Jaymart cryptocurrency to launch on Valentine’s Day
Thailand’s J-Ventures, a subsidiary of electronics retailer Jaymart, is to launch a cryptocurrency as means of raising US$20 million.
There are no clear regulations in Thailand at this time relating to cryptocurrencies, which can be traded on the Thailand Digital Asset Exchange (TDAX) and Thailand Bitcoin Exchange (BX).
J-Ventures says it will hold an ICO (Internet Coin Offering) of 100 million JFin tokens, each with a face value at launch of 20 cents, from February 14 to 28. A further 200 million virtual tokens will be kept in reserve for later use.
The Jaymart cryptocurrency will be accepted as currency in Jaymart stores and traded on the two exchanges.
The funds raised in the offering will be used by another Jaymart subsidiary J Fintech to develop a digital lending platform using blockchain technology
“Jaymart’s loan service business has a large growth potential,” explained J-Ventures CEO Thanawat Lertwattanarak. “Therefore, we need to create an ecosystem, develop a customer database and provide a new channel for people to access loans more easily.”