DUBAI, U.A.E., September 18, 2017 /PRNewswire/ --
Dubai-based two-sided after school activity marketplace, Afterschool, has announced its Initial Coin Offering (ICO) to raise $1 million with the issuance of its own Afterschool Tokens (AST). This is an initial step towards the company's goal of expanding in key countries in the Southeast Asia and GCC and decentralizing its platform using ethereum blockchain technology.
A blockchain-based system Afterschool will be the first of its kind in implementing an online system where parents can use their Afterschool Tokens as well as other cryptocurrencies, such as ETH, BTC to book activities directly and activity providers to accept the same.
Aside from using it as a mode of payment, Afterschool also aims to reward both parents and activity providers who help grow their network using ASTs.
The launch of Afterschool's own virtual token supports an already existing operational platform with a solid business plan to utilize the fundraising proceeds from the ICO. Afterschool has more than 500 activity providers, 25,000+ parents registered and has generated millions of dollars' worth of activity bookings.
"The launch of Afterschool token pushes us in realizing our vision of creating a global booking platform for parents offering hassle-free access to after school activities, schools and nurseries," says Joanna Santillan, CEO and Founder of Afterschool. "In the future, we aim for the Afterschool token to become the go-to digital currency for the education industry as a whole."
Afterschool has set the total cap for AST tokens at 800M. Base price is set at $0.05 and ICO will begin with a starting bonus of 60% and the price of ETH will be locked to the value of USD on the day of the launch.
Afterschool intends to use the proceeds of the ICO as follows:
- 60% for sales and marketing to drive expansion plans
- 30% for product development and maintenance
- 10% customer service
Funds raised during the ICO will be held in a multi-sig wallet controlled by the team council. Tokens allocated to the founders and team (15%), and investors (10%) will be reverse-vested for 24 months with monthly cliffs. The platform has set aside a portion of tokens (8%) for future partnerships as well.
Afterschool's ICO will start on September 26, 14:00 (UTC +4) and will continue for a month till October 26.
Learn more about Afterschool and its upcoming ICO at:
Contact: Joanna Santillan, +971-4-430-9880