TiENPAY Launches ICO Funding Blockchain Royalty Disbursement Development
TiENPAY Limited is a financial technology firm that offers a global digital mobile wallet, clearance and settlement platform, which has launched its T8Coin ICO. The ICO will fund the company’s development of a blockchain-based royalty disbursement platform. In concert, TiENPAY is launching a fully licensed digital currency exchange in Hong Kong, in partnership with Chinese financial firm Baixin Financial Group Ltd. The exchange will allow the trading and conversion of four pairs of cryptocurrencies and fiat currencies, including Bitcoin/US dollar, Bitcoin/Australian Dollar, Bitcoin/CNY, and Bitcoin/Hong Kong dollar.
William Tien, founder and CEO of TiENPAY, stated: “I’m excited to announce that TiENPAY’s ICO has so far received strong investor enthusiasm, because our T8Coins are to fund a smart contract-based media and loyalty disbursement project that is expected to return handsomely for our token holders. In addition, the launch of the Hong Kong digital currency exchange pushes us one step forward in realizing our mission of creating a global and ubiquitous omni-channel financial platform offering hassle-free access to digital goods and services.”
Managing Director of Baixin Financial Group, Liu Ziwei remarked: “We are excited to partner with leading fintech company TiENPAY to launch the Hong Kong digital currency exchange. The exchange will benefit the fintech community in Asia to convert cryptocurrency and fiat currency with the convenience of just a few swipes of their fingers.”
TiENPAY’s T8Coin is a crypto token that utilizes the Ethereum Blockchain and consensus network. Early investors buying T8Coins during the ICO will be entitled to receive royalties in perpetuity from 20 web films TiENPAY plans to produce over the next five years. The web films will be embedded with TiENPAY’s proprietary Xtopp platform, which offers advertisement and sponsorship opportunities to clients, intended to create revenue streams that will be distributed to T8Coin holders. These web films will be distributed on China’s major online video sites and other distribution channels.
The ICO accepts Bitcoin or Ethereum in exchange for the T8Coin token, which represents a contractual right to receive a royalty derived from the sale of T8Coin content. T8Coin is supported by Smart Contracts that act as an escrow agreement between the T8Coin and the Investors who purchase the tokens.
Victor Chow, co-founder and group chief operating officer of TiENPAY, said: “It is the first time where web film production and distribution has been combined with innovative smart contract and blockchain technology to create an opportunity to benefit discerning investors. We expect with the completion and broad online distribution of our first movie before year-end, our token holders will be generously rewarded for their foresight in purchasing our T8Coin tokens.”
Last month, TiENPAY announced plans to produce 20 web films to promote the usage of innovative technologies. The first film, a comedy thriller web film ‘Wallet’, will be produced by Beijing Jinmache Film & Television Culture Communication Co., Ltd. Production will start in September.
The pre-ICO, which has a maximum of 100 million T8Coins, began on August the 18th. The T8Coin crowd sale, with a cap of 100 million tokens, will start on September 8th and run to the 22nd of September, 2017. Any unsold tokens will be ‘burned’, or destroyed.