Six Network announces ICO presale to kick off in April
Six Network Co Ltd, a joint venture between Ookbee U, Yello Digital Marketing, and Computerlogy, has announced the creation of a decentralised services platform and an initial coin offering (ICO), with its fundraising value projected at US$44 million (1.4 billion baht).
An ICO under the name "Six" (social identity exchange) will commence presale on April 3 and each digital token will be sold for 10 cents. The minimum purchase amount is set at 1,000 tokens.
After the presale launch, a public sale will run until May 31 or until the last token is sold, said Vachara Aemavat, co-founder and co-chief executive at Six Network.
Money raised from the company's ICO offering will be spent on the development of a central system, research and development of the network, and investment in other platforms initiated by the company's partners or new startups in Thailand and abroad, said Mr Vachara.
The capital will also help to create the system for Six Network and be used to generate public awareness, he said. The company is registered in Singapore where there is a 15% waiver on withholding tax and no capital gains tax.
"The biggest problem for digital and creative industries both in Thailand and globally is the centralisation of financial services management that causes delays in money disbursement, payment of transaction fees, and a lack of financial liquidity," said Natavudh Pungcharoenpong, co-founder and co-chief executive at Six Network.
Content creators cannot use their works as assets or collateral for financial transactions regardless of their value. Platform providers have tried to solve such problems through issuing their own digital tokens, but are unsuccessful because the tokens cannot be used across the platforms, said Mr Natavudh.
Six Network has been designed to solve financial liquidity problems as users can receive returns at a lower cost while creating flexibility in the digital asset management of each platform by using the SIX token, which can directly be exchanged across different platforms without a middleman, he said.
Mr Natavudh said the company has three main structures, including the creation of a Six digital asset wallet. The idea is to expand the e-wallet from just cryptocurrency transactions into a place to store creative work, digital content, and intellectual property that will help creators to safely protect their rights in all aspects.
Decentralised financial services are the future of the digital and creative industries, offering systems such as smart payrolls to facilitate creators, so they can use their digital assets as collateral for all financial transactions, he said.
Wallet-to-wallet decentralised commerce is a no-middleman system that directly connects creators to buyers, cutting additional financial costs, said Mr Natavudh.
"Six Network is willing to work with the Securities and Exchange Commission and other related government agencies to fully examine our operation," he said.