SpherePay
SpherePay

Singapore homegrown mobile payment app company SpherePay on Monday announced its initial coin offering (ICO), also known as initial token sale.

Earlier this month, SpherePay announced that it will launch a total of 10 billion 'SAY' token, of which 40 percent will be distributed for sale via ICO.

ICOs allow startups founded on cryptocurrency technologies such as blockchain to quickly raise capital by issuing virtual tokens to investors. Such offerings have become more common in the past year.

Spackman Entertainment on Monday said it plans to launch its own Korean entertainment utility tokens through an initial coin offering.

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Interested buyers and investors can purchase SAY via exchanging Ethereum (ETH) tokens to SAY tokens on cryptocurrency digital wallet such as MyEtherWallet, ImToken or others.

The current exchange rate of ETH to SAY is 1 ETH to 80,000 SAY and minimum contribution is 0.5 ETH with no personal cap. 50 percent of SAY purchased in this ICO will have a lock in period until 5th April 2018.

SpherePay recently completed its latest round of raising funds over US$10 million along with a strategic partnership with oBike, Southeast Asia's largest bike sharing operator.

Through the partnership, SpherePay will integrate oBike's operating system into its app that will enable SpherePay to support all services available on oBike's app including its geofencing feature and crowdsourcing delivery service, oBike Flash.

SpherePay serves over five million users and has more than 10,000 merchants in the region.

The company also plans to expand throughout South East Asia covering Singapore, Malaysia, Indonesia, Thailand, Philippines, Vietnam and Cambodia by the second quarter of 2018.