PRESS RELEASE: Sale for Algorithmic Stablecoin Project LaunchesOctober 25, 2018
The past few weeks have seen significant evolution within the stablecoin landscape. With some projects still struggling to shake off issues of trust, it’s evident that a stablecoin race is emerging.
Today Kowala, a dual-token protocol designed to algorithmically track the value of the USD, launched a global sale for qualified investors. Kowala recently became the first assetless stablecoin to receive support from Ledger, and with this announcement, is set to stake its claim in the stablecoin ecosystem.
Kowala to Leverage Leading Platforms to Open Global Access to Network
Nashville, TN – October 24, 2018 – Kowala, creator of the kUSD stable cryptocurrency designed to algorithmically track the value of one US dollar, has launched a sale for qualified investments in their stablecoin project. Kowala’s stablecoin protocol features a two token system: the primary token, kUSD, is a stablecoin designed to track the US dollar while the secondary mining token, mUSD, allows holders to mine on the blockchain. Leveraging third party vendors such as AngelList and VerifyInvestor, Kowala will allow certain qualified persons to purchase a right to receive Kowala’s mining token (mUSD), which Kowala plans to deliver after completing the network. The mining tokens associated with the sale will initially be subject to certain restrictions on their use and transferability. More information about purchase eligibility and terms can be found at:https://kowala.tech/qualified-sale.
Eiland Glover, CEO of Kowala said: “While multinationals like Goldman Sachs and IBM have been part of the over $375 Billion invested in stablecoins over the last several months, most stablecoin projects don’t allow others to participate. Kowala’s protocol is different.”
Kowala will leverage third party service providers, including AngelList and VerifyInvestor, to manage accreditation checks for U.S. investors and the AML/KYC process for all investors in the U.S. and abroad. Purchasers will participate in the sale by signing a Pre-Functionality Token Sale Agreement and, at a later date, will receive custody of a specified number of mUSD mining tokens. The pre-functionality sale will focus exclusively on future mUSD mining tokens.
The kUSD network is built using the Kowala Protocol, which utilizes advanced stability algorithms designed to make one kUSD track the value of $1 USD. By automatically minting and burning the kUSD coin supply in response to user demand, the kUSD network is designed to achieve stability while avoiding the pitfalls of asset-backed stablecoins that are backed by physical fiat currency or other centralized assets. Kowala hopes that the sale and anticipated future delivery of mUSD will allow kUSD to become the world’s leading autonomously stabilized cryptocurrency and one of the most efficient blockchains to date.
With today’s sale announcement, Kowala builds on momentum of existing support by Ledger, Exrates, and RightBTC. Last month, Kowala launched its alpha mainnet, Andromeda. Following stress testing and debugging of Andromeda, Kowala anticipates the release of its beta mainnet, Boötes, in Q1 of 2019.
Kowala is the creator of the Kowala Protocol, a patent-pending dual-token blockchain protocol that supports a family of distributed, self-regulating, asset-tracking cryptocurrencies via the use of algorithmically determined coin-burning and minting features. The first coin planned on the Kowala protocol is kUSD, a stablecoin with a money supply that relies on a decentralized mining network shaped by ownership of the mUSD mining token.