Fintech firm Acudeen Technologies delays $35-million coin offering to May

LOCAL financial technology startup Acudeen Technologies has pushed back its $35-million coin offering to May in order to conduct more road shows in Asia.

In a statement issued last week, Acudeen said the public sale of its ACU tokens will start on May 7 instead of April 9. The offering will be based in Singapore, where Acudeen has recently established its regional headquarters.

Acudeen will be selling a total of 10 billion ACU tokens at $1 per 100 coins in a bid to fast- track its expansion in the Southeast Asian region. The company plans to enter the Myanmar market this year, and Vietnam and Indonesia by 2018.

The token sale will also facilitate Acudeen’s migration to a blockchain platform.

“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.

Acudeen’s use of cryptocurrency involves three main factors, such as the AssetChain Platform, or the permissioned blockchain that stores transaction date, CryptoFIAT, touted as the solution to completing invoice purchases using cryptocurrency, and the ACU tokens.

The system will make use of the blockhain-based ledger database Stellar, which facilitates transactions while charging minimal fees.

Acudeen is among the companies planning to raise capital through an initial coin offering. Regulations in the Philippines on cryptocurrency have yet to be sorted out, but the Securities and Exchange Commission earlier noted that tokens sold in an ICO are considered securities, and should therefore be registered with the commission. —