Mr. Thakorn Rattanakomolporn, CEO of Ditto (Thailand) Public Company Limited (SET: DITTO), revealed to Kaohoon that its subsidiary, Siam TC Technology Company Limited, submitted a prospectus for an Initial Coin Offering (ICO) of digital tokens to the Securities and Exchange Commission at the end of November 2024. The total value of the ICO is below 480 million baht, or 40 million digital tokens, with a maturity of seven years.
The tokens will also be offered to both retail and institutional investors within the second quarter of 2025, backed by carbon credits from 17,000 rai of mangrove forests across 17 eastern provinces and two southern provinces. If the first phase is successful, the second phase is expected to follow within one to two years.
Additionally, these tokens will be traded on both Bitkub and the Stock Exchange of Thailand (SET). The token is named BLU, representing “Blue” from Blue Carbon. It is the first green token in Thailand and also serves as an investment token. Subscribers can participate in the restoration of mangrove forests to help reduce Thailand’s greenhouse gas emissions. Moreover, the token offers returns that are more favorable compared to bonds or mutual funds.
Regarding the funding, it will be used for the mangrove restoration project, which aims to create sustainable ecosystems under the Mangrove Planting for Carbon Credit Benefits initiative. The project has received support, with over 21,658 rai of land from the Department of Marine and Coastal Resources. Additionally, the operation will collaborate with Visuddhi Consultants Company Limited (VSD) for a total of 30 years.
Digital token holders will receive returns from the sale of carbon credits generated by the project, with the first sale expected to begin in the fifth year. Returns will be distributed to the holders within three business days following the entitlement date. The project is expected to generate a total of 937,292 tons of carbon dioxide equivalent in carbon credits over its duration.
This token project will last for seven to nine years, depending on an extension of the period as outlined in the prospectus. The final payout will occur either on March 8, 2032 or on the same date in 2034 if the project is extended for an additional two years. This project serves as an excellent example of how blockchain technology can be integrated with environmental efforts, using digital tokens as a fundraising tool to create long-term benefits in both reducing greenhouse gas emissions and conserving natural resources.
A source from the capital market reveals that the token will have principal protection and guarantee a minimum return of 3% per year. Furthermore, if the price of carbon credits increases in the seventh year, token holders will receive returns based on the rise in the price of carbon credits.
