Acudeen to raise $35 million from ACU tokens
FINANCIAL technology firm Acudeen Technologies is joining the roster of companies tapping the cryptocurrency market to raise capital, announcing its plan to sell $35 million worth of tokens to fund its expansion.
In a statement issued Wednesday, Acudeen said it is already conducting the private sale of the so-called ACU tokens. The public sale of the tokens will take place from April 9 to 30.
“The ACU tokens serve as our answer to the growing demand for our services outside of our current consumer market. The purpose of our token sale is to accelerate more businesses with our services in the coming years through this revolutionary technology,” Acudeen Chairman Januario Jesus G. Atencio III was quoted as saying in a statement.
The issuance involves three main factors, namely the AssetChain Platform, or a permissioned blockchain that stores transaction data; CryptoFIAT, which the firm described as a “solution to completing invoice purchases using cryptocurrency,” and the ACU tokens.
“Using a permissioned blockchain, data may only be shared to participants involved in the transaction. This helps protect their sensitive information both to possible competitors and to the public,” Acudeen said.
The system is integrated with blockchain-based ledger and database Stellar, which facilitates transactions while charging minimal fees.
“The company views this as a unique opportunity to both adopt modern technology and to rapidly scale towards their company’s mission… To support and generate financial inclusion amongst small business owners and to give them the opportunity they otherwise won’t have being tied to current bureaucracies and archaic systems,” Acudeen said.
The offering was issued from Acudeen’s recently established regional office in Singapore, as the Philippines has yet to issue guidelines on coin offerings. Acudeen said the Singapore office will also serve as its springboard to expanding into other emerging markets in Southeast Asia.
Established in 2016, Acudeen aims to help micro to small and medium enterprises access to capital by inviting investors to purchase their invoices ahead of maturity date.
The company hopes to expand its presence in the Southeast Asian region, with a goal of reaching six countries with a combined addressable market of more than $400 billion. This year, Acudeen said it will launch full-scale operations in Vietnam and Indonesia, as well as a remote location in Myanmar.
“Like the Philippines, small business owners in these countries face the same perils with regard to mobility due to inaccessible and expensive financing options,” Acudeen Chief Executive Officer Mario Jordan Fetalino III said in a statement. — Arra B. Francia
