Company targets $20m raise for Zwoop token that allows cryptocurrency payment for goods bought from any merchant in the world
Zwoop, the AI and blockchain enabled find engine, today announces its Initial Coin Offering (ICO).
The ICO pre-sale will begin on the 28th August 2018 and public ICO on the 25th September 2018. The Zwoop team is looking to raise $20m, with investors gaining access to the Zwoop token which will facilitate cryptocurrency payments on the platform.
Zwoop will transform how the world shops online by removing the frustrations and inefficiencies of existing e-commerce. It combines AI and blockchain to free shoppers from their dependency on search engines, price comparison sites and online marketplaces, saving them time and money, and giving them complete control of their personal data including the opportunity to monetise it should they choose.
Zwoop helps shoppers find the products they want from any retailer in the world, confirm their availability in the size or variation needed, check for the best available price and check-out with a single click. It understands products and semantics rather than links or keywords, meaning it can identify products that are the same across any website, even if the descriptions are different or in a foreign language. This will open up the whole world of e-commerce for the world’s shoppers and help bring blockchain to the mass market.
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The company was created in April 2016 by its five founding partners, all of whom have a highly successful track record in the technology sector. The AI and machine learning technology underpinning Zwoop’s consumer services has been developed over the past 18 months, with 47 software engineers working on over 130,000 hours of coding. The platform is currently in consumer testing in the UK and will be launched to the UK public in September 2018. Payments by cryptocurrency, even if the merchant does not currently accept crypto, will launch in Q4 2018 and the US launch expected in H1 2019. Additional blockchain functionalities, including loyalty, data and advertising services will roll out during 2019.
Zwoop has designed a perfectly balanced demand and offer token economic system for the Zwoop token (ZWP), which is ERC 20 compliant and plays multiple roles inside and outside the Zwoop ecosystem. Users receive ZWP as loyalty rewards, in turn they can use ZWP tokens to pay for any product from any e-commerce retailer or to buy and sell in the second hand (C2C) market; miners running the crawling and the AI software are rewarded in ZWP tokens and merchants and advertisers can use ZWP to access and pay for enhanced B2B and B2C services provided by Zwoop. Third parties using Zwoop open APIs and Platform can also integrate the ZWP token in their services, as it is already happening with some of our business partners.
Zwoop’s CEO Alessandro Gadotti said: “Developments in e-commerce over the past decade have favoured the merchant rather than the consumer. At Zwoop our philosophy is different – we are on the consumers’ side. We are their transparent and honest personal shopping assistant and we provide unbiased search results, simple one-click checkouts and total control over their payment and personal data.
Handing back control of personal data to consumers rather than corporates is at the heart of Zwoop’s philosophy; whilst others are reluctantly responding to regulatory changes, we passionately believe that personal data belongs to the individual. Zwoop enables consumers to reap the financial rewards of their data asset should they choose to.
Zwoop offers customers complete access to products and simplicity in any aspect of the purchase, including the opportunity to pay in one click with any cryptocurrency. We aim to be a mass-market blockchain and cryptocurrency solution, and this means removing the complexities that today plague the crypto world and stop consumers from adopting blockchain technology. “