The main round of the token sale for BioCoin, the first legal ICO in Russia began on November 1st having already raised over $3.5 million dollars through the first week including the presale. It is hosted by the first officially compliant Russian cryptocurrency platform Voskhod. BioCoin pioneers the ICO market as the first token sale held in full compliance with Russian law. BioCoin’s founder Boris Akimov was recently invited to head the ICO department at RABAC (Russian Association of Blockchain and Cryptocurrency). BioCoin is expected to become an example token sale for future regulation of ICOs in Russia.

The token itself is a Peercoin fork designed to fuel an international blockchain-based loyalty platform. As a combination of cryptocurrency and loyalty platform, BioCoin strives to build a global system which will allow consumers around the world to support local farmers and organic food retailers who will then return value right back into their communities via a system of rewards and discounts.

“We are excited to hold the very first legal ICO in Russia. Our blockchain platform has already drawn the interest of wide audiences, including Prime Minister Medvedev, who attended our presentation. We have secured legal support from Elina Sidorenko, the head of the Russian parliament’s interdepartmental working group on cryptocurrencies. On the advisory board we have Michael Shlypanikob, the figurehead behind ‘blockchainisation’ of Russian eco-farming and SibCoin’s team, who created a wildly successful Russian cryptocurrency, which in the last two years increased in price times 200.” – says Boris Akimov, BioCoin’s CEO

LavkaLavka Ltd., the company behind BioCoin has already built the foundation of this new ecosystem creating an international farmer cooperative. Today they are backed by tens of thousands of consumers, retailers, and farmers worldwide, with new businesses joining the network weekly. According to the LavkaLavka team, about 20 million BioCoin tokens are already in daily circulation, used by farmers in Russia and several other countries.

The platform’s presale recently concluded raising over $3 million. According to the team, the results outperformed their expectations and already covered a formidable portion of the token sale’s overall goal which was set at $15 million.

Basic principles of BioCoin

All clients of the stores, restaurants and other business projects that have joined the BioCoin blockchain-based loyalty program will receive rewards credited in BIO cryptocurrency to their personal crypto wallet for every purchase made at these establishments. The remuneration is 10% of the purchase amount in the national currency (10% is the average number. Each business has the right to set the amount of remuneration). The amount of BIO credited is calculated based on the cryptocurrency exchange rate at the time of the purchase. Rewards are credited to all clients without any exception. It does not depend on the actions of the client themselves – since their ID in the loyalty system is connected to their crypto wallet through the blockchain-module and the transaction occurs automatically.

More details are available in the BioCoin white paper.