Sunlight Money (SPMW) will launch its ICO, dubbed “Sunlight Banking”, on May 25, 2018, the company announced.
The ICO aims to build an ecosystem of Bitcoin financial institutions that will be able to process Bitcoin and other cryptocurrencies and offer a variety of financial products.
SPMW will be a wholly owned subsidiary of Sunlight Capital, a venture capital firm that has invested in a number of cryptocurrency startups, including CoinLab, Bancor, Coinpayments, Circle and more.
The firm has raised $5 million to date, according to CoinDesk, and has a valuation of $25 million.
The startup will work with other Bitcoin financial firms, such as CoinLab and BitGo, to facilitate Bitcoin transactions.
The platform will offer a service similar to PayPal for Bitcoin, allowing customers to deposit funds in a wallet with a bank.
The company has not yet announced the size or timeframe of its ICO.
SPWM will launch the first phase of its token sale on May 22.
The token will be offered for sale via SPMW.com, and will be sold through a crowdsale, with the price of 1,000 SPMW being priced at around $25.
SPAWM is a digital asset with a high degree of market liquidity, SPMW said in a press release.
“With our new service, SPAWMs will enable users to make purchases and store Bitcoin, Ethereum, Litecoin, Dash, and more at their local financial institution.
SPEWM will be one of the first token offerings to provide the ability to store Bitcoin in a financial institution,” SPMW CEO Tom Dye told CoinDesk.
The SPMW team believes that it is “the first bank-level Bitcoin exchange platform to be built” and that it will be the “most convenient way to invest in Bitcoin.”
Dye said the platform will also allow users to create their own bank accounts that will accept Bitcoin.
SPGW said that it intends to sell SPMW for US$5.2 million.
“The token sale is being hosted by a wholly-owned subsidiary of the company, SPEWm, which is not affiliated with SPMW or Sunlight.
SPWm will work to complete the token sale and launch SPMW in the next 90 days,” SPAWm CEO Tom Segal said.
“Our plan is to open SPMW to the public and to build a platform to facilitate both Bitcoin and Ethereum investments,” he added.
The launch of SPMW comes a day after CoinLab launched its own Bitcoin trading platform.
“CoinLab’s announcement today of its intention to launch its own cryptocurrency trading platform on May 5 was a big step forward in the development of Bitcoin,” said CoinLab CEO John McAfee.
“We are very excited to be a founding member of a company that has the capability to help the Bitcoin ecosystem succeed.”
CoinLab said it would provide its services to a variety to enable “customers to trade and sell Bitcoin, Ether, Litecoins, Dash and other digital assets in a variety and convenient ways.”
Bitcoin is a decentralized digital currency that exists outside of the control of a single central authority, and its value is determined by the decentralized network of peer-to-peer nodes.
The value of Bitcoin is based on the cryptographic proof of its existence, as well as the number of bitcoins that have been transferred to it over time.
CoinLab is currently focused on Bitcoin and blockchain-based digital asset technologies.
Coinlab is currently working on a cryptocurrency trading and storage platform that will include the ability for users to deposit Bitcoin and Bitcoin-related assets to an individual account, CoinLab’s chief executive Mark O’Connell told CoinMarketCap.
“These products will allow customers to manage and store their Bitcoin portfolio in a convenient and secure way,” he said.