CoinField, a European cryptocurrency platform has announced the release of its own coin called CoinField Coin (CFC) or Field Coin. CoinField’s crypto services are currently available in 186 countries including Nigeria. This release looks profitable for CoinField as it generates about $20billion in transactions, in a year. Tingo, based in the USA, is backing CoinField as its strategic partner.
Crypto coins created by crypto exchange platforms are said to offer trading access at cheaper rates than other crypto coins and tokens. There are one billion CoinField Coins, which is regarded as a coin limit in cryptocurrency. The organization has no plans to increase the number of coins it has created and claims to offer the coin holders special benefits.
CoinField also has the aim to improve food supply and support farmers as well as food innovators. To this end, 100 million CoinField coins will be donated to charities that specialize in food innovation. On December 7th, 2021, 300 million CFC will be put up for sale as its Initial Exchange Offering. The price is $1 to a unit. However, existing users get the chance to purchase at a discount until December 6th.
CoinField aims to increase its trading volume by ten times next year, as an improvement on its current $17billion processed this year, in trades.
Alex Lightman, author of CoinField White Paper expressed his view on the coin launch, “The CoinField coin is not only going to make it less expensive to do trades in 186 countries on what I believe is the most secure crypto and fiat exchange on earth but will also enhance and preserve buying power for buyers and sellers of food in Africa. Our partnership with Tingo has the potential to do more good for farmers and families.”