Melbourne-based blockchain business, Shping has confirmed that it is moving ahead with its development and expansion roadmap, having already achieved 2 of its 5 funding milestones, and edging closer to its third as its Token Sale draws to a close.
To date, the shopper marketing and brand protection platform has raised over AUD 8.4 million after selling out its January Presale distribution 3 days early.
The success of the Presale allowed Shping to achieve its softcap of AUD 3.7 million, and greenlit several development projects outlined in its whitepaper.
Among the projects now in development are an API-based payment transfer engine which will enable Shping consumer and business users to easily acquire and transfer Shping Coins through certain cryptocurrency exchanges to be announced once the Token Sale concludes.
Reaching the second funding milestone enables Shping to add New Zealand, Indian and South Korean operations to its Australian, Singaporean, Russian and Chinese branches by the end of 2019.
“We have established partnerships in New Zealand, and we are working on some emerging opportunities in India and South Korea where a physical presence will be strategically advantageous,” said Shping CEO and founder, Gennady Volchek
A third milestone achievement would mean that Shping would also open up a presence in the UK, USA, France and Germany, where prospects for the shopper marketing and brands protection platform, Shping believes, are also promising.
The company is expected to sell just under 20% of the 5 billion Shping Coins earmarked for sale.
Instead of "burning", all unsold tokens will be added to the Shping App Incentive Reserve which rewards users for scanning barcodes, adding and updating product details and submitting reviews on products where a brand has not yet come on board.
“Shopping is a USD$28 trillion industry and we believe businesses are going to need a lot of Shping Coins to use the platform. That’s why instead of burning, unsold tokens will be added to the Shping App Incentive Reserve which will now take many more years to deplete, and as such, we do not expect it to impact the value of the coins being purchased in the Token Sale.” Volchek said.
Brands and retailers will require Shping Coins in their accounts to reward shoppers when they scan their barcodes with the Shping App to reveal important product details, reviews and marketing information that can help inform purchase decisions.
Brand owners are able to use their acquired Shping Coins to run Shping campaigns right away with a number of boutique brands in Russia, Australia and Chile among the first to trial the game-changing marketing platform.
“Selling the full amount of 5 billion Shping Coins in this climate was always going to be a challenge, but we’re delighted with the reaction from industry, buyers and the broader community, and we are excited to see our vision of Shping as a smarter, safer and more rewarding shopping experience coming to fruition.”
The low-circulation of purchased tokens may also be good news for Shping Coin buyers, as brands, retailers and crypto-enthusiasts seeking to purchase Shping Coins outside of the Token Sale will need to acquire them from buyers who did. .
"The team at Shping is grateful to every one who has purchased in the token sale and we’re excited to be keeping them up to date with our developments as we roll out this platform regionally and to the rest of the world”.
To take part in the Shping Token Sale during the last few days, head to https://tokensale.shping.com/buy-shping-coins.html