Coinlancer launches cryptocurrency platform in PHL

US-based startup Coinlancer launched a cryptocurrency platform in the country as part of a strategy to raise as much as $50 million through an initial coin offering.

The cryptocurrency platform was launched at $0.25 per token with 300 million tokens launched during the month-long offer period October 14 to November 15, 2017.

Coinlancer is a market platform where employers can meet freelancers across the world.

"In the Philippines, we are expecting one million users for next year," Sai Teja, advisor for Coinlancer, said in a press briefing in Pasig City on Thursday.

"We are raising $1 million for marketing in the Philippines," Teja noted.

The Philippines is part of Coinlancer's larger target to raise as much $50 million from an ICO, globally, according to Coinlancer marketing director Jonathan Paul Tinoco.

"So the more people that use Coinlancer, the more of us who will get the benefit," Tinoco said during the same briefing.

Teja noted why Coinlancer decided to launch the platform in the Philippines. "There are a lot of people here, who are working as freelancers and doing  part-time online jobs. We are expecting huge response and support from them," Teja said. — VDS, GMA News