London fintech startup Pigzbe has completed its ICO hitting the hard cap of $8.85m in sales of Wollo (WLO), its family-friendly coin, used to power the Pigzbe ‘piggy wallet’. The part physical, part digital Pigzbe piggy-wallet is designed to introduce children age 6+ to modern money management while teaching them good financial habits in a safe and secure setting.
Pigzbe has set out to reinvent pocket money for a new generation of children. Wollo (WLO), its new educational currency, is gifted, discovered and exchanged within a game-like app and can be sent all around the world with virtually no cost and at almost instant speed.
A total of 175 million tokens were sold during the ICO, representing 25.9% of all tokens, while a tranche of 300 million tokens will be held specifically for the Pigzbe community. The first one million Pigzbe devices produced will each come with 200 Wollo included and these will go on sale in 2019. A small proportion will be retained by Pigzbe to fulfill its growth plans.
Pigzbe founders believe Wollo (WLO) can become the go-to currency for 400 million affluent families worldwide, used not just in the Pigzbe app, but across a range of edtech applications.
The ICO was run on Eidoo’s ICO Engine to manage both small sale participants as well as large OTC trades. Keller-Halls Karrard handled legals around Pigzbe’s successful FINMA application and Clifford Chance in London provided additional guidance.
The Stellar-based token will be listed on Bitfinex later this month as well as a number of other leading exchanges in due course.
Alongside other key partnerships, the listing will further facilitate Pigzbe adoption, making supply and trade of its currency more widespread. The startup secured the agreement from Bitfinex in June this year when senior Pigzbe team members won the world’s largest ICO competition – the international ICO Race in Lugano, Switzerland.
Pigzbe founder and CEO, Forbes 30 Under 30 entrepreneur Filippo Yacob said:
“It’s a momentous day. What we’ve worked so hard on over the last year has passed its most challenging hurdle. But none of this could have been possible without the support of our 30,000+ strong community of supporters and future holders that either backed the ICO or lent us their enthusiasm for the product and our vision for the Wollo token.
“This vision can now become a reality; A token for families that will drive financial literacy for young people all around the world, and also play a key role in mass adoption of cryptocurrencies and blockchain technology.”