Dropfoods prepares ICO to issue Dropcoins tokens

Dropfoods prepares for Initial Coin Offering (ICO) to issue its own token called Dropcoins on 21 September. Startups headquartered in Hồ Chí Minh operating a smart vending machine service on Tuesday announced plans to conduct ICOs to enable payments without money.

Tinuku Dropfoods prepares ICO to issue Dropcoins tokens

Dropfoods is preparing to raise US$9 million in the Initial Coin Offering scheme to issue its own token named Dropcoins. The ICO scheme is done because the Dropfood business wants to build Dropcoins blockchain technology, but digital currency raising is only open to accredited investors.

Dropfood operates a vending machine to sell food and beverages by utilizing a mobile app to conduct non-cash transactions. Digital wallets connected to the machine allow users to purchase products, charge mobile credit, pay bills, and transfer money to other users.

Currently startup claims to have machines in more than 40 locations in Vietnam. Startup says it will use the funds to install 1,000 new vending machines. Dropcoin will be used for purchases and transactions on the machine.

The company also plans to convert tokens into traditional currencies according to exchange rates on the market. Virtual currency allows easily accessible cross-border transactions without having a bank account. The Vietnamese government is currently planning a crypto currency regulation for approval next year.