Currently in its pre-sale phase, the CryptoGaule ICO is targeting a very specific demographic – speakers of the French language.
The token, CGL, is not an ERC20, Ethereum-based token – as most ICO tokens tend to be – but rather a Litecoin fork that runs on its own blockchain and which aims to be “the preferred digital payment tool for the French-speaking public.”
Recognising the infancy of the industry as a whole, CryptoGaule intends to serve as an educational platform to help encourage crypto-currency mass adoption, as well as offer its own prepaid debit card to be used within the French business sector.
Despite the French focus, both the website and whitepaper are also available in English.
A maximum supply of 300 million CGL will be produced with one fifth of those pre-mined. A hard cap of €28,644,000 has been set with an average token price of €0.62 (staged discounts apply). Payment can be made in ETH, BTC or LTC.
The launch comes at a time when The Autorité des marchés financiers (AMF), France’s equivalent of the United States SEC, is taking a more active role in policing ICOs and cryptocurrency in general.
As the French press has been reporting, however, the AMF appears to be more welcoming than its American counterparts and is looking for Paris to become “the capital of ICO.”
Nonetheless, the AMF still remains vigilant as its communique of last Thursday highlights, focusing on fifteen crypto-related websites that were operating illegally as “without prior allocation by the AMF of a registration number.”
CryptoGaule are currently in consultation with the AMF in order to have the requisite licence in place ready for the public round of the ICO beginning in two weeks’ time.