Sharing economy trust engine UTU Technologies is the first Africa-based company to conduct an IDO on Binance’s decentralized exchange
PRAGUE / NAIROBI / VADUZ, LIECHTENSTEIN, Sept. 25, 2019 (GLOBE NEWSWIRE) — (via Blockchain Wire) – Æ Ventures, an investment company that provides initial funding, acceleration, and advisory support to blockchain projects, today announced that Starfleet graduate UTU Technologies, a Nairobi-based company building a trust infrastructure for the digital economy on æternity blockchain, is launching an IDO (Initial DEX Offering) on Binance DEX.
UTU will announce its IDO on Binance DEX at æternity Universe One, the first conference dedicated to the æternity blockchain’s growing ecosystem taking place September 20-21, 2019 in Prague. While IDOs are a fairly new concept, they are growing in popularity due to their independent nature, as they are independent of Binance and are 100 percent self-organized by the token issuer. UTU’s decision to employ this new funding measure is rooted in the company’s core values of trust and individual ownership of data.
UTU delivers proprietary trust recommendations to centralized and decentralized applications with the aim to disrupt anonymous star ratings and reviews, which are the current standard for discerning trustworthiness of digitally contracted service providers. The goal is to transform the online services industry by tokenizing the acquisition of users and data, and creating a safe space to securely store and govern data access, while providing monetary incentives for creating positive outcomes with your staked endorsements of trusted service providers. UTU’s technology runs on a graph database, powered by machine learning, that is adapted for each user’s unique preferences and trust model. UTU’s API and smart contracts seamlessly serve up personalized recommendations for trusted service providers on sharing platforms to drive better metrics, better outcomes, and better privacy.
UTU’s technology is particularly useful for establishing trust for P2P ecommerce, P2P lending and online professional services. For example, fintech platforms can use UTU to evaluate credit risks with little or no formal data, helping them to better understand the correlational risk to their portfolio. Online professional services like content and copywriters can use UTU to build trust and relationships, therefore driving conversion up by 20 percent, satisfaction up by 20 percent and they can generate up to 30 invites per new user.
“From the onset, our mission has been to bring real-world trust to the digital world; and we believe conducting an IDO is the next step up toward expanding this vision,” said Jason Eisen, CEO of UTU Technologies.
UTU will also showcase its technology at this year’s æternity Universe One conference. This milestone highlights UTU’s development since participating in Æ Ventures’ Starfleet Accelerator program where they received $200,000 USD in investment and went on to win the Pegasus Tech Ventures Startup World Cup East Africa Prize at the Trescon Global AI Show and has presented at conferences around the world on digital trust.
“The Æ Ventures team is very proud of UTU’s success through our Starfleet accelerator program,” said Nikola Stojanow, CEO of Æ Ventures. “We share UTU’s vision of providing a safer, more trusted digital world, built around relationships; and we are happy to support their efforts to build a solid blockchain ecosystem in Africa.”
About UTU Technologies
UTU Technologies is a pan-African AI and blockchain technology company with proprietary innovations in the fields of machine learning for trust and distributed, multi-agent systems. UTU is also the parent company of the MARAMOJA transport, serving Kenya with trusted e-hailing services since 2015, and the MARAMOJA family of mobility brands rapidly expanding around Africa. Fore more information, please visit https://utu.io/#press.
About Æ Ventures
AE Ventures is an investment company providing initial funding, acceleration and advisory support to blockchain projects. The company also runs æternity Starfleet – a full-service global acceleration program for seed stage startups utilizing blockchain. For more information, please visit https://æternity-ventures.com.
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