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Nov

Personal finance education for kids Pigzbe closes ICO on $8.85m hard cap

London-based digital wallet platform Pigzbe has closed its ICO after hitting its $8.85m hardcap.

The company sold a total of 175 million Wollo (WLO) tokens during the ICO, representing 25.9 per cent of all tokens, with a further 300 million tokens being held specifically for the Pigzbe community.

Each of the initial one million Pigzbe devices to be produced will contain 200 WOL included – these devices go on sale next year.

A small proportion of the WOL tokens will be kept by the company to aid its growth plans.

FinTech Global reported in September that the company had pulled in $7.2m during the first day the ICO was live.

London-based Pigzbe is a digital wallet that aims to educate and encourage children of 6+ about money management and good financial habits. It works by pairing a physical game controller to the wallet app, which gamifies the earning, saving and spending money experience.

Parents purchase Wollo tokens, instead of handing out pocket money, which the child can then earn through the app. The company is currently working on a payment card to enable children and parents to use the cards to spend the tokens online and offline.

Users that purchase 5,000 Wollo will receive a Pigbe pink gaming controller, and those that buy 10,000 tokens will receive the controller and a Pigzbe Black cold storage wallet.

Pigzbe founder and CEO Filippo Yacob said, “It’s a momentous day. What we’ve worked so hard on over the last year has passed its most challenging hurdle. But none of this could have been possible without the support of our 30,000+ strong community of supporters and future holders that either backed the ICO or lent us their enthusiasm for the product and our vision for the Wollo token.

“This vision can now become a reality; A token for families that will drive financial literacy for young people all around the world, and also play a key role in mass adoption of cryptocurrencies and blockchain technology.”

WOL will be listed on the Bitfinex later in the month, and various other cryptocurrency exchanges in the near-future.

Copyright © 2018 FinTech Global

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