Philippine fintech startup Acudeen Technologies Inc announced a sold out of its digital coin offering the ACU Token on Sunday, June 10, raising up to $35 million.
Held in Singapore, Acudeen’s token sale was a global one and is designed tokenizing several of its services. The two-year-old startup does receivable financing, a P2P (peer-to-peer) invoice marketplace that allows SMEs to convert their unclaimed receivables for cash to boost their cash flow.
“We are proud to announce that ALL of our ACU Tokens allocated for public consumption have been sold. Technically speaking, we haven’t realized the full $35,000,000 amount yet as some of the deals are structured in a such a way that we will be funded in tranches, but again, what’s important for you to know is that we have sold all tokens,”
Acudeen said in its statement.
“As of the moment, our team is now analyzing the data and double checking all accounts to make sure that everything is in order, including but not limited to: KYC Data, Stellar Wallets, Execution of SAFT Agreements from Private Investors and a full report with our auditing partner, PWC,”
The exact date for the distribution of tokens will be on June 30, which is a little later than what Acudeen promised, but assured investors it will provide details in the next few days.
The Acudeen team also promised to remain completely engaged with the community and will be holding frequent AMA (Ask-Me-Anything) sessions for any inquiries.
The ACU Token will officially be listed on an exchange within a month’s time and on a globally recognized and widely used elite-tier exchange within 6–8 months.
Acudeen ICO Content & Technology Strategist Russ Malangen told Fintechnews in an interview, that they are now focusing on the implementation of the company’s AssetChain Platform to help provide liquidity to every micro, small and medium sized business through the platform.
“Blockchain technology will create a significant impact in many different industries, with finance being one of the first to actual the feel the effects creeping in.
It creates a way for humans to interact, transact and audit without the need for a third party, thereby reducing the facilitation costs and also speeding up various processes.
It creates new avenues for development and economic growth,”
“Through our AssetChain project, we believe that we can be the forerunners and the primary leaders of the push for global financial inclusion for many years to come.”
Featured image via medium.com