International blockchain project RCN Network and Russian cryptocurrency platform BioCoin have entered partnership to give support to the green enterprises and farmers around the world. Experience of RCN will allow BioCoin to develop excellent structure for lending and borrowing of resources on the platform.
BioCoin is an international platform of loyalty on a basis of blockchain created by network of farming LavkaLavka. As a combination of cryptocurrency and loyalty platform, BioCoin is intended for support of local farmers and retail sellers of food and allows them to return value to the communities through the system of remunerations and discounts. According to the CEO of BioCoin, this partnership was inevitable when he has talked to the Ripio team and has found out that they share the same views on an ecological agricultural example and responsible consumption.
BioCoins are used by businesses instead of traditional loyalty reward points as an encouragement for every purchase made within the BioCoin network. Customers are able to use BioCoins as currency in any affiliated store or trade them at the exchange at a more favourable rate. The founders expect growing demand to drive up the price of BioCoin and thus businesses will not suffer losses as a result of discounts but actually accumulate value. Beneficial for all the stakeholders, including local farmers, businesses, customers and investors, BioCoin seems to be an advantageous and perspective project aiming to succeed.
LavkaLavka has already built a foundation for BioCoin’s ecosystem creating an international farmer cooperative LavkaLavka. LavkaLavka is backed by tens of thousand of consumers, retailers and farmers worldwide and its base is steadily growing. According to LavkaLavka team, about 20 mln BioCoins are already in daily circulation, used by farmers in Russia and several other countries.
Boris Akimov, CEO BioCoin, said:
“From the very beginning we have envisioned BioCoin platform as an instrument facilitating small businesses and farmers. Lending support is of course key here. BioCoin’s partnership with Ripio Credit Network will allow users to lend/borrow BIO to support a budding green business.”
RCN (earlier known as Ripio and BitPagos) is the credit network uniting creditors and borrowers from around the world. Crediting happens to the help of smart contracts and tokens of RCN compatible to ERC20 platform cryptocurrencies. Each credit is estimated and reinsured by the applicant (guarantor). Veterans of blockchain crediting, RCN have offered the knowledge for the green social BioCoin project.
David Garcia, RCN’s partner and SVP, stated:
“We can definitely help BIO enhance crediting framework for BioCoin platform and use BioCoin as lending capital.”
RCN token sale closed this month with $37 mln having been raised. BioCoin’s token sale is still underway and has almost reached its hard cap with $10 mln worth of tokens already having been sold.