Singapore and Hong Kong Collaborate on Blockchain Trade Finance Platform

In their latest weekly update, BMCHAIN described progress on the first version. "At the moment, much work has been done to create the first version of the platform, which includes the deployment of a test network and the development of the primary functionality of the system. The functions of writing posts and comments, viewing posts, lists of posts, likes have been implemented. The design of the site with elements of the user-friendly interface is being developed with the shortcomings of existing social resources and platforms taken into account and corrected. The adaptive mobile interface has been implemented and now is being tested."

The platform operates a marketplace. BMCHAIN is recruiting 100 companies to accept its tokens in exchange for goods and services. Those companies expect reputation systems and cost savings from blockchain integration. Many participated in the earlier funding rounds, a sign they backed the project. Partners can build their own rating systems and automate internal processes through BMCHAIN's tools.

The token has use cases lined up. Users will spend BMT on vehicle rentals, property purchases, dining, and software products. BMCHAIN will create a dedicated section on bmchain.io to list partner projects offering discounts—up to 50 percent off if customers pay in BMT. Token holders get the discount while partners reach new customers.

About 17,000 people have signed up as of October 7. More than 3,000 companies have expressed interest in accepting BMT. The platform runs an affiliate program for anyone with an existing business. Post a video about your company with the hashtag #buyforBMT on YouTube or Facebook, and BMCHAIN will decide whether to promote it. "If it turns out to be interesting, 500,000 users will know about your business," according to the platform's update.

Traders in BMCHAIN's Telegram channel predict where the token will trade once the ICO closes. Some point to the preICO rounds as a signal: investors transferred 777 ETH and 405 ETH in the final minutes during those earlier phases. Such moves suggest big money will come in when the main sale ends.