Coinlancer, a UK based start-up has come up with a freelancing platform on Tuesday in Philippines for proceeding with its Initial Coin Offering (ICO) activities. This is being conducted as a part of Coinlancer’s global marketing campaign on a holistic level which aims to raise a corpus of $50 million in aggregate through its ICO dealings. The Blockchain based Coinlancer is trying to bridge gaps in payment architecture by proper use of cryptocurrencies. Its cryptocurrency, named as Coinlancer Token (CL) aids in seamless functioning of Blockchain based job market targeted mostly at freelancers.
Sai Teja, a Coinlancer advisor was recently quoted as saying, “We are raising $1 million for marketing in the Philippines. We are expecting one million users for next year” during a press conference conveyed at Crowne Plaza in Ortigas. The Coinlancer ICO was launched with a beginning price tag of $0.25 per token. A total of 300 million tokens are scheduled to be offered in between 14th October to 15th November, 2017. Teja feels that freelancers will be hugely benefitted from Coinlancer’s platform given its low transaction fee of a meagre 3% in comparison to peer platforms which charge fees ranging between 10-20%.
Coinlancer advisor Amarjit Singh, said that only 300 million tokens were offered to investing public for long term value creation. He pointed out that, “That is how you create value, when you have something in limitation. Anything that is scarce creates good value in the long term.”
Singh also emphasized on the point that the Coinlancer token is a utility coin which cannot be bound by regulations of the Securities and Exchange Commission (SEC). “We don’t create security-based cryptocurrencies. The Coinlancer token is not a security token. It is a utility token,” Singh stated.
Users can gain complete access to their desired products or services by making use of an utility coin. Similarly, users can pay for availing freelancing services and also offer an array of payment options spread across various ecommerce platforms by using the Coinlancer token.
Coinlancer first came out with its platform in Malaysia before spreading its wings in Philippines. Singh was quoted as saying, “The stand in Malaysia is they want to see what is the adoption rate, how many users like it.” Teja confirmed Coinlancer’s plans of setting up a Philippines office after meeting the Filipino marketability requirement. According to Teja, “If we get many users in the Philippines, we will set up an office in Manila too.”
Jonathan Tinoco, the Marketing Director of Coinlancer Philippines expressed his doubt regarding Coinlancer’s success. “The only investment is belief. The only risk is being out of the market,” Tinoco said. He added that, “It is also time for us to adopt this technology. We don’t know what will happen in five to 10 years from now if we are not a part of it.”
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