Jay Mart subsidiary J Ventures is postponing listing its utility tokens called JFin coins on digital exchanges until May 2, one month later than scheduled, as it waits for a digital asset draft decree covering cryptocurrencies and initial coin offerings (ICOs) that is expected to be enforced by April.
Thanawat: JFin's ICO remains unaffected
The move is to prevent uncertainty over the cryptocurrency ecosystem in Thailand among potential JFin coin buyers.
However, J Ventures will distribute JFin coins to the cryptowallets of all 2,200 supporters on April 2, enabling them to trade before the coins are listed on digital asset exchanges.
"We have kept to our timeline to distribute JFin coins to all supporters on April 2, allowing them to trade on international exchanges while they wait a month to trade on local digital exchanges," said J Ventures chief executive Thanawat Lertwattanarak.
He said the company plans to list JFin coins on all digital exchanges of cryptocurrencies in the country for the trading convenience of JFin coin supporters.
There are six digital exchanges in the country: Thailand Digital Asset Exchange (TDAX), Bx, Coinasset, Cointocash, icoin and JIBEX.
J Ventures has created 300 million digital tokens, having sold 100 million during the pre-sale period in February. The price of JFin coin was set at US$0.20 (six baht) per coin.
The 100 million JFin coins sold out within 55 hours of the pre-sale period starting, with 2,200 supporters (buyers). J Ventures acquired 660 million baht for its first-phase ICO.
J Ventures' ICO is aimed at using the money for developing decentralised digital lending platforms (DDLPs) with blockchain technology for serving the group.
The DDLPs include four digital lending ecosystem enablers: a blockchain network and smart contract development; credit scoring algorithm improvement; secure crypto-wallet and identity management system; and digitising lending platform and user interfaces.
"Different from IPO or initial public offering of ordinary shares, coins can be listed on several exchanges, while ordinary shares after the IPO process must be listed on only one exchange," Mr Thanawat said.
The more exchanges coins are listed on, the higher the value of coins are traded, he said.
However, he said it is too early to predict JFin coin prices after being listed on exchanges because JFin coin is a new cryptocurrency.
Some may compare value with Jaymart's share price on the Stock Exchange of Thailand.
"The delay in listing JFin coin on digital exchanges will not effect JFin's ICO because the first phase was completed," Mr Thanawat said.
J Ventures plans to sell the remaining 200 million coins in three periods: October this year, and in April and October of 2019.
J Ventures is set to launch its digital lending platform (DLP) in October that will help facilitate personal loan operations of another Jay Mart subsidiary, J Fintech, to reduce non-performing loans among its customers by 50%.
The ongoing development of its DLP will also generate greater efficiency in its personal loan ecosystem by providing an approval process 672 times faster than normal.
Operation costs per customer would also be 500% cheaper than the normal market price, thanks to its success in selling JFin coin last month.
