value of the cryptocurrency being used to transact represents an equivalent amount of Fiat money securely stored in a trusted account leveraged by the AssetChain Platform, therefore saving time and avoiding exorbitant fees, otherwise incurred using traditional methods,” the company added.
Acudeen earlier said it is targeting six different markets with a combined total addressable market of over $400 billion, launching full-scale operations next year in Vietnam and Indonesia, southeast Asia’s biggest economy, after setting up its first remote location in Myanmar in the first quarter of the year.
The company decided to establish its regional headquarters in Singapore to facilitate the expansion binge to other emerging markets.
The Singapore office would serve as “a stepping stone toward its goal of becoming a marketplace which essentially democratizes financial inclusion for everyone regardless of geographic location, allowing their system to be implemented on a global scale.”
Acudeen was founded in 2016 and facilitates receivable discounting for small businesses in the Philippines.
The company enables small and medium enterprises and micro, small and medium enterprises finance receivables ahead of time as its platform allows transactions to happen fast from receivable uploaded cash within days.