Omise, a Bangkok-based startup backed by Japan’s SBI Investment, plans to raise as much as $16 million. They will sell digital tokens as it builds a new payment service based on blockchain technology.
Crowdsales have mainly been used by small crypto-currency outfits. Omise’s move signals that venture-backed startups are now turning to the new model for funds.
“We will be the first mainstream business to pioneer the use of a token sale to bring new product to market,” said the CEO. “For the public, this token sale provides an opportunity to share the benefit of a future Omise product. And later to participate in running the mobile money network itself.”
By using blockchain crowdfunding rather than VC firms, startups like Omise can avoid selling company equity. At the same time, they can also gain public participation, hoping to secure a broad set of stakeholders who want the project to succeed.
Founded in 2013, Omise, which means ‘store’ in Japanese, raised $17.5 million in a Series B round last year from investors led by SBI Investment. Other backers include Sinar Mas Digital Ventures, Ascend Money and Golden Gate Ventures.
Source: Bloomber (31/03/2017)
