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Swiss startup dua AG and its Dutch-based partner the dua Foundation, have announced the official launch of the Private Sale of DUA Token. The token sale is being held on Fundrs, the peer-to-peer funding platform launched by AllianceBlock.
According to a press release shared with Invezz, the token sale started on 23 November 2022 at 17:00 CET and will run until 14 December 2022 at 17:00 CET. Per the news release, Fundrs’ decentralised fundraising and compliance mechanisms will help the dua Foundation raise capital in a way that’s compliant with the existing laws.
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What is DUA Token?
The DUA is a utility token that will power an ecosystem of decentralised applications focused on helping people connect based on traits such as education, religion, values and language. The dua Foundation plans to use cryptocurrencies and other decentralised technologies to offer a tokenised experience for its 5 million+ users.
The token will help drive the rewards system of the ecosystem, with users benefiting from in-app activities and other engagements characteristic of a fairer economy.
Communities that cannot access traditional financial services can tap into the DUA ecosystem for easy access to DeFi services. An in-built wallet will allow users to benefit from several on-chain features, including remittances, payments, and borrowing.
Apart from being used for payments in in-app subscriptions and such, businesses can also leverage DUA for advertisements to the dua community.
The dua Foundation to offer ecosystem of apps for users
The dua Foundation’s token sale is the first project to use Fundrs to raise capital, with the sale coming after its $4 million Series A round closed in October.
The Dutch-based non-profit plans to use its platform to introduce globally fragmented communities to its DUA Token as well as to Web3. To achieve this, the startup will offer access to an ecosystem of apps on dua.com and the recently acquired spotted.de.
Ardit Trikshiqi, the Chief Payments Officer at dua.com commented on the token sale:
“The launch of the DUA token is an innovation for the matchmaking industry. DUA will enable 5 million users of dua.com and spotted.de to engage in a participative virtual economy that offers a wide range of services and is growing exponentially every day and millions of individuals and businesses, part of globally fragmented communities that are not being supported by traditional financial providers such as banks or money transfer operators.”
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