Thai financial-technology start-up StockRadars has announced plans to raise US$12 million (Bt377 million) funds through an initial coin offer (ICO). The start-up will aim to develop a social trading platform, developed with the openly distributed Carboneum protocol, to provide a cryptocurrency trading service in the Thai and global markets.
Teerachart Kortrakul, CEO and co-founder of StockRadars, said the innovation aims to make investment easy and simple for everyone. The pre-sale of ICO will be on March 22. It will sell 120 million tokens, worth a total of $12 million, with the funds to be used to develop the social trading platform.
The concept behind the social trading platform is to enable those investors new to cryptocurrency trading to follow the leading cryptocurrency investors (the “leader”) in order to automatically invest in cryptocurrency in parallel with the leaders.
Followers will share with the leaders 10 per cent of their profit from every single cryptocurrency trade. The leaders, in turn, will share with the company 10 per cent of those rewards from followers. The company will receive 1 per cent from every single transaction that made a profit.
Meanwhile, the company will spend 20 per cent of its annual profit to buy back its tokens at the market price at the time.
“Targeted users for this service are not limited to Thais but anyone in the global market,” said Teerachart. “The beauty of the social trading platform is to leverage the playing field. It is to create new career opportunities for the new generations who are keen on cryptocurreny trading to be able to have income.”
He said the social trading platform could apply for stock trading once the Securities and Exchange Commission (SEC) allows it.
Currently, StockRadars has partnered with leading brokers in Thailand and overseas to provide real-time stock trading data, or StockRadars, via the mobile app. There have been about 680,000 downloads. StockRadars have also partnered with LINE Thailand to develop trading services with three brokers, including Krungsri Securities, Yuanta Securities, and Globlex Securities, via LINE Finance.