LavkaLavka, the Russian International eco-farming and retail network, has announced the success of its BioCoin token presale. The first round of token sale, that concluded recently exceeded expectations after it managed to raise twice as much as what was initially hoped for. With this success, the total fundraising goal of $15 million has achieved 13% of its target. The sale closed with $2.5 million worth of Biocoin purchased in just two weeks.
“Often the concept of presale is used by startups as a PR stunt only. For us presale was tremendous work which yielded great results.” – Boris Akimov, CEO LavkaLavka.
BioCoin is a blockchain-based loyalty program, aimed to support eco-farming and organic food retailers worldwide for a greener economy. BioCoin is used by green businesses instead of the traditional loyalty points as a means of customer encouragement. BioCoin’s, second round crowdsale launches on 1st November. It is the first cryptocurrency that can be used for everyday purchase since it can be redeemed at any affiliate store. Alternatively, it can be traded on the exchange at a more favorable rate.
By 2018, the BioCoin founders expect more than 3,000 global businesses to accept the cryptocurrency. Demand will then grow gradually as the network itself continues to grow. The growing demand will in turn drive the BioCoin price upwards and thus businesses will not suffer losses as a result of discounts and rewards but actually, accumulate value. Rewarding customers with BioCoin allows these businesses to return value back to the community.
On the other hand, LavkaLavka is a farmers’ cooperative for small and midsized farms across Russia. They deliver fresh, natural, seasonal food produced in Russia. Today, tens of thousands of consumers, retailers, and farmers worldwide are backing LavkaLavka and BioCoin. LavkaLavka reports that about 20 million BioCoins are already in daily circulation in Russia and several other countries.
BioCoin has become a domestic market pioneer by being the first ICO held in full compliance with Russian laws. Since the presidential administration has recently recognized the potential for growth in the token crowdsale funding model, BioCoin project’s CEO was invited to head the ICO department at the Russian Association of Cryptocurrency and Blockchain (RACAB) whose purpose is to help the Russian state develop a new approach to the industry.
The network is hoping to project the same degree of success into its main crowdsale, on 1st November, and overall network expansion.