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PayBito to Host IEO for E-Commerce Startup Promoting Local Brands

Global digital asset exchange PayBito announced that it will host IEO for Indonesian E-commerce Startup. The E-commerce venture seeks to quash the market oligopolies by promoting local brands on the same scale as market leaders to facilitating competition through decentralization.

The company is slated to launch its utility token after 3 rounds of IEO. The commencement of the first round is scheduled to commence.

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This comes at a time when global consumers are growing increasingly concerned over the lack of choices and market monopoly from big brands. And governments are introducing laws to curb monopolization. On a separate thread, the world has also witnessed several campaigns to encourage and promote homegrown brands and products rather than rooting for established brands.

PayBito Chief and Blockchain pioneer Raj Chowdhury says, “We’re delighted to be a part of a venture that targets decentralization,”

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“This venture gains our support not only because its objective aligns with ours, but also because it attempts to set two wrongs right.”

The utility token IEO is limited to a hard cap of 20,000,000 tokens, with an allocation of 4,000,000 tokens for private sale and 7,500,000 tokens for public sale. The private sale is slated to commence on August 2. Public sales for the IEO will run from 25th October to 7th November 2021. To be a part of the public sale, users are required to have a verified PayBito account with adequate funds to qualify for the offering.

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