An all-Filipino executive team from a Hong Kong-based crypto-currency company has conducted what it said is the first IEO (initial exchange offering) for a Filipino crypto-token.
Mitoshi CryptoLotto is now listed in Exmarkets, an internationally recognized cryptocurrency exchange, the company behind the cryptocurrency firm said.
Mitoshi CryptoLotto is touted as the “next generation of online lotteries that is powered by smart contracts on the Ethereum blockchain platform.”
“It is currently building a fully fair, transparent and secure lottery experience for the global market — where players will be able to enjoy a wide array of draws with nearly instant payouts,” the company added.
Mitoshi CryptoLotto first started with an ICO (initial coin offering) last October of 2018 to crowdfund the needed resources to build the project.
“At that time, many blockchain-based projects succumbed from the bearish overtures from a crypto winter. But for Mitoshi, come second quarter of this year is looking at rising from an underperforming ICO towards repackaging it as an IEO,” the company said.
TC Picardo, CEO and Founder of Mitoshi CryptoLoto, said the blockchain space deserves a good project. “We are now looking at an IEO platform to continue with our crowdfunding initiatives,” he said.
“We at Mitoshi are beginning to realize that we have to evolve with the current developments in the blockchain space,” added TC Picardo. “That is why we are looking at an IEO platform as the more accepted crowdfunding alternative to ICO to make our cryptolottery project a reality”.
Mitoshi Worldwide Holdings Ltd. said it is currently registered in Hong Kong to capitalize on the friendly and lax regulations on cryptotocurrency and blockchain based start-ups.
However, it has an all-Filipino executive team that includes Picardo, Norman Velasco as COO and co-founder; Rob Jumchai as CMO, and Jocelyn Peralta as finance and accounting officer.
For its IEO, Mitoshi partnered with Exmarkets, recently ranked by ICOBench as “the most popular ICO Launchpad” as of its May 2019 Digest.
“Exmarkets offers a good value IEO platform — and we do enjoy the marketing support attached to listing with them,” said TC Picardo. “In the short days that we negotiated with the Exmarket team, we enjoyed their energy and look forward to working with them”.
Mitoshi CryptoLotto Tokens was launched in Exmarkets last June 23, 2019 and will run for one month until July 23, 2019.