SCOTCOIN is making its debut on the MEXC cryptocurrency exchange, representing one of the biggest UK-based project listings of recent years.
The listing, which will see the tokens valued at a combined £200m, will pair Scotcoin, an ethically focussed crypto project, with Tether – the world’s most liquid and largest dollar-denominated stablecoin.
Funds raised during the listing will be used to recruit a full-time management team for The Scotcoin Project Community Interest Company (CIC).
In turn, the proceeds will also be used to further develop an ecosystem of partner organisations which accept Scotcoin as a means of payment for a range of goods and services.
The Scotcoin Project’s initial focus is on the provision of food, clothing, and shelter, building on the numerous initiatives supported by Scotcoin since its inception.
The organisation will distribute Scotcoin directly and via approved agencies to third-sector groups and people in need.
Scotcoin is already held by around 6,000 individuals worldwide and a growing number of third-sector organisations and charities.
Temple Melville, CEO of The Scotcoin Project, said: “Listing is a huge step forward in our plans – helping more individuals, businesses, and charities to access the token and use it as a means of exchanging goods and services.
“Having a dedicated team in place will allow us to focus our efforts on signing up preferred partners in the areas we have identified and, most importantly, provide even more support, on a greater scale, to people who need it.”