Global Blockchain Mining Corp (CSE:FORK) (OTCMKTS:GBCHF) revealed that the much-anticipated crowd sale for the AMR token will begin today at 9am EST (Eastern Standard Time) on the Singularity Exchange.
The token is the crypto asset for a blockchain-based network, which was developed by Ammbr Foundation Pte Ltd (Ammbr), for the automated buying and selling of Internet bandwidth.
READ: Global Blockchain Mining hails AmmbrTech partnership with Smartware for infrastructure deployment in India
The vision is to provide "last mile" internet access to regions and communities that otherwise have no means of access.
Global Blockchain Mining is overseeing some of Ammbr’s development and administering the AMR crowdsale.
In return, it receives an allotment of AMR tokens and a percentage of the crowdsale’s proceeds.
"The timing of this crowdsale is perfect, in light of last week's announcement of Ammbr's deal with India-based ISP Smartware, in which they will be deploying Ammbr hardware for internet access infrastructure across 53 cities and more than 15,000 villages," said Shidan Gouran, President and CEO of Global Blockchain Mining in a press release Monday.
"These routers will all use Ammbr's blockchain-based marketplace, which means they will all use AMR tokens, meaning that there is an actual use for this crypto asset right from the beginning."
He added: "We were thrilled to be working with Ammbr from the start, and we are very excited to see what happens in the next few months as the AMR crowdsale goes forward, and Ammbr's technology begins its first large-scale deployment in the real world."
Notably, Ammbr's AMR crowd sale is one of the only crowdsales so far, in which the product has already been built, and the crypto asset can actually be used for its intended purpose.
It is not just a fundraising exercise for product development.
Steven Nerayoff, chairman of Global Blockchain Mining, added: "Furthermore, not only can it immediately be used for its intended purpose upon completion of the crowdsale, the use of AMR will go hand-in-hand with the infrastructure deployments in India, which will begin to roll out over the course of 2019.
"Ammbr's technology represents a quantum leap in telecom; but more importantly, it demonstrates just how powerful and scalable blockchain is.
"Combined with fairer and more open wireless spectrum policies, Ammbr can close the gap in Internet access that still plagues much of the world, and contribute to building an overall faster and more reliable Internet around the globe."
Those interested in the tokens must first apply to be whitelisted on the Singularity Exchange, before being approved to participate in the AMR crowdsale.