A Chinese start-up called Walimai is launching a major sale in Singapore to fund an expansion in its technology. The company which is in consumer goods space has hopes to raise at least $11.5 million in the digital token sale.
Walimai is a Chinese start-up which has created a series of anti-counterfeit labels. The labels use a smartphone app and allow buyers to ascertain the authenticity of the product they’re purchasing.
The labels have been designed to communicate directly with the phone, however they can also be scanned in via a QR code.
The company has promised that the labels are physically tamper proof because they cease to work once they are peeled off the product.
The company is now looking to raise a fairly large amount to take in digital token sales to take the business further.
The digital token has become an increasingly popular fundraising vehicle for a number of start-ups. The investors send in some form of digital currency to the company in return for a new token with a certain worth.
This new token can be used to redeem a service offered by the firm. It could also be used to claim a kind of equity stake in the company.
However, the sale of new digital tokens has been banned in the People’s Republic of China.
To combat this obstacle, Walimai has established a brand new company in Singapore called the WaBi Project. The latter is set to issue 46 million WaBi coins, each priced at $0.25.
The company is also set to develop a blockchain based loyalty program for all Walimai customers.
However, the company has taken great care to exclude Chinese citizens from its initiative. It has declared that it will check all identifying documents, internet protocol addresses and phone numbers to confirm that the buyer is not Chinese.
As of now, there are almost 100 million WaBi tokens on the market.