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FoodCoin Pre-ICO Reaches $1.5 Million on First Day
In the initial days of the presale of the upcoming token, “FoodCoin” reaches over $1.5 million USD on its first day and currently tops $3.5 million mostly via Ethereum and Bitcoin. The team behind 1000EcoFarms.com, the company that inspired FoodCoin, is developing this cryptocurrency so that people in the real food movement have a resource that directly supports their networks.
“1000EcoFarms.com is a marketing and customer management platform while FoodCoin is focused on payment and contract-processing services based on the ethereum blockchain,” says Mark Meytin, co-founder and partner in the venture. “The coin is designed to support the global movement towards more localized agriculture. You can use either the existing platform or the coin, but if you use both, you will see improved efficiency.”
Traditional payment systems are often pricy or inconvenient for small farmers. FoodCoin hopes to reduce farmers’ costs and help them get more value from their sales.
“With our platform, we give food producers, regardless of their size, the opportunity to sell their products,” says Gregory Arzumanian co-founder of FoodCoin. “This helps small farmers manage in a competitive market which strengthens rural economies all around the world.”
The existing platform 1000EcoFarms.com will be the first to make the currency available to all its participants. The site hosts over 4000 users including 1000 sellers. Sales on the platform generate revenue through a percent-based model keeping it affordable for even the smallest producers while maintaining a sustainable business model.
Over 1850 people from all over the world participated in the FoodCoin presale beginning on August 23, 2017. The presale ends on September 6, 2017.
FoodCoin plans to launch the token by mid December, with several partners poised to use their blockchain token. Once fully operational, the company will donate 10% of all issued coins to projects focused on sustainability and social impact, especially in farming and agricultural communities.
Founded in 2017, FoodCoin is a global blockchain eco system for agriculture and food businesses. The team behind the blockchain token is committed to promoting and preserving direct farmer-to-consumer relationships and trade.
The opinions expressed in this article do not represent the views of EconoTimes.