Oops, she did it again!
After the viral ayam mee video, Malaysia’s cosmetics queen, Datuk Seri Vida is introducing her own cryptocurrency, Lavida Coin, that runs on the Blockchain technology. It is now on pre-sale, known as ICO (Initial Coin Offering). Apparently, she came up with the idea after profiting from her cryptocurrency investments.
ICO is somewhat similar to IPO but with far less regulation and offer quicker and cheaper solution for fund raising. Lavida Coin’s White Paper (an informational document which sets out the key features of the product) is quite scanty on information. The ICO aims to crowdfund 3 projects which cover development of an entertainment platform, a mobile wallet and Muslim community hub (a new Mosque will be built). So the attraction to investors is making money for this life plus doing good for the next.
Many ICOs ride on the Blockchain hype rather than offer a good ‘startup’ plan, so exercise due diligence prior to investing. Unlike her evergreen cosmetics business which have made millions for her and other entrepreneurs like Aliff Syukri, crytocurrencies remain highly speculative.
Want to know more about ICO, Cryptocurrencies and Blockchain? Register for our ‘How Fintech is Disrupting and Complementing the Financial Industry on 30 Oct.