Scotland’s first and only cryptocurrency has announced plans to list on the open market later this year.
The Scotcoin project’s Community Interest Company (CIC) has partnered with ProBit Global to publicly list later this year, making the token available to buy and sell.
The agreement will see the international exchange – with more than two million users – hold exclusive rights to trade the currency when it makes its debut listing. The platform currently operates in more than 200 countries, supports more than 45 different languages, and trades in more than 700 different cryptocurrencies.
Holders of Scotcoin will be able to exchange existing tokens, and new users will be able to buy Scotcoin for fiat currency.
The Scotcoin team is also in the process of selecting a liquidity provider ahead of the listing.
Scotcoin claims to be the world’s only purpose-driven cryptocurrency, with environmental and social aims at its core.
In 2020 it transitioned to the Ethereum network, used by ProBit Global, which later this year will switch from an underlying proof-of-work blockchain system to proof-of-stake, aiming to cut its energy consumption by 99.95%.
Scotcoin is desgined to support a range of charitable and environmental projects, among them, connecting companies that have issues with over-supply or waste with charities and individuals which can make use of them in exchange for Scotcoin.
Temple Melville, chief executive at the Scotcoin CIC, said: “This is a huge moment for Scotcoin and for everyone who has been a part of the journey so far.
“Listing the cryptocurrency on a global exchange will be one of the most exciting financial developments we have seen in Scotland for some time – we have been working towards this point for five years and it will allow us to roll out our business plan for the project, including the appointment of a full-time chief executive and board.
“We will be able to do more to support the third sector and help them to tackle some of the biggest challenges facing Scottish people.”
Steve Woo, co-founder of ProBit Exchange, added: “We are pleased that Scotcoin has chosen Probit Global as its listing partner and we look forward to a long and fruitful relationship with the token.”
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