Antigua Organises ICO to Fund Local Development Initiatives

Antigua Organises ICO to Fund Local Development Initiatives

According to yesterday’s press release, the Government of Antigua and Barbuda have given permission to Antigua-based CNET to run its Ethereum-platformed ICO to raise funds for energy development, community enhancements and local charitable causes.

Because of the intent and structure of the fundraiser, it will be officially known as an Initial Coin Offering for Development (ICOD) and will involve the issuing of the Antigua and Barbuda Development Coin (ADC).

Range of Projects

The scheme will encompass a variety of projects including the development of an agricultural complex, a hydroponics plant, a large solar power plant, an orphanage, a halfway house for victims of domestic abuse as well as an animal shelter.

More commercial aspects include tie-ins with real estate, food exports, travel operations and a micro-finance institution.

The private consortium behind the token sale is CNET International, a group of companies involved in community development and renewable energy sector, with a stated mission of increasing economic growth for Antigua and Barbuda through Public-Private Partnership agreements.

With a hardcap of $55 million and a softcap of $10 million, each ADC will be priced at $1, with 55% of tokens made available to the public in its main sale. A total supply of 100,000,000 ADC will be issued and minimum investment of 0.01 ETH will be accepted while the maximum has been set at 50 ETH per investor.

Investors in the ICOD will receive 50% of net income from the projects in the form of ETH, with the other half being reinvested into the projects themselves.

The press release follows the news from last month that another country in the region, Montserrat, is considering a digital equivalent of their Eastern Caribbean dollar currency.