JAKARTA, Indonesia–(BUSINESS WIRE)–A group of experienced business professionals have come together to launch Libcoin (LIB), a “governance and reward” crypto token. The Libcoin initiative combines financial engineering borne of the digital economy with heightened excitement over infrastructure development through greater “greening” technologies. The green LIB tokens will be accessed through Ethereum blockchain technology, expected to convert to Ethereum 2.0 in 2022. An initial exchange offering (IEO) will comprise 15% of the total token supply to investors through dozens of crypto currency exchanges and launch pads. Adding an initial dex offering (IDO), also over Ethereum, is planned in due course.
Investment in LIB tokens will support establishment of India’s first lithium-ion manufacturing Gigafactory. India has set an aggressive goal of reaching a greater percentage of electric motor vehicles on its roads by 2030 and plans for the LIB-funded Gigafactory and an EV plant to be constructed by Australia-based Avass Group are under way. Avass is a subsidiary of the Duggal Family Trust, broad-based international business conglomerate active across many industry sectors, with special interest in advancing the causes of clean and renewable energy projects and initiatives. The Avass Touring Bus holds the Guinness World Record for an Electric Bus travelling more than 1,000 km on a single charge, and Avass is also the first Australian Electric Vehicle manufacturer to obtain a World Manufacturer ID (WMI) and be registered with the Department of Transport and Regional Services (DOTARS).
Libcoin Pte Ltd, registered in Singapore, where DFT centralizes much of its activity, chose India as its launch point due to that country’s fifth place standing in world auto sales and as a ripe market for EV sector growth. In addition to India, the Libcoin launch will include Indonesia, whose government demonstrates similar enthusiasm for DFT’s ideas and Libcoin’s plan.
A small supply of LIB tokens will be sold at a discount to strategic investors, inversely proportional to the vesting schedules of long-term investors. Twenty-five percent of net profits will divert to an annual token “burn” that will be monitored by a top-tier auditing company. Early investors will have direct stake in the growth of Libcoin.
Commenting on the launch, Libcoin Executive President George H. Gregor states, “Libcoin comes to the right place at the right time. India is the place, and our talent-integrated team of managers, operators, and financial engineers coalesce just as attention upon clean and renewable energy in improving countries’ infrastructures is being more keenly fixed. We believe that Libcoin is the first crypto asset to offer its holders both financial opportunity and exposure to the thriving battery technology industry. Advanced storage batteries, electric vehicles of all types, and charging stations. Yes, their time is now. . . and here through Libcoin we are uniting the ‘twin technologies’ of EV excellence with the financial means of a governance payback token model. All in one renewable energy sector – for the benefit of people as citizens and as investors.”