Utu Technologies, a Nairobi-based startup building a trust infrastructure on the Aeternity Blockchain, has announced the upcoming launch of the first ever African Initial DEX Offering (IDO) on the Binance Decentralized Exchange, Binance DEX.
The launch, which was announced at the Aeternity Universe One conference, an event dedicated Aeternity Blockchain’s ecosystem, will help it raise funding rooted in the company’s core values of trust and innovation.
Speaking on the upcoming launch, Jason Eisten, CEO, Utu Technologies, said:
“From the onset, our mission has been to bring real-world trust to the digital world; and we believe conducting an IDO is the next step up toward expanding this vision.”
IDOs are a fairly new concept in blockchain funding, but are growing in popularity due to their independent nature where the token issuer is 100% responsible for self-organizing and independent of the platform, in this case, Binance.
— AE VENTURES (@aeventures) September 21, 2019
UTU’s mission is to deliver proprietary trust recommendations to decentralized applications with the aim of disrupting anonymous star ratings and reviews, the current standard for discerning trustworthiness of digitally contracted service providers.
UTU participated at the AE Venture’s Starfleet Accelerator program where it received $200, 000 in funding and went on to win the Startup World Cup at the Trescon Global AI Show in Nairobi, Kenya.
Speaking on UTU’s success so far, Nikola Stojanov, CEO, AE Ventures, said:
“The AE Ventures team is very proud of UTU’s success through our Starfleet accelerator program. We share UTU’s vision of providing a safer, more trusted digital world, built around relationships; and we are happy to support their efforts to build a solid blockchain ecosystem in Africa.”
Other African-based blockchain projects that participated at the Aeternity Universe One Conference in addition to Utu Technologies included Aeternity Hub Africa and RideSafe both of which are running projects on the Aeternity Blockchain.
Whereas an Initial Exchange Offering (IEO) is launched on a centralized exchange (e.g. Binance), an IDO is launched on a decentralized exchange. Once again, Binance is leading the charge, although with its decentralized exchange known as Binance DEX.
Sign Up for the upcoming Centonomy Cryptocurrency event featuring the Blockchain Association of Kenya, Lawyers Hub Kenya, and Luno Africa Crypto Exchange, on September 27th, 2019 in Nairobi, Kenya.
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