FILIPINO start-up Acudeen Technologies, Inc. is set to launch a $35-million cryptocurrency offering in Singapore next month.
Acudeen Chairman Januario Jesus Atencio said on Wednesday that the firm’s “ACU tokens” would help accelerate businesses that use their services that rely on advanced technology.
Similar to other virtual currencies, ACU tokens will use the AssetChain platform, a secure blockchain technology, to store all transaction data.
The ACU tokens can be used to avail of services within the platform along with CryptoFIAT, Acudeen’s intuitive solution, to complete invoice purchases.
“With this technology, the value of the cryptocurrency being used to transact represents an equivalent amount of FIAT money securely stored in a trusted account leveraged by the AssetChain Platform, therefore saving time and avoiding exorbitant fees otherwise incurred using traditional methods,” Acudeen said.
ACU tokens are integrated within the Stellar network, or a distributed blockchain ledger and database facilitating cross-asset transactions including payments. With the use of AssetChain’s Hyperledger fabric and blockchain technology, data are secured and may be shared only to participants involved in the transaction.
“The ACU token team envisions a means for financial inclusion that facilitates verification, hassle-free transactions, cross-border purchasing and better incentivization,” Acudeen said.
“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,” it added.
Private sale for the ACU tokens already commenced and will last until April 8, 2018. The cryptocurrency will be available to the general public starting April 9.