Baroness Michelle Mone launches cryptocurrency to 'encourage women to invest in tech'

Baroness Michelle Mone has announced the launch of her own cryptocurrency with boyfriend and businessman Doug Barrowman, in the hope that it will "encourage more women to invest in the tech industry".
The ethereum-based Equi Tokens can be traded in the same way as other cryptocurrencies such as Bitcoin. Each Equi token is currently worth $0.50 (36p) each.
Baroness Mone, a member of the House of Lords and founder of lingerie company Ultimo, hopes to raise a total of around $75m through an "initial coin offering" (ICO) – where a percentage of the cryptocurrency is sold to early backers of the project – with the money funding a new investment platform called Equi Capital, which is underpinned by blockchain technology.
Projects are showcased on the platform and participants use Equi tokens to acquire a stake in projects. 
Talking to Sky News, Baroness Mone said the platform would open up venture capital to a wider audience, providing access to vetted, early-stage high-growth tech companies.
"It brings venture capital investing into the modern technology era and allows individuals to combine forces and participate in an investment sector that has only been open to high-net individuals and corporations," she said.
Our Global Business #Equi has now can buy our token from 1st March.Our aim is to help as many entrepreneurs as possible in the World of #Tech #BioTech #cryptocurrency Web site for our white paper & join us on Telegram #Equicapital— Lady Mone (@MichelleMone) February 6, 2018
Businesses on the platform will be hand-selected by a team of venture capitalists, led by Mr Barrowman. He said: "Through Equi, non-industry professionals now have the chance to back the next hot investment opportunity that most get to hear about in the media after the event. It’s a chance to be in at the ground level on a powerful new investment movement."
The pre-sale will start on March 1 for those putting $100,000 into the venture, and early participants will get a 25pc bonus incentive. The main sale will open a week later with a minimum investment of $100.
Investors who back projects are promised 70pc of profits generated upon completion, and a further 5pc will be awarded to those who leave their tokens within the platform. 
Baroness Michelle Mone launches cryptocurrency to 'encourage women to invest in tech'

Michelle Mone said the platform would open up venture capital to a wider audience

Rex Features
According to Reuters, the project will have 250 million tokens in supply, of which 65pc will be released for sale to investors, meaning the founders will hold 35pc of the remaining tokens.
"There are lot of ICOs out there, about 1,300, but what’s different about ours is that it’s underpinned by the success of our businesses," Baroness Mone said. "There’s real utility value there and you’re coming onboard with some of the biggest business people around."
The business has already been met with some skepticism online, with one social media user commenting: "Which 'everyday investor' can afford to concentrate risk in a single equity platform starting at $100,000 & has appetite for coin exchange risk? Pretty sure in the normal world this would classify as a fund & need to be regulated. Will it?"
What is cryptocurrency, how does it work and why do we use it?
This isn't the first time that Mr Barrowman and Baroness Mone have collaborated together. Last year they created waves in the property industry with a new venture selling homes in Dubai paid for using bitcoin.
It was the first property development ever to be sold using the virtual currency. The apartments are priced in dollars and converted into bitcoin for buyers. 
"I’ve been invested in cryptocurrency for some time, it's not a new thing," Mr Barrowman said. "We’re offering the opportunity for people who’ve made significant gains to invest it in land."
Baroness Michelle Mone launches cryptocurrency to 'encourage women to invest in tech'

Doug Barrowman
The move to launch their own cryptocurrency comes as the value of bitcoin continues to tumble. Today its price fell below $6,000 for the first time this year, after peaking at $18,000 in December.
Ethereum, which hit an all-time high in January, has since lost around 60pc of its value, while third-largest cryptocurrency ripple is off more than 80pc from its record high last month.
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