Dropfoods operates an army of smart vending machines in Vietnam. The company, which is backed by Singapore-based venture builder Sugar Ventures, announced today it plans to raise US$9 million in an Initial Coin Offering, issuing its own tokens called Dropcoins.
The ICO is notable because Dropfoods’ business is not based on the blockchain digital ledger technology. In addition, it is only open to accredited investors.
Dropfoods combines physical vending machines selling food and drinks, and a mobile app to enable cashless transactions. The digital wallet connected to the machines allows users to buy products, top up their mobile credit, pay bills, and transfer money to other users.
The startup says it will use the funds raised from its ICO to install 1,000 new vending machines. It claims to have machines in over 40 locations in Vietnam at the moment.
Dropcoins will be used for purchases and transactions on the machines. The firm also plans to allow conversion of the tokens into fiat currency, according to the aftermarket coin value exchange rate. The vision is to enable cross-border transactions and digital remittance through physical terminals, which are easily accessible by people who don’t have bank accounts.
The Vietnamese government, in the meantime, is currently assessing cryptocurrencies with a view to forming a regulatory framework for them by next year.
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