Singapore's mobile payment platform SpherePay is set to launch its own cryptocurrency called "say" in the next few months. The homegrown company will also be introducing the world's first shared economy blockchain platform.
SpherePay is carving a new path in the blockchain industry in partnership with Odyssey, a sharing economy blockchain project started by the founding members of Obike. The biggest mobile payments service in Southeast Asia is also launching its own cryptocurrency and official token called say. As to the amount of funding, neither SpherePay nor Odyssey disclosed details.
"SAY is an ERC20 token and ETH ERC20 wallet compatible. The company will release a total of 10 Billion SAY tokens, within this, 40% will be offered on ICO. The company will announce SAY's Initial Coin Offering (ICO) within the next two days, releasing over 6 Billion tokens to the market," says SpherePay in a statement to IBTimes Singapore, adding that the public can subscribe to receive the token during its ICO via the official website at say.spherepay.co.
The investment from Odyssey has been considered strategic being the only provider in the shared economy of blockchain project in Southeast Asia for virtual currency transactions. SpherePay will be launching the encrypted currency wallet and QR code payment function in March 2018.
"This new development will see SpherePay as the only mobile payment platform in the world that enables the virtual currencies to be transacted in real life. This means that users will be able to spend their cryptocurrencies to purchase everyday items via the SpherePay app," says SpherePay.
The e-wallet will support cryptocurrencies such as bitcoin, ethereum, say, and OCN, among many others. With this, users will be able to pay with a credit card, debit card, and SpherePay's Advanced Credit.
"We look forward to bringing premium cryptocurrencies to the real world with SpherePay's fast-paced ecosystem of blockchain and cryptocurrency which will cover over 400 million people in South East Asia. This innovation will enable our users to pay for their purchases using cryptocurrency whenever they need it," says SpherePay chief executive Joseph Chen.