MALAYSIA, 27 March 2018 – Established in 2015 as an online marketplace for local services, ServisHero has become synonymous with finding reliable home service providers in Malaysia, Singapore and Thailand. Realising the disruptive potential of blockchain technology to increase operating efficiencies and create new economic opportunities to users, ServisHero is preparing for its upcoming Initial Coin Offering (ICO). With ServisHero’s current utilization of a merchant credit system, the platform lends itself well to tokenization.
Unlike the majority of teams launching ICOs, ServisHero has a strong existing foundation with hundreds of thousands of existing users and a working product.
The decentralised ServisHero ecosystem will be powered by the ServisHero Coin, built on the Ethereum Blockchain. The protocols underpinning the new ecosystem will decentralise payment, reputation and dispute resolution. ServisHero will also increase its focus to include the provision of digital tasks alongside its popular home services offering – the expansion into digital tasks (such as graphic design tasks) outside of local home services will allow ServisHero to tap into the global gig-economy opportunity currently worth more than $250 billion USD . ServisHero is developing its blockchain infrastructure with some of the world’s leading blockchain experts including, Silicon Valley-based, Origin Protocol. The team at Origin Protocol are working on disruptive protocol-layer blockchain technologies to make trade on online marketplaces more efficient and fairer.
“We have been watching the blockchain space closely over the last few years and know that this technology must be embraced by organisations like ours for us to remain relevant. By decentralising our operations we will be able to provide greater value to the thousands of our service providers and open up opportunities for them on a global scale, says Karl Loo, CEO and Founder of ServisHero. “With more than 3.8 million internet users coming online for the first time, every month, in Southeast Asia, we will see more Southeast Asians using the internet to find paid work – providing digital services to the rest of the world will be a huge income opportunity for freelancers based here and blockchain technology will accelerate growth of this opportunity” says Loo. Global market growth for the sharing economy is lead by Asian, and in particular Southeast Asian countries according to the Bank of America.
ServisHero is invested in by Golden Gate Ventures, a leading Southeast Asian venture capital fund that backed Omise, the company behind OmiseGo – one of the world’s most successful cryptocurrencies. “We have seen the adoption of blockchain technology unlock tremendous value for organisations that we have invested in, and we are excited to support ServisHero as they seek to decentralise and expand their services marketplace”, says Jeffrey Paine, Partner at Golden Gate Ventures.
Amongst other innovations, ServisHero’s will decentralize work and transaction histories for consumers and service providers. As a result, reputations for workers will have unquestionable authority. “Trade is predicated on trust, and by enhancing trust through decentralization we believe we can open up access to jobs for many of the world’s workers based in developing countries and beyond” says Loo.
ServisHero will be releasing its whitepaper and more details about token sales for its upcoming ICO over the coming weeks. Currently, investment opportunities are only available to private investors but interested parties can register their interest on the ServisHero Coin website www.servisherocoin.io
