Eco Farming Project BioCoin to Hold the First Legally Compliant ICO in Russia

Russia-based international farming network LavkaLavka has announced a crowdsale of its blockchain platform BioCoin starting on September 25.

LavkaLavka, an eco-farming cooperative aiming at supporting local farming communities, has collaborated with Voskhod, an electronic system for investment in the Far East region of Russia, to hold the crowdsale of its blockchain platform and BIO cryptocurrency BioCoin.

The upcoming crowdsale will become the first ever ICO totally compliant with Russian legislation and the second ICO in the world carried out in line with local regulations. Another similar campaign was held earlier in September by Filecoin and raised more than $200 million. The ICO was available to US residents and compliant with SEC regulations.

The BioCoin’s ICO will officially start on September 25 with a two-week presale campaign and kick off with the main round on October 9. Out of BioCoin’s 1 billion token supply, 800 million will be issued for the Pre-ICO and ICO, while the rest will be reserved for marketing and other purposes. BioCoins can be purchased for Russian Rubles or other cryptocurrencies (Bitcoins, Ethereums, Waves etc.).

Boris Akimov, founder of LavkaLavka and the head of the ICO committee at RAKAB, has great plans about the upcoming ICO. According to his words, BioCoin intends to win Chinese investors over, as the recent Chinese ban has affected China’s cryptocurrency market:

“Now it’s a great time to attract investors from China. They’re being repressed at home, so they’re probably thinking where to go now. And we just tell them: come here, you can officially invest your bitcoins in the real economy. Leave China, sell your Chinese bitcoins for BioCoins, and supply your homeland with high-quality products.”

BioCoin itself represents a blockchain-based combination of cryptocurrency and loyalty platform designed to facilitate the eco-friendly and green agricultural paradigm around the globe. The platform differs from all the other existing loyalty programs as it offers BioCoins as a reward and allows to use them for payments within the network or trade them against other cryptocurrencies on exchange platforms.

In the near future, BioCoin plans to create mutual support banks and micro crediting services that could help farmers meet their immediate agriculture needs. Moreover, the platform has already entered into an agreement with RTS stock exchange, allowing it to conduct the ICO on Voskhod — Russia’s first legal crypto-exchange.

Beneficial for all the stakeholders, including local farmers, businesses, customers and investors, BioCoin seems to be an advantageous and perspective project aiming to succeed.

Share This article

We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Coinspeaker Ltd.