A dining rewards-based payment startup in Australia called Liven is creating its own cryptocurrency called LivenCoin.
The loyalty program company based on Melbourne says, that the move will be the first of its kind to let Australians transacting with cryptocurrency in daily life on a large scale via the Liven app.
This application was founded in 2014, which allows 180,000 users to be credited with 15% to 25% of their bar and restaurant bills, which can then be spent on their next outing or donated to charity.
It has raised $11,5 million traditional capital and $5 million in bill payments.
Today, the Fintech also launched the pre-sale for ICO with a purpose to gain $65 million. There is a minimum buy-in similar to $10,000 of Ether coins.
LivenCoins will be able to be spent at partner restaurants across the Liven network including 8Bit Burgers, Poke Bowl, Roll’d, Crinitis, Mad Mex, Massi, AU79, Nene Chicken and Nandos.
The co-founder Grace Wong says, that ICO will help Liven to develop a new cryptocurrency gateway for the platform as well as fund expansion into new markets and verticals. She points:
“Liven has a strong presence in both Melbourne and Sydney, however a key focus is to grow our footprint in what we’ve identified as a $39 billion market in Australia alone . We’re demonstrating 50% quarter on quarter growth, already operating as a network currency system.”
A co-founder and academic behind Liven’s economic formulae Dr. Bellerinin says the ICO is an anomaly among projects in the latest funding trend.
He says, that Liven has been of significant interest, because unlike the vast majority of ICO projects, the company is supported by a successful business model with sound unit economics and backed by millions in private capital, that only comes after painstaking due diligence and expert analysis.
“With its expansive network of merchants and customers, Liven will be the first company to achieve mass adoption of crypto transactions, external to crypto-communities.
With this new project, Liven will be the first company to achieve mass adoption of crypto transactions, external to crypto-communities.