The steady rise of cryptocurrency, as well as the public’s increasing awareness of eco-farming and sustainability, has inspired LavkaLavka’s initiative, BioCoin. This Russia-based platform aims to support and develop local farming communities through their innovative crypto loyalty program.
BioCoin’s popularity is already quite evident as they managed to raise an impressive $2.5 million during the first two weeks of their presale. Thousands of contributors participated in this initial phase of the crowdsale. According to the company, this total is twice as much as what they were hoping to raise. It also amounts to 13% of the crowdsale’s cumulative goal, which is set at $15 million.
“Often, the concept of presale is used by startups as a PR stunt only. For us, presale was tremendous work which yielded great results,” said Boris Akimov, who is the CEO of LavkaLavka.
BioCoin, a blockchain-based platform, hopes to support green businesses, such as organic food retailers and eco-farmers, through a virtual loyalty program. With BioCoin, customers will be able to either trade through the exchange, or use as actual currency in an affiliated store.
LavkaLavka anticipates that the demand for BioCoin will steadily increase as the platform continues its growth curve. Because of this, the price of BioCoin will also increase. The subsequent result is that businesses using this platform will not lose any money due to rewards and discounts, but will instead actually earn money. What’s great about this scenario is that when these businesses give BioCoin as rewards to their customer base, these consumers will be able to profit as well, resulting in a growth cycle for the whole ecosystem.
The platform is currently supported by thousands of businesses, farmers and customers. In addition, new businesses are joining every week. LavkaLavka has reported that there are presently 20 million BioCoin tokens being circulated every day. They are mainly being used by farmers in Russia, and in many other countries.
BioCoin are also trailblazers in the Russian crypto market as they are the first platform to hold their ICO in complete adherence with the country’s laws.
Russia’s Presidential Administration has recently recognized the potential of the crowdsale funding model. Because of this, the platform’s CEO was invited to lead the ICO department of the RACAB (Russian Association of Cryptocurrency and Blockchain). The main aim of this association is to aid the country in finding and developing innovative ways to approach the crypto industry as a whole. In addition to being pioneers in the industry in Russia, BioCoin has been named as likely being a primary model project for any of the country’s subsequent ICO regulations.
The next phase of BioCoin’s crowdsale has been planned for the 1st of November. It will be hosted by Voskhod, Russia’s first official cryptocurrency platform.