Thai startups Ookbee U and Computerlogy on Tuesday joined hands with South Korean peer Yellow Digital Marketing Global (YDM) to form a joint venture focused on cryptocurrency, as per an announcement.
The blockchain platform – Six Network – will offer digital currency, SIX, for use as a utility token and help foster the development of the digital economy in Thailand. Investment of about 40 per cent each would come from Ookbee U and YDM towards the JV. Computerlogy will contribute to 20 per cent of the investment, as per a report in The Nation.
While Ookbee U is a JV between Ookbee and Chinese technology giant Tencent, YDM is a subsidiary of Yellow Mobile.
Six Network aims to create and operate SIX as a utility token for use by participants in the emerging innovative and digital sectors of the new industrial landscape – not only in Thailand, but throughout Asia and, ultimately, across the world.
The JV has initiated one billion SIX tokens, each valued at 10 US cents, and is targeting to raise nearly $43 million via an initial coin offering (ICO). The company plans to open pre-sale on April 3, 2018, and will start public ICO immediately after the pre-sale until May 31.
The proceeds will be used to develop the system of research and development network, for operational and marketing purposes, among others.
The Six Network’ comprises more than 40 digital and creative startups in South Korea, Thailand, Singapore and other Southeast Asian countries that have come together to resolve financial liquidity problems, according to its website.
Besides, over a million content creators, social media influencers, comic writers, VDO producers and more than 10 million users are actively using the platforms offered under the alliance.
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