A major Japanese newspaper reported that Cryptocurrency “SocialGood” raises 3.3 billion yen from overseas investors.

Cryptocurrency “SocialGood” raises 3.3 billion yen from overseas investors / Sankei Shimbun

The Social Good Foundation Inc. (Tokyo, Chiyoda-ku), which issues the cryptocurrency “SocialGood”, has raised 30 million dollars (approximately 3.3 billion yen) from overseas institutional investors through an ICO (financing via cryptocurrency).

The Company will hold the funds in reserve in order to maintain the value of the cryptocurrency and establish credibility. In addition, they will also use the funds for advertising expenses to improve name recognition.

The cryptocurrency allows the holder to receive cashback when shopping at participating stores, part of which is automatically donated to charitable organizations. The Foundation submitted business model patent applications regarding a cashback system utilizing cryptocurrencies in Japan and the United States in January of this year.

Initial and monthly costs are free for alliance companies, compensation only being paid to the Company when a product is sold.

These commissions form the funds for the cashback to consumers and donations.

Following the provision of services at the end of April, the number of SocialGood holders has surpassed 30,000 people worldwide in five months. Soichiro Takaoka, CEO (Chief Executive Officer), says that “We aim to be the Amazon or Rakuten of the blockchain era”.

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