Financial services are constantly being revolutionised, from online banking to cashless transactions to the recent introduction of cryptocurrencies, every technological advancement has a direct consequence on the finance sector.
However, a lot of these technological innovations do not encompass the whole banking sector as the innovations are usually targeted at specific niches of the sector. Asseta, founded by Lukas Zaranka is a Lithuanian based platform built on the blockchain technology that offers a digital banking system that integrates all the tools of both traditional and the technological advanced digital banking.
Asseta’s primary objective is to build a platform that will provide cost effective and efficient financial services that will work across all niches of the banking sector including payments, loans, insurance, currency exchanges and investments. Asseta is looking to create alliances with payment networks like the European Union, Western Union etc. as well as obtaining a banking license to enable them operate freely in as a digital bank in order to achieve its goal.
Asseta Coin – AST
Asseta coin named AST is the platform’s internal cryptocurrency created to serve as a means of online and offline transactions between users within the platform. The coin is an ERC-20 token based on the Ethereum blockchain, it is still in the developmental stage and is expected to be officially launched as an accepted means of payment in the third quarter of 2018. Other than facilitating transactions within the platform, other uses of the token include;
- Being a token holder qualifies users on the platform for reward programs and special offers on the system.
- The token is redeemable in fiat currency and other established cryptocurrency for token holders who may decide to sell their tokens for a profit.
- AST token holders are eligible to as much as a 50% discount for every transaction on the platform.
- The token value will increase whenever a new product or service is released into the market by the platform.
Initial Coin Offering of Asseta coin
Asseta is holding an ICO in a bid to raise funds for further development of the platform. In the ICO, AST coins will be sold to investors in exchange for Ethereum, the only accepted medium of payment. A total supply 33 million AST tokens were issued by the company in readiness for the ICO. The distribution structure for the tokens is as follows;
- 90% (29.7 million AST) – Token sale
- 8% (2.64 million AST)- Team and marketing
- 2% (660,000 million AST) – Bounties
The Asseta ICO is currently on going, it started on the 2nd of February 2018 and is set to end on the 28th of February 2018. The soft cap and hard cap for the sale is set at 10,000 ETH and 30,000 ETH respectively. Tokens will be sold at a rate of 1300 AST per ETH until the soft cap is hit then the tokens will be issued at 1000 AST per ETH.
As at the time of this report, 54% of the token issued for the ICO, approximately 16 million AST had already been sold. At the end of the token sale, unsold tokens will be channelled back into the system and burned by the smart contracts protocol. The coin will be made available for trade on cryptocurrency exchanges two weeks after the ICO is concluded.
The Asseta platform is managed by a 20 man team of experienced and skilled programmers, fintech analysts and advisors. The primary objective of Asseta is to eliminate the barriers between fiat currency and cryptocurrency by offering a platform that incorporates all the tools of transactions across both fiat and digital currencies.