2018-06-14
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Business Wire


The Poseidon Foundation Announces Fundraising Timetable Ahead of Platform Launch

Poseidon Foundation (1:20PM) 

Business Wire India

The Poseidon Foundation ("Poseidon") is pleased to announce the timetable for its year-long public fundraising phase which encompasses three token sales ahead of the platform's official launch in August 2019. The first token sale will launch on 16th June 2018 and will last six weeks ending 29th July 2018. The second token sale will be launched on 3rd November 2018 lasting four weeks and the third token sale will launch on 4th May 2019 for two weeks.

Poseidon is a non-profit which uses blockchain technology to integrate carbon markets into transactions at the point-of-sale, giving individuals and organisations the opportunity to rebalance their climate impact by supporting forestry conservation projects around the world when they buy and sell everyday items.

During the three sales, 18 billion OCEAN tokens will be available for purchase. OCEAN is a single utility token that provides access to carbon credits through the Poseidon platform. Using OCEAN tokens, platform users will be able to offset the unavoidable climate impact of their businesses and everyday lives. During the first raise, OCEAN will be available for purchase at a 35% discount against the token's internal value, until 29th July using Stellar Lumens, Bitcoin, and Ethereum.

The internal value of OCEAN will be derived from an external and independent benchmark of the total value of the global carbon market, which is currently estimated to be approximately €8.64 billion. 36 billion OCEAN tokens will be issued, each with a value of €0.24. Contributors to the token sale will enjoy discounts against the launch value, as outlined in the schedule below.

As a non-profit foundation, Poseidon will use 80% of the funds raised from token sale to purchase carbon credits for the platform. The remaining funds will be used to cover operational costs, including further development of the platform, R&D and the onboarding of new pilot projects with retailers. Should contributors prefer, there will be an option to make charitable donations to Poseidon. In the case of charitable donations, 100% of the funds committed will be used to purchase carbon credits and directly support forest conservation projects in the rainforest. Laszlo Giricz, founder and CEO of Poseidon, said, "The first token sale will be the culmination of months of hard work by our talented team. Our platform is the first of its kind to truly put consumers in control of their own carbon footprint when buying anything from a cup of coffee to a litre of fuel."

"We are already operational at Ben & Jerry's Scoop Shop in London where we have protected over 1,500 trees in just over a month. This represents a small example of the positive environmental impact the platform could deliver across multiple retailers."

ENDS

Notes to Editors

The three OCEAN token sales will be scheduled as follows:

First token sale

Second token sale

Third token sale

Duration: 6 weeks

Duration: 4 weeks

Duration: 2 weeks

Start: 16 June 2018, noon GMT

Start: 03 November 2018, noon GMT

Start: 04 May 2019, noon GMT

End: 29 July 2018, 11:59 PM GMT

End: 09 December 2019, 11:59 PM GMT

End: 19 May 2019, 11:59 PM GMT

Token Discount: 35%

Token Discount: 20%

Token Discount: 5%

Token Price: €0.1560

Token Price: €0.1920

Token Price: €0.2280

About Poseidon

Poseidon is a non-profit foundation that empowers individuals to rebalance the climate impact of their lifestyle choices with a breakthrough approach. Using blockchain technology, it integrates carbon markets into everyday retail transactions at the point-of-sale and allows users to track the positive impact of their transactions on individual forest conservation projects. This will transform people's relationship to their carbon footprint, encourage vital behavior change and unlock the considerable growth potential of carbon markets to effectively address climate change.

To find out more about Poseidon - https://poseidon.eco/

View source version on businesswire.com: https://www.businesswire.com/news/home/20180612005207/en/




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