SparesHub to build automotive blockchain and launch token generation event on 10th April 2018
SparesHub to build a blockchain-based platform for automobile maintenance, to launch phase I of token generation event on 10th April 2018.
Apart from this, customers will also be able to buy car parts, book car services from a SparesHub certified workshop and avail services of the multiple marketplace participants on the same platform. SparesHub's blockchain platform would be using SparesHub tokens to enable transaction in the internal economy of the platform. SparesHub has also announced that it is raising funds for this project in a token generation event. This token generation event would be launched on 10th of April 2018.
SparesHub is inviting qualified global retail investors and institutional blockchain investors to participant in the token generation event(TGE). The TGE is aiming to raise $25 million in total funds and it will be conducted in two phases – pre-TGE and main-TGE. SparesHub has released it's project whitepaper and all other relevant details on it's website http://token.spareshub.com. Potential investors have to visit the website and register for whitelist on the website to participate in the token sale. Investors would also have to submit their KYC documents to be company for verification and strictly adhere to anti-money laundering & Combating the Financing of Terrorism rules (AML & CFT rules). The price of one token is fixed at $0.01 and investors would be eligible for pricing discount based on when they invest in the token generation event.
SparesHub has been in the automobile maintenance industry for the last five years. It has completed more than 5,500 transactions and has more than 250 b2b regular customers. SparesHub has successfully raised two rounds for investment from USA, Singapore and India based investors. These funds were used to grow and establish SparesHub has one of the leading suppliers of automobile parts. SparesHub plans to use the funds from the token generation event to build the blockchain platform and expand existing business across India, Malaysia, Thailand and Indonesia.
Many companies across the world have raised funds for projects using token generation events or initial coin offerings. SparesHub plans to raised funds using TGE in a regulatory compliant and transparent manner. The token generation event starts on 10th of April 2018.
Iradium Automobiles Pvt Ltd (Spareshub)