Alternet Systems Inc (ALYI), an free energy storage, military machine awarding, and electric motorcycle house, has entered into a new partnership to launch a cryptocurrency dedicated to funding electric vehicle projects in Sub-Saharan Africa, according to a March eleven announcement.

While Alternet did not proper noun the visitor it has partnered with, Alternet Systems revealed that the cryptocurrency has successfully been minted on the Ethereum blockchain.

Alternet Systems plans $100 million ICO

ALYI plans to raise $100 million through an initial coin offering (ICO), calculation that the planned token auction has "received interest from an investor that may underwrite the $100 million offering."

Alternet Systems notes that it is currently the only firm in partnership with the cryptocurrency initiative.

ALYI is currently conducting a regulatory review and developing its marketing plan for the ICO. The firm adds that it volition denote a target date for the ICO in the futurity.

ICO earning to fund motorcycle production

Through its electrical motorbike subsidiary, Alternet Systems has developed an electric motorcycle and sidecar designed for implementation within the Africa ride-share market.

While ALYI claims to have already inked a deal in Kenya for its motorcycles, the company plans to apply the money generated through the planned ICO to fund the production of the electric bikes.

Blockchain firms invest in the African marketplace

Alternet Systems' planned ICO comes amid increasing interest and investment in the African market from companies operating within the blockchain and crypto infinite.

On March 9, the Bill and Melinda Gates Foundation reportedly awarded a $one.4 meg grant to blockchain-enabled fintech security firm, Crest to aggrandize its digital financial services to the unbanked populations of Africa and Asia.

On March four, Binance launched back up for the Nigerian Naira on its peer-to-peer commutation platform — the starting time African fiat currency supported on the exchange.

On March 13, Mpho Dagada, commissioner of the S African Presidential Committee on the Fourth Industrial Revolution, said that the state must bolster its blockchain sector to battle unemployment.