Thailand’s First ICO Halts Fund Raising to Focus on Liquidity Boost
- The project still has a chest of 90 million digital coins to sell.
J Ventures, which launched Thailand’s first Initial Coin Offering (ICO) Initial Coin Offering (ICO) An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Acco An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Acco Read this Term), has decided to halt its fundraising process and focus on the adaptation of its digital currency.
According to Bangkok Post’s May 7 report, the company is not squashing the idea of a further token sale but is now focusing to make JFin coins a mode for goods and services payment.
“I will raise new funds whenever the system [related to the decentralized digital lending platform (DDLP) and the existing tokens are well functioning and operating implicitly, which could be after 2020,” Thanawat Lertwattanarak, CEO of the company, told the local news publication.
He also explained that “well functioning” means a coin with sufficient Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term and for JFin coin, the price must be above THB 6 (near about $0.19), the same value at which the token was first offered.
A victim of 'crypto winter'
The Thai company launched its first token sale round in February 2018 and sold 100 million JFin coins out of a total issued 300 million in a mere 55 hours. More than 2,200 investors participated in the token sale as the company raised THB 600 million (around $18.8 million).
Out of the remaining 200 million tokens, 90 million are reserved for the next ICO round while the company has committed to distributing 70 million tokens to Jay Mart Group and subsidiaries, and the development team controls 40 million coins.
However, just like any other digital currency, the token could not hold its value and has depreciated by more than 50 percent from its issue price of THB 6.60 (nearly $0.21).
“The distribution of all remaining parts has been postponed until the existing tokens have sufficient liquidity,” Lertwattanarak added.
Liquidity is important
The company is set to launch seven projects to boost the demand for the digital currency in the market. However, the details of these projects are not yet revealed.
J Ventures is also planning the launch of a DDLP system and a peer-to-peer lending platform in July.
For better control over the wild crypto market, Thailand’s Securities and Exchange Commission (SEC) approved an ICO portal and is working to do the same for securities token offerings (STOs). The country’s authorities are officially granting licenses to crypto exchanges operating in the country, and the primary stock exchange of the country is also planning to start a digital asset trading platform.
J Ventures, which launched Thailand’s first Initial Coin Offering (ICO) Initial Coin Offering (ICO) An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Acco An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Acco Read this Term), has decided to halt its fundraising process and focus on the adaptation of its digital currency.
According to Bangkok Post’s May 7 report, the company is not squashing the idea of a further token sale but is now focusing to make JFin coins a mode for goods and services payment.
“I will raise new funds whenever the system [related to the decentralized digital lending platform (DDLP) and the existing tokens are well functioning and operating implicitly, which could be after 2020,” Thanawat Lertwattanarak, CEO of the company, told the local news publication.
He also explained that “well functioning” means a coin with sufficient Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term and for JFin coin, the price must be above THB 6 (near about $0.19), the same value at which the token was first offered.
A victim of 'crypto winter'
The Thai company launched its first token sale round in February 2018 and sold 100 million JFin coins out of a total issued 300 million in a mere 55 hours. More than 2,200 investors participated in the token sale as the company raised THB 600 million (around $18.8 million).
Out of the remaining 200 million tokens, 90 million are reserved for the next ICO round while the company has committed to distributing 70 million tokens to Jay Mart Group and subsidiaries, and the development team controls 40 million coins.
However, just like any other digital currency, the token could not hold its value and has depreciated by more than 50 percent from its issue price of THB 6.60 (nearly $0.21).
“The distribution of all remaining parts has been postponed until the existing tokens have sufficient liquidity,” Lertwattanarak added.
Liquidity is important
The company is set to launch seven projects to boost the demand for the digital currency in the market. However, the details of these projects are not yet revealed.
J Ventures is also planning the launch of a DDLP system and a peer-to-peer lending platform in July.
For better control over the wild crypto market, Thailand’s Securities and Exchange Commission (SEC) approved an ICO portal and is working to do the same for securities token offerings (STOs). The country’s authorities are officially granting licenses to crypto exchanges operating in the country, and the primary stock exchange of the country is also planning to start a digital asset trading platform.