The Central African Republic’s token sale seems to have recorded a poor start after less than 13 million out of the 210 million Sango coins were sold since the commencement of the sale on July 25.
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Just Over $1.2 Million Raised Since Sango Coin Sale Started
The sale of the Central African Republic (CAR)’s Sango crypto token, which commenced on July 25, has reportedly recorded a poor result.
Out of the 210 million coins, only around 13 million coins have been sold to date. With the initial selling price set at $0.10 per coin. It means the CAR has now raised approximately $1.26 million since the start of the token sale, a website tracking the token sale has shown.
Meanwhile, the country has claimed its decision to adopt bitcoin as a legal tender is being admired by other countries.
According to the website, SANGO, the coin of the Sango sidechain, will be fractionally backed by Bitcoin, which in simple terms means that the Central African Republic Treasury will consist of a Bitcoin reserve fund.
The Sango Blockchain will be a Bitcoin sidechain, a Layer-2 solution, similar to Liquid Network with built-in Bitcoin interoperability.
As previously reported by DiutoCoinNews, investors that wish to acquire their share of the 210 million Sango coins at this genesis phase can buy a minimum of $500. Other buys can purchase a minimum of $100 throughout the 12-cycle phase of the sale. Buyers looking to purchase the Sango coin can pay using BTC or ETH.