US firm seeks $100m crypto funding for African electric vehicle project

African electric vehicle

In a bid to fund electric vehicles manufacturing in Africa, US-based Alternet Systems Inc (ALYI) has announced a partnership dedicated to launching a new cryptocurrency.

The new partnership will see Alternet together with another unnamed company raise $100 million through Initial Coin Offering.

Alternet plans to bring electric vehicle production to Africa

According to Alternet, the African electric vehicle project cryptocurrency has successfully been minted on the Ethereum blockchain. Also, the planned ICO has reportedly attracted investors for the $100 million offering.

The statement goes further to note that Alternet is the only firm to have partnered for the crypto initiative.

As part of the plans for the African electric vehicle project, Alternet is currently analysing cryptocurrency regulations across the continent and developing a marketing plan for the ICO.  It adds that the date for the ICO is yet to be reached.

According to the World Economic Forum, Africa needs electric cars as a way to reduce overreliance on carbon-based energy sources and also for storing abundant renewable energy.

Alternet, through its electric motorcycle subsidiary, has developed an electric motorcycle and sidecar designed to compete in the African ride-share market. It claims to have signed a deal with Kenya for its bikes, and that the money to be generated from the ICO will be used to fund the manufacturing of the electric bikes.

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Growth of blockchain investments in Africa

Alternet is not the first foreign company to commit blockchain investments in Africa. On March 9, Bill and Melinda Gates Foundation awarded $1.4 million grant to blockchain-based fintech security firm Crest. The grant will allow the company to expand its financial services to reach more unbanked people in Africa and Asia.

Binance, a popular cryptocurrency exchange, announced at the Blockchain Africa Conference last week plans to donate $1 million to the growth and advancement of blockchain education in South Africa.

In 2019, the Technical Centre for Agricultural and Rural Cooperation (CTA) awarded blockchain grants to four projects focused on improving food supply chains in Africa.

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About the author

Vincent Olago

Vincent Olago

Vincent Olago is the Managing Editor of Ledger Africa and has been active in the blockchain space for three years now. He's passionate about entrepreneurship and the potential of disruptive blockchain technologies to reshape our world. He supports startups to tackle blockchain challenges, address strategic problems and optimize growth.