Scotcoin has appointed Blockraise, the Zurich-based Web3 venture accelerator firm, to support its plans for the next phase of its development.

Blockraise will play a key role – similar to a nominated adviser – in making the ethical cryptocurrency accessible to a global audience. Among other areas, the firm will advise Scotcoin on its liquidity strategy, community expansion, and tokenomics design ahead of the project listing its tokens publicly in the next few months.

By expanding its existing ecosystem, Scotcoin is aiming to develop a wide network of third sector organisations and preferred partners in the private sector which will accept the token in exchange for a range of goods and services – initially focussed on food, clothing, and shelter.

If, for example, a clothing shop had unsold garments that would otherwise be discarded, a charity could purchase them using Scotcoin and the business could use the tokens within the community for its own purposes.

Making Scotcoin available on a cryptocurrency exchange will allow more individuals and businesses to participate, with The Scotcoin Project – its marketing and treasury division – providing financial assistance and distributing the tokens on a controlled basis.

Scotcoin is free to exchange between holders using the Scotscan.io app, which is available to download on Google Play and Apple’s App Store.

Temple Melville, CEO of The Scotcoin Project CIC, said: “Appointing Blockraise is the next major step in our strategy to expand the Scotcoin community. The firm is well respected in the global cryptocurrency space and we look forward to working with the team on this next phase of Scotcoin’s development, bringing the token to a much wider audience and helping to provide food, clothing, and shelter to those who need it.”

Danny Rowshandel, co-founder of Blockraise, also commented: “We’re excited to help support Scotcoin’s expansion to a broader market by further integrating it with the Web3 world.”

The Origins of Scotcoin and The Scotcoin Project CIC

In 2014, amid the lead-up to the Scottish referendum, Derek Nisbet, an IT professional and fintech entrepreneur, created Scotcoin as a potential national currency for which to trade, should Scotland break away from the United Kingdom. However, over time (and after the outcome of the referendum), Nisbet had simultaneously less interest and less time to commit to the running and the growth of Scotcoin.

Enter Temple Melville and David Low; two friends who, between them, had extensive and in-depth experience across myriad business sectors over the years. Inspired by Scotcoin’s untapped potential, the pair approached Nisbet with the mind to buy him out. And in early 2016, Melville and Low officially became the new owners of Scotcoin.

The acquisition, which was made for an undisclosed sum, marked the beginning of Scotcoin’s future — and The Scotcoin Project Community Interest Company’s future, too.

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In terms of the pair’s goals with The Scotcoin Project, Melville and Low wanted to educate the general public about blockchain technology, digital currencies, and Scotcoin, with Scotcoin being a method for addressing the need for a national digital cryptocurrency, while also being beneficial for Scotland’s economy-at-large as well as its local economies.

Moreover, the issues of homelessness, clothes and food waste, and climate change were becoming ever more pressing — areas The Scotcoin Project was keen to help improve and alleviate.

From that point forward, a symbiotic relationship between Scotcoin and The Scotcoin Project was established, with Scotcoin becoming what would drive The Scotcoin Project vehicle to deliver positive change and value.

To read more about Scotcoin and its potential within the third sector, check our feature where we interview Temple Melville.