The launch focuses on SMEs and has a hard cap in excess of one billion dollars.
SINGAPORE, May 22, 2018 /PRNewswire/ -- Last Friday at Suntec Convention Centre, PLMP Fintech announced the Initial Coin Offering (ICO) of 9 Small & Medium Enterprises (SMEs), including that of PLMP's own token -- Creatanium (CMB).
The founders of 8 ICO companies celebrate their SME ICO Consortium Launch with PLMP Fintech co-Founder and Chief Strategy Officer, Peter Lim (second from right).
The event introduced potential contributors to the different ICOs, giving them the chance to interact directly with the ICO's management teams and assess their projects for themselves. It also featured the signing of some 8 Joint Venture agreements and Memoranda of Understanding.
The evening began with an address by PLMP Fintech co-Founder and Chief Strategy Officer Mr. Peter Lim, sharing why he believes that the adoption of blockchain technology for SMEs is not a bubble, but the beginning of a genuine disruption in enterprise financing.
It was followed by featured presentations from each of the SMEs. Presenters had seven minutes to introduce their projects and explain how they intended to integrate blockchain technology to optimise their business, as well as show potential contributors how they can expect to benefit from contributing at this early stage. This cohort of ICOs represents the most sound and promising projects in the region, who were hand-picked from the numerous SMEs that have approached PLMP Fintech for ICO Advisory services since they began operations at the end of 2017.
The oversubscribed event drew investors from around the region, many of whom already hold substantial traditional investment portfolios, and are looking at crypto-currency investing as a way to introduce greater diversity in their holdings. Others, like Joshua Swee are old hands at crypto investing, but find the idea of SME ICOs novel enough to hear about in person. And they haven't been disappointed. Says Mr. Swee, "Frankly, [the ICOs] are quite interesting, because they are different from the usual [technology start-ups] that we see launching an ICO." When pushed to identify an ICO that stood out, he demurred, but observed obliquely that food traceability services were of particular interest to him (there are three ICOs in the consortium that have food traceability features).
It is not only investors who are excited. The involved SMEs were surprised with the turn out and interest shown. Mr. Azman Ivan Tan, CEO of WhatsHalal, an SME whose aim is to harmonise halal communities worldwide through their blockchain; providing accurate and up-to-date halal information to end users, was enthused by the event, saying "WhatsHalal would like to thank PLMP for providing [the platform] and assisting us in the ICO Launch."
For many of the ICOs, it is early days yet; token sales will be on-going throughout Summer. And of course, an ICO is only the beginning. Blockchains still remain to be integrated, applications rolled out, and businesses expanded, but CSO Peter Lim remains sanguine. "Launching the ICO should not be seen as the finish line, it is the starting point. But by doing our due diligence, and having chosen these nine ICOs to launch, we are committed to their success. They will have the full weight of Singapore's first Blockchain Technology Centre behind them."
These are daring words, but PLMP Fintech claims to have the wherewithal to back them up. And with the stated intention of launching ten new ICOs each quarter, and multiple new projects already in the pipeline, they certainly look like they do.
PLMP Fintech is the largest ICO advisory, Blockchain and Cryptocurrency service support provider, Educational and Knowledge repository in Singapore, with an over the Counter (OTC) service and support centre, supported by a full Blockchain Developer Academy and a multi-million dollar concentrated solar-panel rig-mining operation.