Metaps and Tech Bureau reach agreement on Timebank ICO on COMSA
Metaps, the first listed company in Japan to launch an ICO
TOKYO – November 6, 2017 — Today Tech Bureau, a fintech and cryptocurrency solutions company, announced that it and Metaps Inc., a TSE Mothers listed fintech company and mobile marketing platform developer reached an agreement scheduled to commence by the end of 2017 at the earliest. Metaps’s ‘Timebank’ Initial Coin Offering (ICO) will be placed on COMSA, a complete ICO fundraising and cross-chaining platform built on the NEM blockchain protocol that streamlines cryptocurrency funding and cross-chain transactions.
Timebank, a marketplace for buying and selling professionals’ “time,” has a “Distribution total”* of USD 5.26 million in the first 50 days of its launch. This robust start demonstrates Timebank’s potential to create a new and significant market and highlights the ICO’s uniqueness among ICOs in Japan. The hypothesis testing and product development phases are complete and the service is in a rapid growth phase unlike many previous ICOs that have been carried out with work-in-process products. Some of those projects have yet to release a product going on six months after their ICOs, while Metaps has already launched and is operating Timebank successfully.
Moreover, Metaps is a listed company on the Mothers section of the Tokyo Stock Exchange with its mandatory disclosure rules. In general, for ICO projects, audits are not required; there is no obligation to report on business status; and the progress of projects is opaque, so this ICO is the first with disclosure obligations in the Japanese ICO market.
Timebank will increase its line-up to maximize the value of time by tokenizing not only professionals’ time, but also time related to “goods” for rental, and “places” such as venues and lodgings.
Timebank app – https://itunes.apple.com/jp/app/id1253351424/
In the meantime, Metaps first aims to leverage the COMSA platform with its more than 220,000 people registered from all over the world to accelerate its Timebank business and expand globally. COMSA will enable it to tokenize professionals’ time via the mijin blockchain, and introduce settlement, preferential treatment, and a reward plan for token holders. In essence, Timebank will build its own token economy.
Metaps will use the proceeds from sales of tokens to fund TV commercials and promotional activities to increase the growth of its business. The token sale, the details of which will be announced in a white paper, will commence by year’s end at the earliest.
* Distribution total = Grand total of deposits and withdrawals, sales, and amount bought and sold.
ICO stands for Initial Coin Offering. With this method, any company or project can sell electronic tokens to raise funds. However, in contrast to equity finance like company shares, in Japan, ICOs are considered to be similar to purchase-type crowdfunding. Strictly defined, a token sale is not “fund raising” but “cryptocurrency issuance and its sales method.”
The purchasers of a token are not “investors” but are “token buyers.” These tokens can be considered to be “cryptocurrency” if any of the cryptocurrency exchanges accept the token.
Metaps mission: “Change the future of money and economics”
Metaps is a listed company that provides online settlement and data solutions.
Timebank is a marketplace where influencer “hours” can be bought and sold. Buyers can purchase, use, and resell influencers’ time, allowing influencers to generate income from their expertise. Timebank’s mission is to reimagine the work week, and allow influencers to monetize their free time while allowing others to gain the knowledge they need from top expert in every field.
Press contact Metaps: email@example.com
About Tech Bureau Group
Tech Bureau, a fintech and cryptocurrency group company in Japan, the U.S., and Europe, develops software and services for blockchain technology. Tech Bureau has developed mijin, a private blockchain software, and Zaif, a Bitcoin and cryptocurrency exchange platform.
Tech Bureau recently launched a one-stop solution, “COMSA”, that provides companies with consultation, expertise, and solutions to support their very own ICOs and implementations of blockchain technology into their businesses.
Press contact Tech Bureau: Fujita / firstname.lastname@example.org / +81-6-6533-2230
About NEM.io Foundation Ltd
NEM.io Foundation is a non-profit organization based in Singapore, set up to promote NEM’s blockchain technology globally. It is currently one of the most well-funded and successful blockchain technology projects in the cryptocurrency industry.
For more information, please visit: www.nem.io
Press contact NEM.io: NEM@transform.PR / +1-415-595-2030
Product and company names herein may be trademarks of their registered owners.