Currency plan

Design hub signs up to trade in Scotcoin crypto

Lynzi Leroy: ’empowering people’

Customers of a high street arts and crafts hub will be offered the chance to trade in Scotland’s cryptocurrency.

Scotcoin Project CIC has signed up the Scottish Design Exchange (SDX) which will reward customers with Scotcoin for purchases at its retail outlets in Glasgow and Edinburgh and its online store.

Further partnerships are expected with a range of community interest companies, including an ethical travel agent.

Dealing in cryptocurrency does not require either party to have a bank account and transactions are peer-to-peer, with no middleman involved.

Not-for-profit companies hope the agreement will help to advance their social mission to support charities and independent producers and revive flagging local high streets and town centres across the country.

SDX provides a high street presence to hundreds of small, independent artists and craftspeople from all over Scotland.

Temple Melville: ‘announcing more partners’

On the launch day of the joint venture on 31 July, SDX customers will be given free Scotcoin for any purchase they make in-store or online.

For every £25 customers spend, they will receive 500 Scotcoin to retain as an investment or to cash-in when the cryptocurrency is launched on one of the main exchanges.

Temple Melville, director of Scotcoin Project CIC, said: “We are delighted to have SDX on board as our first partnered community interest company.  In the coming weeks and months, we will announce many more.

“Our mission is to have as many people as possible holding Scotcoin, in preparation for it becoming routinely transactable.”

He added: “Digital currencies are empowering to people who don’t necessarily have very much. There is more liquidity, so you don’t need to have £100 on your bank statement; there is no inflation as such ­­– if anything, they are mildly deflationary which means they become worth more rather than less.

“The other thing they are incredibly good at is transferring value. If you want to send large sums of money around the world, you can do that but it costs a lot ­ – to transfer £1million between banks will cost you up to £30,000. You can transfer £1million of cryptocurrency for between 50p and £1.” 

Lynzi Leroy, chief executive of SDX, which has distributed £3.5m to 300 artists since it was launched in 2015, said the partnership is a good fit because both companies share the same values.

“As social enterprises, we are committed to empowering people within their communities and we’re confident that, together, we can do so much more.

“We’re focused on helping Scotcoin get more of the cryptocurrency into circulation because, the more it is bought and used, the greater is the value to users.”

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