- Alternet Systems will launch an ICO to finance and expand its operations in Africa.
- The technology firm IW Global will be responsible for making the fundraising on the blockchain of Ethereum. Its goal: 100 million USD.
Alternet Systems Inc. (ALYI) announced that it will seek to raise $100 million through an ICO launched on the Ethereum blockchain. The company is dedicated to the development of more efficient systems to store energy and, at the moment, they have a vehicle manufacturing project with an investment of more than 300 million dollars in Africa.
The business strategy, focused on the ICO on the Ethereum blockchain, was announced earlier this month. It is part of Alternet Systems’ long-term plan to enter the electric vehicle sales market in Africa. The Project began in 2018 with ReVolt Vehicles, a subsidiary of Alternet Systems, to find innovative solutions to everyday transportation in areas of growing economic development.
Alliances built on Ethereum
One of ALYI’s partners is the technology firm IW Global. A company that has a successful track record in launching projects based on the Ethereum blockchain. Its intention is to advise ALYI on the launch of the ICO based on Ethereum. In such a way that all the legal requirements and procedures that give greater legitimacy to ALYI’s initiative are complied with.
The plan they have designed with their partners in Kenya, includes the creation of a new company called NewCo. This entity would begin to operate independently of Alternet Systems, but would be managed exclusively by ALYI to continue and expand its operations in Africa. The money raised through the ICO would have specific and concrete objectives: to build an infrastructure for NewCo and to finance the production operations of the ReVolt vehicles which, so far, have confirmed sales orders to be delivered to the United States.
Ethereum in everyone’s mouth
Alternet Systems’ partner, IW Global, is an example of what can be achieved when the possibilities offered by Ethereum’s blockchain are fully exploited. The technology firm has managed to use the potential of cryptomoney to create wallets, payment platforms, and advise other companies such as ALYI in their search for financing. Versatility is undoubtedly a strength and a plus in the adoption of blockchain technology.
However, one of the events that are being most fervently discussed in the Crypto Community is the upcoming Ethereum update. This event is scheduled for January 2020. Several users have expressed concern about the changes that the event may have on the functioning of the Ethereum blockchain, as reported by the CNF. Vitalik Buterin, one of the creators of Ethereum and an active member of the cryptocommunity, has been quick to reaffirm the advantages that the move to Ethereum 2.0 will have in an attempt to reaffirm the positive side of the update.
The price of Ethereum has been little influenced by the expectations for the update. In the last 24 hours it has lost 2.46% of its value and, at the time of publication, stands at 181 USD with a 5.50% gain in market capitalization.
It remains to be seen how Altenet Systems’ project will progress and how its attempt to raise $100 million, with an ICO based on Ethereum’s blockchain, will be affected by the events to come.