Company targets $30m raise for Zwoop token that allows cryptocurrency payment from any merchant in the world.
Zwoop, the AI and blockchain enabled find engine, has announced its Initial Coin Offering (ICO). The ICO pre-sale will begin on the 28th August 2018 and public ICO on the 25th September 2018. The Zwoop team is targeting a raise of $30m in total, with investors gaining access to the Zwoop token which will facilitate cryptocurrency payments on the platform.
Zwoop will transform how the world shops online by removing the frustrations and inefficiencies of existing e-commerce. It combines AI and blockchain to free shoppers from their dependency on search engines, price comparison sites and online marketplaces, saving them time and money and giving them complete control of their personal data.
Zwoop helps shoppers find the products they want from any website, confirm their availability, check for the best available price and check-out with a single click. It understands products and semantics rather than links or keywords, meaning it can identify products that are the same across any website, even if the descriptions are different or in a foreign language. This will open-up the global e-commerce market for the world’s shoppers and help bring blockchain to the mass market.
The company was created in April 2016 by its five founding partners, all of whom have a highly successful track record in the technology sector. The AI and machine learning technology underpinning Zwoop’s consumer services has been developed over the past 18 months. The platform is currently in consumer testing in the UK, and will be launched to the UK public in September 2018. Payments by cryptocurrency, even if the merchant does not currently accept crypto, will launch in Q4 2018 and the US launch expected in H1 2019. Additional blockchain functionalities, including loyalty, data and advertising services will roll out during 2019.
The Zwoop token (ZWP), which is ERC 20 compliant, plays multiple roles in the Zwoop ecosystem. ZWP can be used to pay for Zwoop services, pay any e-commerce retailer and guarantee the exchange of other crypto payments, pay for goods on the secondary market, provide loyalty rewards, and reward miners running the crawling software.
Zwoop’s CEO Alessandro Gadotti said: “Changing the face of e-commerce means building innovation in from the ground up, which is why we have embraced the opportunity of the blockchain and cryptocurrency.”