MicroMoney Ends Token Distribution Campaign, Raises Over $10.5 Million
Before the Start of AMM Token Trading
It is officially ‘mission accomplished’ — but the story continues as MicroMoney Intl, the world’s first blockchain credit bureau and social lender, ends its AMM token campaign on a high note. With the soft cap of $10 million reached days ago, the total attracted funds exceeded $10.5 million, the company reports today. The raised capital means that the project of helping millions of unbanked people around the world get loans and build credit is fully viable, and MicroMoney can now carry out its mission laid out in the whitepaper.
AMM tokens will be traded on a number of high profile exchanges such as HitBTC, Yobit, and others around November 25th or soon after. The bonuses that were received by some participants will be automatically added to the amount of tokens received through donations and displayed along with the wallet balance, MicroMoney explained.
“This is a huge milestone in expanding our mission of helping the world’s unbanked enter the global financial system,” said MicroMoney’s co-founder Anton Dzyatkovsky. “We are grateful that we were able to get the support that we have now and this is just the beginning. We have a lot of work ahead of us.”
The company reports that 15% of the funding will be spent on further developing the platform and mobile applications and another 15% will be used for legal, operational and marketing framework. Most of the money, 70%, will be used to help setup funds for payday loans.
Having entered more than six Southeast Asian markets, MicroMoney has developed a unique mobile application that allows to give out loans online by using smartphone data only, without a credit check. Unbanked people in many countries can now obtain loans to manage their daily problems and build virtual credit history.
