MicroMoney, a Blockchain powered financial services platform, has launched a $30m token distribution campaign.
It generated $1m during the first 12-hours, putting the startup a step closer to reaching its mission of including two billion people into the global financial system.
The AMM token pre-distribution campaign has a minimum swap threshold valued at $10,000 and a soft cap of swaps valued at $2m. The actual token distribution campaign starts October 18, and it plans to raise $15m with a $30m hard cap.
With the AMM Token price valued at $1 per token, a maximum quantity of 60,000,000 will be issued. All the unsold tokens will be destroyed after Token distribution campaign. AMM is a utility token. The token is an ‘integral part of the MicroMoney ecosystem and can be used as an internal payment mean or to get access to MicroMoney’s services’ according to its website.
Founded in 2015, MicroMoney International offers financial services for the unbanked individuals in the emerging markets and access to the unbanked audience for banks, trade, and financial organizations.
It makes lending decisions using a proprietary, A.I. algorithms and neural networks-based mobile scoring system, meaning its lending process doesn’t require any collateral or paper-based documentation. Instead it simply collect customers’ opt-in mobile phone data to establish potential borrowers’ credit score. MicroMoney then uses the score to generate credit profiles, stored with MicroMoney Blockchain Credit Bureau.
Last week, Singapore blockchain startup Change raised $15m from its ICO as its looks to create a global FinTech network that ‘defies the norms of traditional banking’. While Eidoo launched a new ‘blockchain asset experience’ after raising €20m through an ICO. The startup, which claims to be a blockchain-to-human interface, said it has raised the capital after launching its ICO on October 4th.
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