LOS ANGELES—Intimate, a startup payment technology on a blockchain based in London, on Wednesday announced that Alphabit has invested $1.1 million into its cryptocurrency token pre-sale, according to VentureBeat.
Intimate so far has raised $5.1 million through the pre-sale, the report said. Alphabit is a billion-dollar digital currency fund.
“Alphabit’s support for intimate’s mission demonstrates that funds see real value in using blockchain to drive social change whilst unlocking new revenue into industries blocked by banks,” Intimate co-founder Leah Callon-Butler said in a statement. “Individuals transacting in the adult industry services deserve the same financial services that other industries take for granted.”
Alphabit CEO Liam Robertson said in a statement, “Alphabit invests in projects that are solving real-world problems with blockchain technology, and intimate is breaking down barriers to financial services for a traditionally underserved demographic. This is the exact use case crypto has been waiting for.”
Intimate co-founder Reuben Coppa in 2013 started ABA Technologies, which introduced the first Bitcoin ATMs in Australia, VentureBeat reported.
The intimate token (ITM) uses the Ethereum blockchain to verify payments and also verifies a person’s reputation on a distributed ledger, raising the level of trust with the transaction.
According to the story, intimate requires a reputation rating to be attached to every transaction.
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