If you’re wondering how to set up an initial coin offering (ICO) for your startup or still trying to figure out how the mechanism works, a Singapore-based company will soon be able to give you a leg up.
A financial technology startup founded last year called PLMP Fintech plans to open Singapore’s first ICO, blockchain and cryptocurrency service and educational centre by March 1.
To be situated at BTH Centre in Serangoon North Avenue 5, the centre will feature a dozen customer service counters in the initial to provide one-on-one in-depth consultation and solutions such as proposing collective crowdfunding for startups.
In a statement, PLMP Fintech co-founder Mr Peter Lim said: “At these counters, our team of cryptocurrency advisors will work with customers and offer support and solutions every step of the way to manage their diversified portfolio.”
PLMP Fintech will partner with an international firm to launch the centre.
ICOs can be fraught with risks, and customers will be able to learn about the due diligence process, token security undertakings and how token investors can cash out.
The centre is expected to serve between 20 to 50 walk-in customers daily and will supply a special crypto wallet for ICO tokens as part of its security measure. Each wallet is uniquely coded to store private keys, enabling the owner to send and receive cryptocurrencies and monitor their activities in a secure manner.
The centre will also feature a state-of-the-art solar-powered room capable of holding more than 1,000 mining rigs worth more than S$10 million ($7.6 million).
There are also plans to install ATMs in the centre’s lobby to disburse various cryptocurrencies.
Mr Lim, who is a former Singapore Economic Development Board SEEDS entrepreneur, added: “Traditional companies and SME owners, particularly less tech-savvy ones, are still grappling in trying to understand how the cryptocurrency ICO fundraising mechanism works to achieve quality growth.”
“There is a need for one-on-one consultation and support, and we are here to fill in the gap.”