Due to India’s fifth-place ranking in global auto sales and also as a ripe industry for EV market growth, Libcoin Pte Ltd, based in Singapore, where DFT concentrates much of its action, ended up choosing India as its launching pad. In addition to India, Indonesia will participate in the Libcoin launch, with its government expressing similar exuberance for DFT’s ideas as well as Libcoin’s plan.
The team behind this exciting project was present at the Crypto Expo Dubai Event.
Green Tokens Based on Ethereum to be Launched by Libcoin
The Libcoin initiative incorporates financial engineering spawned by digitalization with heightened enthusiasm for building infrastructure via more “greening” technologies. The green LIB tokens would be accessed via the Ethereum blockchain, which will be upgraded to Ethereum 2.0 in 2022.
The purchase of LIB tokens will help pay for the development of India’s first lithium-ion manufacturing Gigafactory. India has taken a lofty goal of having a higher percentage of electric mobility on its roads by 2030, and plans for the LIB-funded Gigafactory and an EV plant to be built by Australia’s Avass Group are already in the works.
Avass is indeed a subsidiary of the Duggal Family Trust, a broad-based international business consortium active in a variety of industries with a particular interest in promoting clean and renewable plans and activities.
The Avass Touring Bus holds the World Record for an Electric Bus that travels more than 1,000 kilometers on a single battery charge, as well as Avass is the first Australian Electric Vehicle manufacturer to acquire a World Manufacturer ID (WMI) and sign up with the Department of Transport and Regional Services (DOTARS).
A limited number of LIB tokens will be sold cheaply to professional investors, with vesting timetables inversely related to those of long-term investors. 25% of net profits will be diverted to an annual token “burn,” which will be overseen by a top-tier auditing firm. Early investors will have a direct stake in Libcoin’s success.