Dropfoods, the largest smart vending machine operator in Vietnam, has announced the launch of an Initial Coin Offering (ICO) scheduled for September 21, 2017 to raise US$9 million with the issuance of its own Dropcoins tokens. With the proceeds from its ICO, Dropfoods will install 1,000 new machines that will enable smart transactions using Dropcoins.
The ICO issued by Dropfoods will be the first of its kind that is supporting an existing operational business outside of the Blockchain space, with a solid business plan to utilize the fundraising proceeds from the ICO. Dropfoods currently operates in more than 40 locations in Vietnam, supporting automated retail operations for fast-moving consumer products.
The key value proposition of Dropfoods lies in the scalability of its business model and plug-and-play infrastructure combining its physical assets (vending machines) and digital assets (mobile application) to install a payment gateway that can advance financial inclusion in a region where more people hold smart phones than bank accounts.
Backed by one of Southeast Asia’s largest venture builders with key stakeholders from Japan, South Africa and Singapore, Sugar Ventures, Dropfoods aims to build the region’s largest network of physical touch points for cross-border transactions and digital remittance. Dropcoins may be converted into government-issued fiat currency for cash withdrawal at the Dropfoods vending machine or to make purchases on the vending machines and on the Dropfoods App. This conversion will be set according to the aftermarket coin value exchange rate.
Sugar Ventures, one of Southeast Asia’s largest specialized venture builders, is focused on nurturing greenfield ideas that will transform the region’s emerging economies. Unlike traditional accelerators or incubators, Sugar Ventures seeks to unearth great start-ups from the ideation stage, provide seed funding, support their organic growth and work towards a flourishing exit in the process.
Dr Mark Hon, Co-founder of Dropfoods and Sugar Ventures, commented:
“We are excited by the prospects of launching a token that can be a game-changer for the state of play for the financial inclusion of the region’s emerging marketplace. To enable cross-border transactions and digital remittance at close to zero transaction costs will make full use of the digital opportunity presented by the region’s relatively high mobile penetration and enable the underbanked to be included in the formation of a cashless society.”
John Fearon, Co-founder of Dropfoods and Sugar Ventures, commented:
“Dropcoins will revolutionize the region’s digital marketplace and is a true example of financial technology that applies emerging technologies such as Blockchain and artificial intelligence to transform the current financial landscape, clearly distinguished from the realm of ‘techfin’ where you would be just applying technology to enhance existing financial capabilities.”
Sugar Ventures is founded by Dr Mark Hon, serial entrepreneur and Chairman of the Business Angel Network South East Asia (BANSEA); and John Fearon, Founder of Telr.com and ASX-listed cloud-based software platform Dropsuite (DSE:ASX). Dropfoods’ investors include Shuhei Morofuji, CEO and founder CEO of venture capital firm and venture builder REAPRA and TSE-listed SMS Co Ltd, one of the largest Asian internet healthcare information platforms; and Chiang Joon-Arn, Managing Partner, Financial Accounting Advisory Services – Asia Pacific – Ernst & Young.
Vietnam has approved a plan to scrutinize and streamline the legal framework for the management of cryptocurrencies.
This ICO is only open to accredited investors. “Accredited investors” refer to persons who are defined within the meaning provided under the laws of the country or territory of such person.
- UC Berkeley Opens New Blockchain Lab – Steve Chen Appointed to Co-Lead Newly Formed Berkeley Blockchain Lab - December 10, 2017
- Peter Vessenes Announces Deluge Network To Support a Safe and Direct Way to Contribute Bitcoin Directly to ICOs - December 5, 2017
- EXMO Launches Token Sale with Blockstarter’s ICO Solution - December 5, 2017
- AdHive, A Blockchain-Based Native Advertising Platform, Engages with WINGS DAO Platform - December 5, 2017
- Perkins Coie Adds SEC Attorney in San Francisco with Fintech and Blockchain Experience - December 5, 2017
- Cryptocurrency Monero Announces Breakthrough Online Shopping Initiative Featuring Top Global Artists’ Music and Merchandise - December 5, 2017
- Bitcoin for a ‘bit’ of Caribbean paradise - December 5, 2017
- With the Launch of SunCoin, Solar Bankers Takes On the World’s Energy Giants - December 4, 2017
- Blockchain News Is Merging With Token Report - November 30, 2017
- Mira launches Pre-ICO for Mira – an Easy and Convenient Way to Buy, Store and Send Cryptocurrency - November 23, 2017
- Dash and KuvaCash Partner to Fight Inflation in Zimbabwe with Cryptocurrency - November 22, 2017
- INS Ecosystem Partners with Ambrosus to Overhaul the Grocery Supply Chain - November 22, 2017
- Global Debt Registry Unveils Collateral Pledge Blockchain Proof of Concept - November 22, 2017
- Ripple Appoints Former New York State Superintendent of Financial Services Benjamin Lawsky to Its Board and Ron Will as CFO - November 22, 2017
- Advised by the Co-Founders of YouTube and Twitch, Theta Announces a Blockchain-based Video Delivery Network - November 22, 2017
- Modex adds top advisor from Google ahead of ICO - November 22, 2017
- Decentralized Ad Exchange AdEx Partners with INK to Handle the World’s First Blockchain-based Ad Auction - November 22, 2017
- Zilliqa Lowers Funding Cap Despite Heavy Demand from Investors - November 22, 2017
- Health Startup Etheal Combines Blockchain Technology with Micro-Incentives to Build a Peer-Reviewed Global List of Health Professionals - November 22, 2017
- Bitquence Rebrands as Ethos.io, Charting a Course to Unlock Crypto and the Future of Investment for the Masses - November 22, 2017
- Eidoo Introduces User Friendly ICO Engine – Allowing Crypto Startups To Launch And Manage Their Own ICOs For Fundraising On The Blockchain - November 22, 2017
- Simdaq Launches Social Platform for Democratisation and Development of Cryptocurrency Trading - November 22, 2017
- Gameflip Shatters FLIP Pre-Sale Goals, Sets Sights on December 4, 2017 ICO - November 22, 2017
- Golden Alliance Gold Mining Launches Token Sale - November 22, 2017
- Genaro and Storj Labs Announce Collaboration and Product Integration - November 22, 2017
- Metal (MTL) Now Available on the Chinese Cryptocurrency Exchange - November 22, 2017
- Mark.space & Jaguar Land Rover Announce Cooperation - November 22, 2017
- Exscudo – EON Testnet Was Successfully Updated - November 22, 2017
- Valorem Foundation Launches All-new Cryptocurrency Platform - November 22, 2017
- WAX Partners with Xsolla to Offer Its Platform to More Than 2,000 Video Games - November 22, 2017
- Brave expands Basic Attention Token platform to YouTube - November 22, 2017
- Narrative Launches Blockchain Based Social Network That Puts Revenue In Your Pocket, Not Mark Zuckerberg’s - November 22, 2017
- Gladius Uses Blockchain and Spare Bandwidth to Revolutionize Cyber Security - November 22, 2017
- Indorse Announces Partnership with App Store Cryptocurrency, AppCoins, ahead of MVP Launch - November 22, 2017
- Secutix And The Paléo Festival Nyon Announce The Success Of Their Blockchain Pilot Project - November 22, 2017
- ING launches major addition to blockchain technology: Zero-Knowledge Range Proof solution - November 22, 2017
- Cofound.it Announces Teams Participating in Upcoming Live Crowdsale Event - November 22, 2017
- PUBLIQ goes public: The blockchain and AI company that fights fake news announces the start of its Initial Token Offering - November 22, 2017
- Blockchain for Business SophiaTX Reveals New Details of Platform; Confirms Date for Token Generation Event - November 22, 2017
- BCShop.io Launches Partner Program - November 22, 2017
- World’s First Social Entrepreneurship Platform Moms Avenue Challenges Etsy by Gearing Up With Blockchain - November 21, 2017
- WAX Partners with Xsolla to Offer Its Platform to More Than 2,000 Video Games - November 20, 2017
- Pundi X integrates NEM blockchain to Bring Cryptocurrency Payments Into Retail Stores - November 20, 2017
- Fujitsu Develops Security Technology to Safely Connect Blockchains - November 20, 2017
- Jibrel Network Announces a Highly Successful Pre-sale Round - November 20, 2017
- KRAFTWERK on Blockchain - November 20, 2017
- MintHealth: Empowering Patients to Take Control of their Health and Data via Blockchain Technology - November 20, 2017
- IBM Completes PoC Of Blockchain-based Shared KYC With Deutsche Bank, HSBC, MUFG And Cargill, IBM Treasuries - November 20, 2017
- LetsEnhance.io to process images on Neuromation Platform - November 20, 2017
- Blockchain And AI Researchers Propose A New Model To Return The Control Over Human Life Data To The Patients And Accelerate Biomedical Research - November 20, 2017