New Zealand has been working on its first social media-powered crypto-currency called ‘Turtlecoin’, which has already made the headlines for its meteoric rise in the crypto-markets.
New Zealand’s New Zealand-based crypto-finance company BitPay announced the launch of Turtlecoin in a blog post on Friday.
BitPay CEO and co-founder Daniel Goggin wrote: ‘The cryptocurrency market is very volatile, and Turtlecoin is one of the few coins that we think can really change that.’
Turtlecoins goal is to create a new cryptocurrency that can be used as a medium of exchange, allowing for a greater level of decentralisation in the world of crypto-currencies.
Bitpay CEO and Co-founder Adam Back said in the blog post: ‘There’s been a lot of talk about social media and cryptocurrency, and while the social media ecosystem has grown significantly in recent years, it has been a relatively slow-moving technology.’
Turtle coins aims to address some of the problems that come along with social media platforms, and bring the power of social to the crypto community.’
There are two types of cryptocurrencies in the market.
There are the ‘social-focused’ ones, which are aimed at sharing information about things, such as your favourite band, or how to get a tattoo.
Then there are the “normal” ones, and those are the ones that are actually used by ordinary people.’
TropicoCoin and the Turtlecoin project, BitPay’s first, are the two most notable projects that BitPay is working on.
The company claims that it’s the first company to develop a cryptocurrency based on the blockchain technology, which has been adopted by many companies including PayPal and the European Union.
BitPay’s Turtlecoin was first announced in March.
Since then, Turtlecoin has surged in the cryptocurrency markets and BitPay claims that the company will be able to launch the coin by the middle of this year.
It plans to launch a token sale in the middle a year, and then it expects to launch its first coin in 2018.’
The Turtlecoin ICO is currently scheduled to end on December 31st, 2018,’ BitPay wrote.’
We plan to raise an additional $1.5 million in our initial token sale, which will allow us to scale our team and bring Turtlecoin to market in early 2018.
We look forward to welcoming the Turtle community into our crypto community.’