Scotland’s cryptocurrency heads for trading debut
Scotcoin – Scotland’s only cryptocurrency – will be made available to buy and sell on the open market following a partnership with the ProBit Global exchange to publicly list later this year.
ProBit Global, with more than two million users, will hold exclusive rights to trade the currency in more than 200 countries.
A presence on the platform will allow holders of Scotcoin to exchange existing tokens, while new users will be able to buy Scotcoin in traditional currency, such as pounds, dollars or euros, or other types of cryptocurrencies. The Scotcoin team is also in the process of selecting a liquidity provider ahead of the listing.
Temple Melville, chief executive of The Scotcoin Project Community Interest Company, has been working on the project for five years. He said: “This is a huge moment for Scotcoin and for everyone who has been a part of the journey so far.
“Listing the cryptocurrency on a global exchange will be one of the most exciting financial developments we have seen in Scotland for some time.”
The Scotcoin CIC, which has an underlying charitable and ESG strategy, will appoint a full-time CEO and board.
“ProBit Global has a great reputation and a huge international presence that will allow us to spread the word about Scotcoin to more people than ever before, said Mr Melville.
“Scotland has around 10 million members of its diaspora spread around the world, some that will be keen to become holders of Scotcoin for a number of reasons.
“Listing the cryptocurrency directly ties into our wider mission of using Scotcoin as a force for good. With more users of Scotcoin and an increased number of tokens in circulation, we will be able to do more to support the third sector and help them to tackle some of the biggest challenges facing Scottish people.
“Amid ongoing economic uncertainty, now is the time for Scotland to embrace the idea of a supplementary form of money to strengthen its businesses, charities, and communities and sustain our recovery.
“ProBit’s enthusiasm for Scotcoin and understanding of what we do was pivotal to selecting them as partners and we know they will work hard to ensure a successful listing”