A new Singapore-based ICO has been announced with plans to build a blockchain-enabled global buying platform. AORA is being developed by Luminore 8, a subsidiary of Y-Ventures Group, an e-commerce and technology company also based in Singapore.
The ICO was launched yesterday and the presale and crowd sale will take place in October and November respectively. The target raise is $50 million, with a soft cap of $20 million. 625 million ERC-20 tokens will be minted of which 40 percent will be sold during the two stages of the token sale.
The platform is hoping that its tokens will allow consumers to buy products from any online store and marketplace, and it appears there are plans to facilitate other common cryptocurrencies. A social marketplace will allow customers to find products curated by other users on the platform.
In addition, the outfit is looking to offer business logistics solutions, with merchants having access to a suite of smart contract-powered services including fiat and crypto-currency conversion, product review mechanisms and logistics management.
Driving Crypto Adoption for e-Commerce
Whilst ICOs are not unknown to make pie-in-the-sky claims, the Y-Ventures project has some interesting elements to it that appear to make it stand out from the crowd.
For starters, Y-Ventures is a data driven e-commerce company that already retails via Amazon, eBay, Jet and other marketplaces in the US, Europe, Singapore, Indonesia and Taiwan. In other words, the platform has pre-packaged access to an array of networks and potential markets.
With cryptocurrency for e-commerce appearing to lose momentum in recent months, the AORA team are no doubt hoping they have the right resources and critical mass to encourage merchants to begin accepting crypto on a wider scale.