Liven loyalty rewards sells $10 million tokens after removing 'ICO' from its marketing
Updated: Apr 8, 2020
A decision by Mayfair 101's portfolio company, Liven to stop calling its capital raise an initial coin offering (ICO) and instead label it as a “token sale” has been met with success, bringing in $US10 million (14.2 million) from its private sale.
The company had originally told the market it was undertaking an ICO last year, with a minimum buy-in equivalent to $US10,000 in cryptocurrency ethereum. However, it was forced to push back its plans due to low take-up, which it put down to negative associations with ICOs.
Mr Wong said the main function of its token sale was to raise awareness and get the tokens into the hands of customers, but he hoped it would also give the company an indication of which markets to expand into next.
“Our ambition is pretty clear here. We’re bringing cryptocurrency to the masses and using the existing user base to solve two problems. Firstly, that the adoption is suffering because there’s no business championing it with scalable infrastructure, and secondly making it understandable in laymens’ terms,” he said.
The Liven app is a dining rewards app in which users earn cash rewards for eating out. Its LVN tokens are an extension to its existing service, and let users buy food and drinks with the tokens.
The company has 400,000 existing users and has signed up establishments including Gelato Messina, 8Bit Burger, MoVida, Maha and Dragon Hot Pot. Other well known restaurants slated to join the platform include dumpling establishment Din Tai Fung, Gazi and Jimmy Grants.
The business was founded by brother and sister team Mr Wong and Grace Wong in 2014, alongside university friend David Ballerini. It raised $10 million in 2017, a large portion of which had been conditional on the company expanding nationally.
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