The cryptocurrency will be used to power a network that lets users transfer money and make payments without the need for a bank account or high service fees. The core aim is to encourage financial inclusion in emerging markets by creating a platform that other companies beyond Omise can use.
Omise, launched in 2013, is a Thailand-based company that provides credit cards and alternative payment methods in Japan and Southeast Asia. So far, the company has already received USD 20 million from investors such as SBI, Sinar Mas and Ascend Group.
The token sale will be held on June 7, 2017 according to TechCrunch. Under proposed terms, 65% of all coins will be released during the sale. A further 20% will be retained by Omise for future costs and expenses with 10% left for the company’s team. The remaining 5% is set aside for “airdropping,” which essentially means that small amounts will be given to people who already own Ethereum’s Ether coin to stoke interest and widen engagement.
The startup is not planning to make another token sale in the future, company representatives told TechCrunch.
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