Scottish cryptocurrency Scotcoin eyes ‘more equitable world’ with £200 million listing within weeks

Scottish cryptocurrency Scotcoin is targeting a £200 million valuation as the clock ticks down to a February listing.

Ahead of the long-awaited move, the Scotcoin Project - set up as a community interest company - said it had exchanged contracts with an unnamed “tier 1” exchange and will initially be paired with the dollar-denominated cryptocurrency Tether. The listing will take place within a month, it added, subject to market conditions, and the name of the selected exchange will be announced immediately prior to listing.

Funds raised in the listing will be used to recruit a full-time management team and further develop an “ecosystem of partner organisations” which accept Scotcoin as a means of payment for a range of goods and services. The token is already held by some 6,000 individuals worldwide and a growing number of third-sector organisations and charities, Scotcoin noted.

The Scotcoin Project's chief executive Temple Melville. Picture by Jeff Holmes

The project’s initial focus will be on the provision of food, clothing and shelter, building on a string of initiatives supported by Scotcoin since its inception. The Scotcoin Project will distribute Scotcoin directly and via approved agencies to third-sector organisations and individuals in need.

Chief executive Temple Melville said: “Our objective is to use the medium of crypto to help create a more equitable world and listing will take Scotcoin to the next stage of its development. With the money raised, we will be able to dedicate a team to signing up preferred partners offering a range of goods and services focused on food, clothing and shelter. These partners will accept Scotcoin, providing them with some value rather than having to give away their products and services for nothing.”

The Scotcoin Project acts as the treasury for Scotcoin. Its advisory panel is responsible for recommending grants to deserving individuals and organisations “on a controlled basis”. Among a series of initiatives, the project connects industries and companies that have issues with over-supply or waste with charities and individuals who can make use of them in exchange for Scotcoin.

Scotcoin is believed to be the world’s only purpose-driven cryptocurrency, with environmental and social aims at its core. In 2020, it transitioned to the Ethereum network, used by ProBit Global.