Philippino startup Acudeen will start ICO on April 9

29 March 2018

AcudeenAcudeen, a Phillipines-based online platform providing invoice discounting solutions to small and medium enterprises, announced its plans to launch an Initial Coin Offering (ICO) as early as April 9. Acudeen’s move comes in line with its ambitious goal to shift its current financial services infrastructure to blockchain environment.

According to the media reports, Acudeen will hold a token presale before the ICO launch. The startups has developed its own cryptocurrency with the aim to streamline the process of invoice financing, expecting the blockchain-based factoring market to reach a benchmark value of $2 trillion.

“The use of letters of credit is becoming less and less,” comments Magellan Fetalino, a Co-Founder and CEO of Acudeen. “It’s becoming harder even for medium-sized businesses to use letters of credit to get access to financing due to issues both in the market and regulatory environment.”

Previously Acudeen reported that it expects to collect as much as $35 million during the fundraising campaign through the ICO, and the funds will be used for the startup’s further expansion into the Asian region.

Januario Jesus Gregorio Atencio III, Chairman at Acudeen noted at that time: “Proceeds from the token sale will be used to fund our expansion and our migration to blockchain technology. It’s a utility token that will be used for transactions in the Acudeen platform.”

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