Aetius Capital leading the charge
Singapore private investment firm Aetius Capital has announced it’s leading the $30 million ICO from Cloud Alliance.
Also based in Singapore, Cloud Alliance is currently in private pre-sale for its ERC-20 MOO token, with the the public sale running from 30 March to 30 April.
The MOO Store aims to lower transaction fees significantly by exploring the use of blockchain technology, enabling developers to receive more of their share
The proceeds will be used to develop and launch its MOO Store.
This is a gaming app store that’s being developed in conjunction with tools company Unity to enable developers in southeast Asia to better distribute and monetize their games, and players to exchange and trade in-game items.
A new exchange
“By incorporating blockchain into virtual currency for gaming, we aim to eliminate chargebacks and reduce the risk of fraud. We also aspire to give more back to game developers,” commented Cloud Alliance co-founder Jonathon Sze.
“Incumbent app stores today typically charge developers 30%. The MOO Store aims to lower this fee significantly by exploring the use of blockchain technology, enabling developers to save on intermediary costs such as retail margins and currency conversion fees, which means developers will receive more of their share for their work.”
“By partnering with Unity and focusing on fast-growing Southeast Asia, the MOO Store aims to make money from game app purchases and in-app spending by reaching more than 100 million gamers in Southeast Asia,” added Aetius Capital’s Benjamin Cher.
“Based on our projections, the MOO Store may generate revenues exceeding US$200 million by the year 2022.”
Cloud Alliance previously raised $5 million from Aetius Capital to develop its CloudMoolah integrated payment platform for Unity.
Unity and Cloud Alliance will also further explore the use of blockchain technology in the MOO Store.
You can find out more information via the CloudMoolah website.