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Guinea Bissau : ISP Cajutel extends e-currency fundraising period to November 18, 2017

Guinea Bissau : ISP Cajutel extends e-currency fundraising period to November 18, 2017
  • Comments   -   Wednesday, 11 October 2017 - 07:40

(Ecofin Agency) - Swiss Internet Service Provider (ISP), Cajutel, has announced that it will prolong its e-currency fundraising to finance the construction in Guinea Bissau of its solar-powered broadband network. The new closing date for the operation is November 18, 2017.

The operator’s decision comes after China banned crypto-currency fundraisings. A situation that led to Cajutel’s Initial Coin Offering (ICO) having its field of action reduced, thus limiting time required by the firm to raise enough money for its project.

In the past month, Cajutel had launched its e-currency fundraising through the issuance of 720,000 Ether tokens and 60,000 additional shares to pay its premiums and advertising fees.

A million tokens should be kept by existing shareholders. Overall, 1.78 million tokens should be issued. It is expected that each of these would represent a share of the company and vote rights of the same value.

Cajutel does not only have plans for its internet network in Guinea Bissau. The ISP eyes all West Africa. Andreas Fink, its CEO, said broadband has enormous potential for economic and social changes in populations. This is the transformation which Cajutel intends to stimulate by expanding its broadband network across Africa.

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