Scotcoin will make its debut on the MEXC cryptocurrency exchange at today in a move that represents one of the biggest UK-based project listings of recent years and a big step forward for the ethically-focused crypto project.
The listing, which will see the tokens valued at a combined $250 million (£200 million), will pair Scotcoin with Tether – the world’s most liquid and largest dollar-denominated stablecoin. MEXC has an average daily trading volume of around $3 billion, placing it in the global top 20.
Funds raised during the listing will be used to recruit a full-time management team for The Scotcoin Project Community Interest Company (CIC).
In turn, the proceeds will also be used to further develop an ecosystem of partner organisations which accept Scotcoin as a means of payment for a range of goods and services.
The Scotcoin Project’s initial focus is on the provision of food, clothing, and shelter, building on the numerous initiatives supported by Scotcoin since its inception. The organisation will distribute Scotcoin directly and via approved agencies to third sector groups and people in need.
Scotcoin is already held by around 6,000 individuals worldwide and a growing number of third sector organisations and charities.
Ahead of the start of trading at 10am, Temple Melville, CEO of The Scotcoin Project, said: “Listing is a huge step forward in our plans – helping more individuals, businesses, and charities to access the token and use it as a mean of exchanging goods and services.
“Having a dedicated team in place will allow us to focus our efforts on signing up preferred partners in the areas we have identified and, most importantly, provide even more support, on a greater scale, to people who need it.”
Before trading their tokens, existing Scotcoin holders need to exchange their tokens for new ones. They need to consult the Scotcoin website before transferring any holdings at scotcoinproject.com