Afterschool.ae to initiate coin offering to raise money for expansion
Afterschool.ae is an online marketplace that makes it easy to search for after school acitivties listed in Dubai all form one site. Afterschool.ae recently announced that it will be allowing parents to use digital tokens and other crypto currencies to pay for their children’s’ after school activities.
Afterschool will launch an innovative ‘initial coin offering' (ICO) aiming to raise $1m by issuing its own currency known as ‘Afterschool Tokens' (ASTs). Afterschool will use a blockchain-based payments system where parents can use the tokens, and other crypto-currencies such as Bitcoin, to book and pay for activities provided both by Afterschool and third party affiliates.
The scheme is the first step in the company's plans to expand in the GCC and Southeast Asia by using blockchain technology. The company already has more than 500 activity providers, and 25,000 parents using the services.
Joanna Santillan, CEO and founder of Afterschool, said: "The launch of the Afterschool token pushes us in realising our vision of creating a global booking platform for parents offering hassle-free access to after school activities, schools and nurseries."In the future, we aim for the Afterschool token to become the go-to digital currency for the education industry as a whole."
Afterschool said it intends to use the proceeds of the ICO as follows: 60% for sales and marketing to drive expansion; 30% for product development and maintenance, and 10% for customer service.