Acudeen launching $35-M token sale

MANILA, Philippines — Acudeen Technologies, a Singapore-based digital marketplace that sells invoices ahead of their maturity, said it would launch a public token sale amounting to $35 million this April.

The company’s token sale operations are based in Singapore where it established its regional office in early 2018, said Acudeen Technologies chairman Januario Jesus Atencio.

“The ACU tokens serve as our answer to the growing demand for our services outside of our current consumer market. The purpose of our token sale is to accelerate more businesses with our services in the coming years through this revolutionary technology,” Atencio said.

Acudeen believes that tokenizing its services in a new ecosystem design would allow the company to bring financial inclusion to other parts of the world. The premise of the new system uses three main drivers: The AssetChain Platform, a permissioned blockchain, which stores all transaction data.

The company envisions a means for financial inclusion that facilitates verification, hassle-free transactions, cross-border purchasing and better incentivization.

“Business owners are empowered even more by being given the flexibility to choose when they want to complete purchases. The company views this as a unique opportunity to both adopt modern technology and to rapidly scale towards their company’s mission beyond the fame, the glory and the profits, Atencio said.

The private sale of the ACU Tokens are ongoing and will last until April 8 this year.

The Filipino startup has a target to expand in three to six countries in Southeast Asia within the next few years.

Officials said the company hopes to expand in up to six different emerging markets with a combined total addressable market of over $400 billion.

The company is targeting Myanmar for its first remote location, followed by Vietnam and Indonesia next year.

Acudeen has yet to identify the other countries but officials said it would focus in countries similar to the Philippines wherein small business owners face the same perils with regard to mobility due to inaccessible and expensive financing options.