Russia-based Startup BioCoin Closes First Round of Token Pre-Sale with $2.5M Raised

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by Andy Watson · 4 min read
Russia-based Startup BioCoin Closes First Round of Token Pre-Sale with $2.5M Raised
Photo: LavkaLavka / Facebook

Russia-based international farming network LavkaLavka has announced the results of the pre-ICO of its blockchain platform BioCoin.

International eco-farming and retail network LavkaLavka announced that BioCoins’s pre-ico has concluded its first round with spectacular success. In just two weeks thousands of people participated in the crowdsale and purchased $2.5 million worth of BioCoins.

The company reports that this sum is twice as large as what they initially hoped for and constitutes 13% of the crowdsale’s goal which was set at $15 million.

“Often the concept of pre-sale is used by startups as a PR stunt only. For us pre-sale was tremendous work which yielded great results,” said Boris Akimov, CEO of LavkaLavka.

BioCoins can be obtained during the Token Sale. The number of them is limited to 1 billion. Emissions will be possible in the future, but no more than 5 percent of the total amount of BioCoins. In case of purchase, the client becomes the owner of a unique cryptocurrency. The need for BioCoins will increase with the growth of the number of companies that will use them and a person who owns BioCoins will definetely benefit.

BioCoin’s goal is to unite projects that support organic farming around the world. BioCoins are spread among green business and can replace traditional loyalty points. There will be a chance for clients to convert bonuses to the cryptocurrency. BioCoins will be accepted as currency in any affiliated store. Alternatively they can be traded at the exchange at a more favourable rate.

The founders expect the demand for the coin to grow steadily as the network itself continues to grow. This growing demand will drive BioCoin’s price up and thus businesses will not suffer losses as a result of discounts and rewards but actually accumulate value. By giving away BioCoins back to the customers as rewards and bonuses, businesses will return value into their communities triggering the growth cycle for the entire ecosystem.

LavkaLavka and BioCoin are backed by tens of thousands of consumers, retailers and farmers worldwide, new businesses joining the network weekly. According to the press release, about 20 million BioCoins are already in daily circulation, used by farmers in Russia and several other countries.

UAZ, Fusion Group LTD and Kidstart are among the partners of BioCoin. All this companies are engaged in different spheres. UAZ is a russian manufacturer of off-road vehichles. Fusion Group LTD deals with importing food to the Chinese market. Kidstart is a business school for children. All these different projects are linked together by BioCoin’s platform, which once again proves the importance of such currency. BioCoin is also associated with international coffee shop Double B, chain of stores «Respublica» and others.

Notably, BioCoin pioneers the market as the first ICO held in full compliance with Russian laws. As Presidential Administration has recently recognized the potential of crowdsale funding model, project’s CEO was invited to head the ICO department at RACAB (Russian Association of Cryptocurrency and Blockchain) whose purpose is to help the Russian state develop a new approach to the industry. BioCoin is named a probable staple project for the future of Russian ICO market regulations.

The second round of Pre-sale began on October 9. Now BIO is sold at a price of 45 BIO for 1 USD. The main round of crowdsale is scheduled to start on November 1, 2017. It will be hosted by the first official Russian cryptocurrency platform Voskhod.  The cost of BIO will increase to 40 BIO (November 1-2) and then to 35 BIO (from November 3) for 1 USD.

Last month Yury Trutnev, Deputy Prime Minister and Presidential Envoy to the Far Eastern Federal District of Russia announced Voskhod, an online-system created to attract private investments to Far East projects. It is the first cryptocurrency platform in Russia to receive permission from the Central Bank of Russia to trade in cryptocurrencies, according to the Russian News Agency TASS.

“We are examining the possibility of creating a platform for cryptocurrency trade. The Central Bank of Russia supported us. The “Voskhod” system is the first in the country to receive permission to work with cryptocurrencies,” — says the Deputy Prime Minister.

He also added that the surplus electrical energy in the regions could be effectively used to mine cryptocurrencies. “There are regions with a surplus of energy — both here and in Siberia. For now this surplus can’t be redistributed to other regions, so companies could be created to utilize free volumes of electric energy, letting people earn income,”  added Mr. Trutnev.


Blockchain News, News, Token Sales
Andy Watson
Author Andy Watson

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