The funds will be used to develop a decentralised digital lending platform integrated with blockchain technology

J-Ventures, the VC arm of Thailand’s public-listed mobile phones retailer Jaymart Pcl, is looking to raise US$20 million via initial coin offering (ICO), according to news reports.

It is the first public-listed company to go for ICO in Thailand.

J-Ventures will offer 100 million JFin tokens at a price of US$0.20 each. The presale period will run during Feb 14-28, and the ICO offering will commence from March 1 and end on March 31.

The funds will be used to develop a decentralised digital lending platform integrated with blockchain technology.

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“Jaymart’s loan service business has a large growth potential. Therefore, we need to create an ecosystem, develop a customer database and provide a new channel for people to access loans more easily,” said J-Ventures CEO Thanawat Lertwattanarak.

“Before launching the ICO, we have been in talks with the Securities and Exchange Commission. However, once the ICO regulations are officially enacted, we will definitely consider and adhere to the regulations,” he said.

Founded in 2017, J-Ventures develops application software and also provides services for software development. The company also invests in businesses related to financial technology. Last August, J-Ventures participated in a US$3 million Series A round in Thai e-wallet company T2P.

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