Scottish cryptocurrency Scotcoin will publicly list later this year, bringing the token to the open market.

The move is part of an agreement with ProBit Global, an international exchange with more than two million users. It will hold exclusive rights to trade the currency when it makes its debut listing on the exchange.

When Scotcoin is offered on the ProBit’s platform, users will be able to exchange existing tokens, and new users will be able to buy Scotcoin for fiat currency (such as British pounds, US dollars or euros) or other types of cryptocurrencies.

In addition, the Scotcoin team is in the process of selecting a liquidity provider ahead of the listing.

CEO of The Scotcoin Project CIC Temple Melville said: “This is a huge moment for Scotcoin and for everyone who has been a part of the journey so far. Listing the cryptocurrency on a global exchange will be one of the most exciting financial developments we have seen in Scotland for some time – we have been working towards this point for five years and it will allow us to roll out our business plan for the project, including the appointment of a full-time CEO and board.

“ProBit Global has a great reputation and a huge international presence that will allow us to spread the word about Scotcoin to more people than ever before. Scotland has around 10 million members of its diaspora spread around the world, some that will be keen to become holders of Scotcoin for a number of reasons.”

At present, Scotcoin is the first and only Scottish cryptocurrency. It has been touted as the world’s only purpose-driven cryptocurrency, with environmental and social aims at its core.

In 2020, it transitioned to the Ethereum network – used by ProBit Global – which later this year will switch from an underlying proof-of-work blockchain system to proof-of-stake, cutting its energy consumption by 99.95%.

The Scotcoin Project Community Interest Company (CIC) aims to use the cryptocurrency as a force for good, supporting a range of charitable and environmental projects. Among a series of initiatives, the project connects industries and companies that have issues with over-supply or waste with charities and individuals who can make use of them in exchange for Scotcoin.

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Melville added: “Listing the cryptocurrency directly ties into our wider mission of using Scotcoin as a force for good. With more users of Scotcoin and an increased number of tokens in circulation, we will be able to do more to support the third sector and help them to tackle some of the biggest challenges facing Scottish people. Amid ongoing economic uncertainty, now is the time for Scotland to embrace the idea of a supplementary form of money to strengthen its businesses, charities, and communities and sustain our recovery.”

“ProBit’s enthusiasm for Scotcoin and understanding of what we do was pivotal to selecting them as partners and we know they will work hard to ensure a successful listing.”

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