Alternet Systems to Conduct $100M ICO for Funding Electric Vehicle Manufacturing in Africa

Alternet Systems Inc (ALYI), an energy storage, military application, and electric motorcycle company, has signed a new partnership to launch an ICO for funding electric vehicle projects in Sub-Saharan Africa, as March 11 announcement states.

While Alternet did not name the company it has entered partnership with, Alternet Systems noted that its cryptocurrency has successfully been created on the Ethereum blockchain.

Alternet Systems to conduct $100 million ICO

ALYI is going to obtain $100 million via an initial coin offering (ICO), noting that the planned token sale has “received interest from an investor that may underwrite the $100 million offering.”

Alternet Systems says that now it is the only company in partnership with the cryptocurrency project.

ALYI is now running a regulatory review and creating its marketing plan for the ICO. The company adds that it will announce a target date for the ICO in the future.

ICO for funding motorcycle production

With its electric motorcycle subsidiary, ALYI has designed an electric motorcycle and sidecar for implementation within the Africa ride-share market.

While Alternet Systems states to have already signed a deal in Kenya for its motorcycles, the company is going to use the funds raised with its ICO for producing electric bikes.

Blockchain companies invest in the African market

Alternet Systems’ planned ICO appears amid rising interest and investment in the African market from blockchain and crypto-related companies.

On March 9, the Bill and Melinda Gates Foundation reportedly backed Crest, a blockchain-powered fintech security company, with $1.4 million, supporting its plans to expand its digital financial services to the unbanked populations of Africa and Asia.

On March 4, Binance added support for the Nigerian Naira on its peer-to-peer exchange platform — the first African fiat currency supported on the exchange.

On March 13, Mpho Dagada, commissioner of the South African Presidential Commission on the Fourth Industrial Revolution, maintained that if the country wants to combat employment, it must boost its blockchain industry.