FINTECH FIRM Acudeen Technologies Pte. Ltd. will be listing its tokens at the BTCEXA exchange this Friday, the first of exchange listings it looks to conduct in the following months.
In a statement issued Tuesday, the Filipino-led start-up based in Singapore said it will list its ACU tokens which serve as the native utility token for Acudeen’s blockchain network for movable assets, AssetChain Platform.
The company last May conducted a public sale of its ACU tokens at $1 per 100 coins in a bid to raise $35 million to finance its expansion in the Southeast Asian region.
The BTCEXA exchange is a digital asset trading platform that was launched last July, and is an accredited member of the Exchange Alliance. The platform features a clearing system that ensures all transactions are secured and encrypted.
Acudeen said the listing will serve as the “catalyst to create a regional ecosystem that invoice sellers and funders can fully trust and rely on.” It is also working with development partners at IBM Singapore to deliver more products by the third quarter of 2019.
Founded in 2016, the financial technology firm has so far facilitated more than $6 million worth of invoice receivable transactions in less than two years. The company’s goal is to address the US dollar credit gap for micro, small and medium enterprises (MSMEs) in Southeast Asia by providing a marketplace that will allow them to list, sell, and liquidate their pending invoices.
With this, MSMEs can invite investors to purchase their invoices ahead of maturity date.
Acudeen has recently expanded to Myanmar under the KyoPay brand with its joint venture partner Anthem Asia. It looks to further expand to Vietnam and Indonesia within the year.
The company has since integrated blockchain capabilities into its current model to further serve the needs of the global market, making use of blockhain-based ledger database Stellar, which facilitates transactions while charging minimal fees.
“This means that movable assets such as inventory, trademark, warehouse receipts, physical products and the like-not just invoices, upon completion of the whole blockchain network development, can now be listed and sold on the Acudeen Platform,” the company said. — Arra B. Francia