FINANCIAL SERVICES | Staff Reporter, Singapore

Making cyptocurrencies hip with Simple Token

It enables businesses in deploying crypto-backed token economies.

After securing a listing at the Singapore-headquartered blockchain asset financial services provider Huobi Pro, US-based Simple Token may be one step closer to its goal of popularising cryptocurrencies across the world's automotive, medical and energy industries.

Launched in 2017, Simple Token came out of Pepo, a consumer app company founded in early 2016 by entrepreneur Jason Goldberg and Sunil Khedar to enable businesses to monetise user contributions and content, power peer-to-peer transaction, provide meaningful incentives and rewards, develop transparent loyalty programs, and unleash thousands of new monetisation and supply & demand possibilities.

The startup was founded with the aim of bringing blockchain technology to mainstream businesses and enabling these businesses to deploy their own branded crypto-backed token economies minus the legal, regulatory, and technology headaches.

“In August 2017, after months of exploring Blockchain tokenisation for Pepo, our team became convinced that Simple Token was the more important long term challenge to solve rather than just working on Pepo. The only problem was that the company would need $1m of additional money to pursue Simple Token and an ICO,” Goldberg said. Goldberg and his longtime business partner Nishish Shah each loaned the company $500,000 to make the pivot possible, without any guarantees of it working out.

Powering cryptocurrencies
At present, Goldberg and his team are working with seven companies and talking to 50+ companies worldwide about using Simple Token to power cryptocurrencies for their digital communities rather than follow the challenging, costly and risky path of their own ICO to create a token with market value. Simple Token also recently held its public token sale to create a value for Simple Tokens and to fund the next phase of the project. Goldberg said that they achieved more than 90% of their target for the ICO in the first seven days of the sale, which ended on 1 December 2017. 

“Our mission is to help mainstream companies benefit from blockchain technologies. We believe in the promise of Blockchain and decentralization and we are building solutions to help all types of businesses and all facets of society benefit from blockchain. For us, success would be when we have helped thousands of companies and millions of their customers embrace and benefit from blockchain,” Goldberg said.

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