Vegans Wade Into Cryptos with VeganCoin

Blockchain-based ecosystem VeganNation says it launches own coin to raise funds and make the lives of vegans easier.

by Nina Dimitrova
23 May • 2 mins
In Coins

There are literally thousands of cryptocurrencies nowadays, some with real value and purpose, others launched as a joke, inspired by a popular meme (Dogecoin), or outright scams. Just when we were starting to wonder whether the vegans might jump on the bandwagon, they gave us an answer.

VeganNation, a blockchain-based ecosystem incorporating the vegan values, flagged VeganCoin (VCN), a “Cruelty-Free Cryptocurrency”, which is currently in a pre-sale stage. The crowdsale of the decentralized coin is launching on July 1, 2018.

In the crowdsale stage, the minimum contribution was set at 0.1 ETH or USD 500. The platform also plans a pre-sale stage, where the contribution minimum is USD 100 000 with wire transfer or an equivalent in Ethereum (ETH). The goal of the pre-sale and crowdsale is to raise USD 60 million.

Participants in the funding rounds will need to undergo a know your customer (KYC) procedure.

As per the VeganNation site, eventually VCN will be released for trading on “major exchanges”, however, the people behind the project admit they still do not know the answers to many of the questions.

VCN will be used within its platform for payments. It will also be available for use by any businesses and service providers offering vegan, eco-friendly, and cruelty-free commodities and services outside the VeganNation platform.

According to the VeganNation website, the use of VCN would bring direct benefits to the businesses from the growing “vegan population”, which reportedly is 300 million people worldwide and the fastest growing interest group. According to some projections, the vegan community will equal the population of India (1.35 billion in 2017) by 2020.

VeganNation's platform aims to be a one-stop-shop for consumers, business owners and eventually corporations, who will use the VeganCoin to buy and sell vegan goods. Users would be able to trade between themselves or buy services and goods from the businesses or other users of the platform. VeganNation will also have a section for “everything vegan” including recipes, articles and other user-generated content. Another “pillar” of VeganNation will be a community and activist platform.