Singapore mobile payment app company SpherePay officially opened its Initial Coin Offering (ICO) on Monday. Earlier this month, SpherePay announced that it would launch a total of 10 Billion SAY tokens, of which 40% would be distributed for sale via an ICO.
A SpherePay spokesperson said that even before the ICO, the company had already received many inquiries from interested buyers in Japan, the United States and many other countries all over the world.
"During our pre-sale period, we received many inquiries and expressions of interest through our Telegram Community Group, Facebook messages and emails. We are responding to all inquiries as fast as possible. We will increase the number of our service team immediately to better respond to all inquiries," said Mr Joseph Chen, CEO of SpherePay.
In recent years, the fintech industry has seen a booming growth in the number of cryptocurrencies launched via ICOs. SpherePay says it will offer a unique service that aims to revolutionise the global peer-to-peer trading ecosystem by being the first in the world to link virtual currency assets to real life via a decentralised sharing economy. This meant that SpherePay's users will be able to use their cryptocurrency SAY and others to make actual purchases via the mobile app.
"One of our objectives is to solve a problem which has been around for quite some time, [to enable holders] to transact cryptocurrencies in real life. By having SAY in our mobile wallet app SpherePay, we allow users to use our SAY cryptocurrency and other cryptocurrencies to purchase any item in real life via our app. We will soon share with the public how this can be done, via our app. We plan a full "up and running" completion of this integration project by the beginning of March, but people can get SAY tokens from today," Chan added.
Starting from today, interested buyers and investors can purchase SAY for their Ethereum (ETH) tokens in cryptocurrency digital wallets such as MyEtherWallet, ImToken or any other wallets which are ERC20-compatible. Buyers and investors are advised not to use any other exchange, only to transfer their ETH via digital wallets.
The current exchange rate of ETH to SAY is 1 ETH to 80,000 SAY - the minimum purchase is 0.5 ETH and there is no limit to what you can buy. 50% of SAY purchased in this ICO will have a lock-in period until April 5. The SoftCap for this ICO will be 2 Billion SAY and the ICO will end once it reaches its HardCap.