WealthTech

Kenyan Blockchain Startup, UTU Launches IDO on Binance DEX O

Kenya-based sharing economy trust engine UTU Technologies is to become the first African company to conduct an Initial DEX Offering (IDO) on Binance’s decentralised DEX exchange.

AI and blockchain startup UTU Technologies is building a trust infrastructure for the digital economy on æternity blockchain, having graduated from the Starfleet accelerator run by Æ Ventures.

The startup, which is also the parent company of e-hailing app MARAMOJA and raised further funding late last year, launched its IDO on Binance DEX at the Æternity Universe One conference in Prague last week.

IDOs are a fairly new concept, but growing in popularity due to their independent nature.

They are independent of Binance and are 100 per cent self-organised by the token issuer, with UTU’s decision to employ this new funding measure rooted in the company’s core values of trust and individual ownership of data.

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“From the onset, our mission has been to bring real-world trust to the digital world; and we believe conducting an IDO is the next step up toward expanding this vision,” said Jason Eisen, chief executive officer (CEO) of UTU Technologies.

“The Æ Ventures team is very proud of UTU’s success through our Starfleet accelerator programme,” said Nikola Stojanow, CEO of Æ Ventures. “We share UTU’s vision of providing a safer, more trusted digital world, built around relationships; and we are happy to support their efforts to build a solid blockchain ecosystem in Africa.”