ServisHero, the online marketplace for local services in Malaysia, Singapore and Thailand has announced that it will launch blockchain based system in the mid of 2018. It is preparing for its upcoming Initial Coin Offering (ICO) in which the platform's ecosystem will be powered by the ServisHero Coin that is built on the Ethereum Blockchain.
ServisHero is on a mission to improve the way local services are discovered and delivered in Southeast Asia through technology-driven approaches.
According to Karl Loo, CEO, ServisHero, the company is also developing its blockchain infrastructure with the help of Origin Protocol, one of the world's leading blockchain experts from Silicon Valley.
"We are very excited about the potential of blockchain technology as it changes the way service platforms like us operate as it will open up a lot of work opportunities for workers in developing markets like in Southeast Asia (SEA)," said Loo.
"We see the implementation of ICO to less about fundraising and more about bridging the technology in blockchain, he further added.
ServisHero is backed up by Golden Gate Ventures, a leading Southeast Asian venture capital fund backed by Omise, the company behind OmiseGo- one of the world's most successful cryptocurrencies.
The Southeast Asian market offers a huge potential. The global market growth for the sharing economy is led by Asia, in particular, SEA countries, says Bank of America. With the blockchain technology, ServisHero hopes to reduce its expenditure and need for middlemen like banks and payment gateways.