J Ventures hits brakes on further ICOs as JFin flags

J Ventures hits brakes on further ICOs as JFin flags

J Ventures Co Ltd, a subsidiary of SET-listed Jay Mart Plc, will not raise funds from new initial coin offerings (ICOs), but instead aim to stimulate the use of JFin coins as a medium of goods and services payment.

"I will raise new funds whenever the system [related to the decentralised digital lending platform (DDLP)] and the existing tokens are well functioning and operating implicitly, which could be after 2020," said chief executive Thanawat Lertwattanarak.

"Well functioning" means the existing tokens have sufficient liquidity and the price is above six baht, which was the price seen during JFin Coin's ICO launch in 2018, Mr Thanawat said.

The company will launch seven projects to stimulate demand and supply of JFin Coins, as these utility tokens can be exchanged and traded for goods and services by this year, he said without disclosing project details.

J Ventures has created 300 million digital tokens. It sold 100 million within the first 55 hours of the February ICO in 2018, with some 2,200 buyers acquiring the tokens.

JFin Coin's maiden trading day in the secondary market ended on a sour note on May 1, 2018, with the price dropping more than 50% from the February ICO launch. The current selling price hovers around 2.56 baht per token, down from 6.60 baht during the Feb 14 ICO launch.

The company said it acquired 660 million baht from the ICO, which was highly anticipated and billed as the first ICO by a subsidiary of a listed Thai company. The fundraising objective was aimed at developing the DDLP system.

JFin Coins are currently registered on two licenced digital asset exchanges, Satang Pro and Bitkub.

Besides the first ICO project distributing 100 million tokens that was placed last year, there are three other distribution parts of JFin Coins, according to the JFin Coin white paper.

Ninety million tokens are reserved for the next ICO offering, 70 million are to be distributed to Jay Mart Group and subsidiaries, and 40 million will be allocated to the JFin Coin team, advisers and partners.

"The distribution of all remaining parts has been postponed until the existing tokens have sufficient liquidity," Mr Thanawat said.

He said the company will launch the DDLP system and peer-to-peer (P2P) lending ecosystem in July, faster than the previous launch timeline putting the date in October.

"We plan to apply for P2P lending licences and will be part of the P2P lending ecosystem," Mr Thanawat said.

It was reported earlier that the Bank of Thailand planned to set regulations for P2P lending service by year-end 2018 to widen opportunities for small-business operators to access financial sources.

The regulations were expected to cover all related parties, including P2P lending platforms, borrowers and lenders.

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