Associare to raise funds for its 'Chatello' App for social media monetization
Picture for representation IANS

Associare announced on Tuesday (January 2) the launch of its Initial Coin Offering (ICO) to fund the development of its proprietary new app, Chatello, in Dubai.

Chatello is designed to become the Social Media industry's standard go-to app for the monetization of social media followers and influence. Currently, there are no apps in the market, which can effectively serve as a revenue-generating communication platform, enabling social media influencers, celebrities, and businesses that utilize social media, to monetize their presence, and establish genuine, synchronous or asynchronous, communications between influencers and their follower base.

"While the celebrities with 20 million followers or more have found ways to monetize their influence, those with followers of 100K ' 20M have not been able to effectively monetize their sizeable social media presence, until now," says Rabie Fares, Associare's CEO.

With Chatello, users can communicate with people they never had access to before. Chatello gives the user the power to ask questions or seeks advice, from the people they most admire. They can chat with celebrities and influencers around the world with a simple click.

"We are committed to getting onboard at least 100 global and/or regional celebrities and influencers, to use Chatello. We have already received commitments from four celebrities, and we haven't even launched the App yet," said Rabie. "Beyond a mere social media app, we see Chatello as a pioneering revenue-generating communications platform," he added.

The ICO is valued at US$10M and the company is projecting a revenue of US$20M by the second year of operations. It plans to give away 20% of the profit to the initial Chatello token buyers. "It's our way of thanking our early backers, and it's our commitment to honor this offer," said the company in a statement.