Blockraise will play a key role – similar to a nominated adviser – in making the ethical cryptocurrency accessible to a global audience. Among other areas, the firm will advise Scotcoin on its liquidity strategy, community expansion, and tokenomics design ahead of the project listing its tokens publicly in the next few months.

By expanding its existing ecosystem, Scotcoin is aiming to develop a wide network of third sector organisations and preferred partners in the private sector which will accept the token in exchange for a range of goods and services – initially focussed on food, clothing, and shelter.

If, for example, a clothing shop had unsold garments that would otherwise be discarded, a charity could purchase them using Scotcoin and the business could use the tokens within the community for its own purposes.

Making Scotcoin available on a cryptocurrency exchange will allow more individuals and businesses to participate, with The Scotcoin Project – its marketing and treasury division – providing financial assistance and distributing the tokens on a controlled basis.

Scotcoin is free to exchange between holders using the Scotscan.io app, which is available to download on Google Play and Apple’ App Store.

Temple Melville, CEO of The Scotcoin Project CIC, said: “Appointing Blockraise is the next major step in our strategy to expand the Scotcoin community.

“The firm is well respected in the global cryptocurrency space and we look forward to working with the team on this next phase of Scotcoin’s development, bringing the token to a much wider audience and helping to provide food, clothing, and shelter to those who need it.”

Danny Rowshandel, co-founder of Blockraise, added: “We’re excited to help support Scotcoin’s expansion to a broader market by further integrating it with the Web3 world.”