Dropfoods, found online at DropFoods.com, aims to help Southeast Asia’s unbanked population go digital. Here’s our review in preparation for the Dropfoods ICO.
What Is Dropfoods?
Dropfoods is a blockchain-based platform that aims to provide free cross border transactions and trade unhampered by exchange controls and currency fluctuations. To accomplish that goal, Dropfoods plans to roll out a network of ATMs across the region, along with their existing network of vending machines.
The goal is to become Southeast Asia’s largest network of cryptocurrency ATMs, and then eventually expand to the rest of Asia.
In addition to spreading ATMs across Asia, Dropfoods wants to provide vending machines across the region. Dropfoods will send customized vending machines to companies or businesses. Users can use the Dropfoods app to purchase goods through these vending machines.
Southeast Asia represents an ideal market for cryptocurrencies and ATMs: the region is home to 600 million people. Only 27% of that population has a bank account. Dropfoods wants to break the barrier between the digital world and the real world by introducing crypto ATMs.
How Does Dropfoods Work?
The Dropfoods network revolves around the use of Dropcoins, a blockchain-based digital currency. Dropcoins will be used to record all underlying financial transactions that occur on the platform. The coins will have a limited supply, like most other digital currencies, which is why Dropfoods expects the value of the coins to increase over time.
Your Dropcoins can be converted into government-issued fiat currencies. The coins can be used to make purchases on vending machines and through the app. The conversion will use the after-market coin value exchange rate to set the value of this transaction.
Dropfoods users will have a digital wallet that controls their funds. That digital wallet can be used to purchase goods in the real world – including stuff from Dropfoods-partnered vending machines. Users can also use this wallet to transfer money to friends.
Dropfoods Vending Machines
The Dropfoods website promotes the company’s vending machines as a business opportunity. Businesses can setup a system that accepts customers 24/7. Retail outlets with vending machines will be able to attract higher foot traffic. When users stop by for the Dropfoods vending machine, they’ll be naturally exposed to your products and services.
Dropfoods vending machines are also a source of passive income. All you need to do is provide a power outlet, and Dropfoods will take care of the rest (maintenance, restocking, and paying you).
Right now, the vending machines seem to be mostly designed for food and beverage sales. However, it’s possible that the vending machines can be customized to different needs in the future.
Vending machines don’t cost anything. Dropfoods installs the machines, stocks them with products, and services the machines.
Who’s Behind Dropfoods?
Dropfoods is led by Dr. Mark Hon (Co-Founder), John Fearon (Co-Founder), and Lee Beng Sin (CTO). Dr. Hon is the Chairman of Singapore’s Bansea, while Fearon is the founder of Dropsuite and Telr.com.
Dropfoods is headquartered in Ho Chi Minh City, Vietnam.
The Dropfoods Token Sale
The Dropfoods token sale launched on September 21. The company is releasing tokens through a daily auction process. You sign up, complete KYC/AML requirements, then bid on tokens.
Dropfoods is currently only accepting ETH in exchange for tokens. The first phase of the token sale lasts a week, although the entire sale is taking place over 30 days.
Dropfoods is a Vietnam-based vending machine manufacturer that has recently decided to expand into the world of cryptocurrencies and crypto ATMs. The company launched its crowdsale on September 21. You can bid on tokens with ETH. In the future, Dropfoods plans to launch vending machines and ATMs across Southeast Asia. The customized vending machines and ATMs are placed in businesses at no cost to the business owner, then generate passive income.
To learn more about Dropfoods or the company’s ICO, visit Dropfoods.com.