Alternet Systems Mulls ICO worth $100M to Back African Vehicle Industry

Alternet Systems (ALYI), a U.S.-based energy storage and military technology firm, has announced entering into a new alliance to release a cryptocurrency with the aim of financing electric vehicle projects in sub-Saharan Africa.

However, the company has not named the organization it has collaborated with, but it indicated that the cryptocurrency has been successfully minted on the Ethereum network.

ALYI mulls ICO worth $100M

The energy storage firm plans to launch an initial coin offering (ICO) at a total value of $100 million, indicating that an investor has showed interest in underwriting the $100 million offering.

The company added that it is actually the only company in collaboration with the cryptocurrency project.

Currently, ALYI is developing the ICO marketing strategy and conducting regulatory review, noting that it will unveil the ICO date later.

Fierce competition in African crypto market

The proposed ICO comes amid a fierce competition from the crypto companies operating in the African market.

On 9 March, the Bill and Melinda Gates Foundation has reportedly offered a $1.4 million grant to not-profit accreditation firm Crest, to extend its digital financial services to unbanked African and Asian communities.

On 4 March, popular crypto exchange Binance has announced supporting the Nigerian Naira; the first African fiat currency backed by the exchange.

On 13 March, Mpho Dagada, a young self-made millionaire, said the country should improve its blockchain industry to combat unemployment.

Earlier, Cryptolydian reported that Quras, a smart contract platform enabling private-protected transactions, has signed a partnership agreement with Blockchain Nigeria User Group (BNUG), a not-profit association representing one of the fastest growing industries on the planet.

The deal will allow Quras to extend its community base outside Asia and to the African continent prior to its mainnet launch next April.

BNUG projects aim to encourage African people to improve their knowledge about blockchain technology and connectivity.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.