Thai mobile phone retailer Jaymart’s VC arm to raise US$20 million from ICO - Reuters

 

Thai mobile phone retailer Jaymart’s VC arm to raise US$20 million from ICO

Thai mobile phone retailer Jaymart’s VC arm to raise US$20 million from ICO

Wed Jan 17, 2018 - 22:00pm UTC

Jaymart, J-Ventures

17/1/2018 – J-Ventures, the subsidiary and venture capital arm of SET-listed mobile retailer Jaymart Pcl (JMART) is planning to raise US$20 million via an initial coin offering (ICO).

According to a regulatory filing to the Stock Exchange of Thailand, J-Ventures has created 300 million JFin digital tokens, and it plans to offer 100 million tokens in the first phase at the price of US$0.20 each.

The pre-sale period will run during February 14 to 28, while the ICO offering will officially begin from March 1 to 31. The remaining 200 million tokens will be use in later stages to raise funds for expansion or acquisition.

Proceedings from this investment, on the other hand, will be used by the company to develop a decentralized digital lending platform integrated with blockchain technology.

Adisak Sukhumvitaya, the Chief Executive of Jaymart said, “We are confident that our JFin coin will get good responses from investors and other interested persons who trust Jaymart’s business and the future of the digital world.”

At present, J-Ventures is in the process of completing the white paper as a key pitch document to potential investors for the JFin ICO. It will be released globally on their website www.jfincoin.io on February 14.

“Jaymart’s loan service business has a large growth potential. Therefore, we need to create an ecosystem, develop a customer database and provide a new channel for people to access loans more easily,” said J-Ventures Chief Executive Officer Thanawat Lertwattanarak.

JFin digital currency can be used to purchase products in Jaymart’s shops, as well as being traded on Thailand Digital Asset Exchange (TDAX) and Thailand Bitcoin Exchange (BX).

At present, there are no clear regulations with regards to ICOs in Thailand. “Before launching the ICO, we have been in talks with the Securities and Exchange Commission. However, once the ICO regulations are officially enacted, we will definitely consider and adhere to the regulations,” Lertwattanarak added.

Founded in 2017, J-Ventures provide services for software development and make investments in financial technology firms. Previously, the company has led a US$3 million Series A round in Thai e-wallet developer T2P last August.

In a related development, JMart has recently announced its plans to invest more than B19.5 billion (about US$610 million) to supports its business growth, among which J-Ventures will receive around B140 million (about US$4.38 million).

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