Dubai’s AfterSchool Activity Marketplace Set for ICObr>
Afterschool will be launching its initial coin offering (ICO) on September 26 to internationalize the product and to decentralize the marketplace. Funds raised for this ICO will be directed for the company’s expansion in key countries in Southeast Asia.
Afterschool, a Dubai-based, two-sided, after-school activity marketplace, is looking to disrupt the after-school activity booking industry by implementing an online system that enables parents to book kids’ activities with ether, bitcoin, or Afterschool tokens. Its activity providers will accept the same.
Aside from the form of payment, another motive of Afterschool is to reward parents and activity providers who registered to the platform by using AST tokens, promote Afterschool, and help in the curation of information and reviews.
“We believe that Afterschool using blockchain technology is an opportunity to keep our database up-to-date and relevant, and allows us to be on top of rapidly moving trends in the EdTech industry,” said Afterschool founder and CEO Joanna Santillan.
With its ICO, the company would be the first after-school program platform to create its own digital currency. Afterschool has set the total cap for AST tokens at 800 million, which are available for purchase during the upcoming public crowdsale. The company’s minimum investment goal is $1 million.
Afterschool said that all funds raised during the ICO will be held in a multi-sig wallet controlled by the team council. All tokens allocated to the founders and team (15%), and investors (10%) will be reverse-vested for 24 months with monthly cliffs. The platform has set aside a portion of tokens (8%) for future partnerships and has allocated 5% of the tokens to the bounty pool, intended to reward community efforts.
The base price of Afterschool tokens on the day of crowdsale is set at $0.05. The ICO will begin with a starting bonus of 60% and the price of ether will be locked to the value of the US dollar on the day of the launch.