The First ICO In Thailand For J Ventures Suspends Token Offering, Shifts Attention On Liquidity Boost
The First ICO In Thailand Suspends Fundraising, Shifts Attention On Liquidity Boost
J Ventures launched Thailand's first initial coin offering. Since then, the firm has been conducting fundraising projects to develop DDLP system. Now, it has hit brakes on its fundraising program. The focus is now on the familiarization of its digital currency.
Why The Company Has Halted The Fundraising
The company is, yet, not stamping on the idea of the further token sale. It intends to make JFins coins a utility tokens. In that, they can be exchanged for and traded for goods and services. This is according to Bangkok Post dated May 7.
Thanawat Lertwattanarak, the chief executive, said he embarks on the fundraising project after 2020. Nevertheless, he suggested that the system associated with the decentralized digital lending platform (DDLP) together with the current tokens should be in total operation. Thanawat said this while speaking to a local news publication.
He further stated that a well performing means a coin with enough volume. And for JFin, the rate must be above TNH 6 (almost $0.19). This is the initial price at which the JFin Coins ICO was offered during its launch in 2018. He went ahead and pointed out that the company will launch seven projects. The projects will stimulate demand and supply of JFin Coins. He, however, didn’t reveal the details of the projects.
Initial JFin Coin ICO Sale
J Ventures has generated 300 million tokens. During its launch in February 2018, it sold 100 million tokens within 55 hours. Two thousand two hundred buyers acquired the tokens. The company raised a whooping THB 600 million (approximately $18.8).
Ninety million of the remaining 200 million tokes are for the next ICO round. The company has pledged to allocate 70 million tokens to Jay Mart Group and subsidiaries. 4o million tokens will be distributed to JFin Coin team, advisers, and partners.
The Chief executive added that the remaining parts are on hold. This is to pave the way for the current tokens to have enough liquidity. He also said the company would establish the DDLP and peer-to-peer lending system. The launch is set in July, and it will be swift than the former timeline launched.
Mr. Thanawat said,
“We want to register for P2P lending licenses. And will be a proportion of the P2P lending ecosystem.”
Earlier on the Bank of Thailand wanted to enact laws for P2P lending services by 2018. The idea behind it was to widen the opportunities for small proprietors to access financial resources.
The policies were anticipated to cover all related parties. This included borrowers, lenders, and P2P lending platforms.