A SCOTTISH cryptocurrency is targeting a £200m valuation on its market debut ahead of being listed in February.
Scotcoin – an ERC20 token operating on the Ethereum mainnet – will list on a major cryptocurrency exchange next month, which will see the project valued at $250m on its market debut.
The cryptocurrency is owned and managed by The Scotcoin Project (TSP) Community Interest Company (CIC), which has exchanged contracts with a “tier 1” exchange and will initially be paired with Tether – the world’s largest dollar-denominated stablecoin.
The listing will take place within a month, subject to market conditions, and the selected exchange – the name of which is set to be announced immediately prior to listing – has an average daily trading volume of around £2.4bn, or $3bn – placing it in the global top 20.
The company says that funds raised in the listing will be used to recruit a full-time management team and further develop and ecosystem of partner organisations which accept Scotcoin as a means of payment for a range of goods and services.
The token is already held by around 6,000 individuals worldwide and a growing number of third sector organisations and charities.
TSP says the initial focus is on the provision of food, clothing and shelter, building on the numerous initiatives supported by Scotcoin since its inception.
TSP will distribute Scotcoin directly and via approved agencies to third sector organisations and individuals in need.
Temple Melville, CEO of TSP, said: “Our objective is to use the medium of crypto to help create a more equitable world and listing will take Scotcoin to the next stage of its development.
“With the money raised, we will be able to dedicate a team to signing up preferred partners offering a range of goods and services focussed on food, clothing, and shelter.
“These partners will accept Scotcoin, providing them with some value rather than having to give away their products and services for nothing.”
TSP acts as the treasury for Scotcoin with its advisory panel responsible for recommending grants to deserving individuals and organizations on a controlled basis.
