The Scotcoin Project CIC (“Scotcoin”) announces it has raised £80,000 in its latest funding round.
The funds will be used to increase awareness of the Scotcoin crypto currency and promote its usage as both a store of value and as an emerging means of acquiring goods and services, online and instore.
Further announcements are expected to be made early in 2018.
What is a blockchain?
Blockchain or distributed ledger technology is often referred to as the power behind Bitcoin but its uses extend into many different areas such as real estate, identity verification and smart contracts.
Earlier this year the world’s first real estate transaction using crypto currency has completed using Scotcoin.
Scotcoin Director Willie Fleming explains: “We have some of the best tech graduates and foremost cryptocurrency leaders right here in Scotland, and people have a lot of goodwill towards Scotcoin as they know we’re reinvesting in tech jobs right here at home.”
The Scotcoin Project is a community interest company that reinvests its profits into educating people on digital currencies and blockchain technology across Scotland and further afield. Scotcoin now has investors throughout the world that includes North and South America, Europe and Australasia.
Fintech investment in Scotland
Scotcoin is working closely with Scottish fintech companies, Scotesq and Cloudsoft to deliver ground breaking new blockchain solutions for Scotcoin and other asset classes across the globe. These new applications will include a regulatory compliant verification solution and a secondary market application that will improve the liquidity and transferability of Scotcoin and other asset classes.
Note for Editors:-
Scotcoin is a cryptocurrency established in 2014 by Derek Nisbet, a Scottish fintech entrepreneur. It currently operates on the Bitcoin blockchain using the Counterparty protocol and has a market value of $25 million USD placing it in the top 200 of global crypto currencies as measured by the USD value.
In 2016 all intellectual property associated with Scotcoin was acquired from Nisbet by Scottish fintech investors, David Low and Temple Melville.
The investors’ desire is for the Scottish Government to adopt Scotcoin as the country’s unofficial crypto currency. It is acknowledged that currency is not a devolved responsibility whilst Scotland remains part of the UK. Scotcoin could only become an official currency if Scotland was independent of the UK or current legislation was changed.
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