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Y Ventures Launches Initial Coin Offering for E-commerce Cryptocurrency, Companies & Markets - The BUSINESS TIMES

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  8/1/2018Y Ventures launches initial coin offering for e-commerce cryptocurrency, Companies & Markets - THE BUSINESS TIMEShttps://www.businesstimes.com.sg/companies-markets/y-ventures-launches-initial-coin-offering-for-e-commerce-cryptocurrency1/6 SUBSCRIBELOG IN http://www.businesstimes.com.sg/companies-markets/y-ventures-launches-initial-coin-oering-for-e-commerce-cryptocurrency Y Ventures launches initial coin offering for e-commerce cryptocurrency  TUE, JUL 31, 2018 - 6:24 PM CATALIST-LISTED e-commerce player Y Ventures Group has launched an initial coinoering (ICO) through its subsidiary, Luminore 8, making it the rst Singapore-listedcompany to do so, with the new AORA Coin cryptocurrency envisioned for use in e-commerce transactions.Y Ventures hopes to raise US$50 million through the proposed ICO, subject to a minimumof US$20 million, with the proceeds to be used for the development of its AORA e-commerce platform.The ICO begins on July 31 and ends on Nov 30, with the tokens priced at 20 US centsapiece and payment accepted in US dollars, Singapore dollars, or the cryptocurrenciesEthereum and Bitcoin. The AORA Coin is a utility token built on the Ethereum network, with a total supply of 625 million tokens minted and a total supply of 250 million saleabletokens.All participants in the ICO will have to go through Know-Your-Customer and anti-moneylaundering processes, said Y Ventures in an announcement on Tuesday after the marketclosed. Luminore has engaged EBS Capital Partners as the lead manager and coordinatorfor the ICO.  JANICE HENG    janiceh@sph.com.sg   @ JaniceHengBT COMPANIES & MARKETS    8/1/2018Y Ventures launches initial coin offering for e-commerce cryptocurrency, Companies & Markets - THE BUSINESS TIMEShttps://www.businesstimes.com.sg/companies-markets/y-ventures-launches-initial-coin-offering-for-e-commerce-cryptocurrency2/6 Early adopters of the AORA Coin will gain access to additional benets and features onAORA, Luminore's upcoming blockchain-enabled global buying platform which will allowconsumers to buy from any online store using cryptocurrencies. Luminore chief executiveocer Cedric Choy said the company is the rst to develop, from ground up, a hybrid e-commerce platform augmented with blockchain technology that accepts both crypto andat currency . SEE ALSO: Initial coin oerings are getting a bad rapDeveloped in partnership with SingPost, AORA is expected to be launched in the rst half of 2019. Its blockchain payment gateway AORA Pay could help merchants save up to 8 percent on fees, said Y Ventures.Said Y Ventures chief executive ocer Alex Low: AORA signals our optimism in the growthpotential of the e-commerce industry and will be a new growth pillar for the group. Y Ventures shares closed unchanged on Tuesday at 49.5 Singapore cents before the ICOannouncement. Y VENTURES GROUPCRYPTOCURRENCYINITIAL COIN OFFERING COMPANIES & MARKETS  8/1/2018Y Ventures launches initial coin offering for e-commerce cryptocurrency, Companies & Markets - THE BUSINESS TIMEShttps://www.businesstimes.com.sg/companies-markets/y-ventures-launches-initial-coin-offering-for-e-commerce-cryptocurrency3/6 SBI Oshore expects H1 loss, with no recorded revenueCSC Holdings responds to SGX query on Q1 lossMary Chia Holdings net loss narrows to S$5.8m for FY2018Resources Prima Group reports Q1 net loss of US$313,000 on going concern basisRoxy-Pacic's Q2 net prot falls 56.7% to S$6.4 milliona-iTrust to acquire two buildings in India MUST READ http://www.businesstimes.com.sg/government-economy/manufacturing-upbeat-expectations-dip-but-services-sector-holds-steady  8/1/2018Y Ventures launches initial coin offering for e-commerce cryptocurrency, Companies & Markets - THE BUSINESS TIMEShttps://www.businesstimes.com.sg/companies-markets/y-ventures-launches-initial-coin-offering-for-e-commerce-cryptocurrency4/6 Manufacturing upbeat expectations dip, but services sector holds steady  Jul 31, 2018 http://www.businesstimes.com.sg/government-economy/daily-debrief-what-happened-today-699
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