El Salvador probably does not strike one’s mind as the location for a company helping startups get easily into the world of ICOs (Initial Coin Offerings) but, in fact, that is happening. SprintX is based on this South American country and is developing a powerful ecosystem for startups to launch and manage their own ICOs, which are more and more becoming an important source of financing.
Data shows that IPOs (Initial Public Offerings) are declining, being slowly replaced by ICOs, because of their crowdfunding-like operation: companies still get financing, but do not end up losing equity. However, not all enterprises have the necessary means and/or knowledge to venture in this world.
Enter SprintX, the aforementioned company. If the fact that they are based in a South American country seems baffling, the CEO Brigham Santos clears that out of the way:
“(…) we are creating a tech hub in El Salvador a whole city called Ahuachapan. Local government is in full support of our platform and ideas, with the mayor himself designating SprintX as the technology leader for the city. NOVA will use this to make the whole city an environment that Tech Startups will want to take advantage of. This city will be the main tech standard in Latin America, turning Ahuachapan into El Silicon Valley – Silicon Valley with a Latin twist.”
That “NOVA” Santos refers to NOVA Foundation, which promotes and accelerates startups helping them to grow, namely by providing mentoring, advisory services, coaching and funding from a group with the same name and its vast network of investors and experts. NOVA Foundation has a strong presence in South America, which is a strong reason for it to be a partner of SprintX.
The benefits provided by SprintX allow startups to make their own ICOs, offering a solution that also offers an integrated exchange. Startups get all the benefits that arise from using ICOs and their underlying technology, which is based on Blockchain: safety, reliability and traceability, among others.
SprintX is also in the process of launching its own ICO token, entering its pre-sale phase in less than a week. This company is doing an important work, not only taking the benefits and potential of the ICO world, but also to technologically develop a region of the world that still lags behind. This will grow in the future, as Santos explains:
“The first is related to Ahuachapan, (…) and the second is a project we have in Venezuela. Venezuela as you know is in a banking and financial mess. (…) We are hiring over 100 Venezuelan workers and we are going to pay them directly in cryptocurrency. This will allow those workers to not have to deal directly with their own banking system.”