Davido, the Nigerian-American singer, has partnered with payment app Bitsika to launch Echoke Social token.
A social token is a digital assets backed by the reputation of a brand, individual, or community.
The multi-award winning singer disclosed this on his verified Twitter handle.
Providing more details about the Echoke Social token, Bitsika said in a statement that it has established a new outfit called Omegoat under which the startup will build all its crypto-native products and that the Echoke Social Token is one of the new platform’s first product.
The token according to Bitsika was planned and built hand-in-hand with Davido’s team.
“Echoke is a community token built with incentives to provide value to entertainment and hospitality consumers. Entertainment consumers create so much value for corporations but the value is captured and enjoyed by a select few executives in a boardroom.
“We are using this token to democratise access to the created value; trickling it down to the heartland. Holders of the Echoke Social Token will have access to giveaways, concert passes, hotel discounts, NFTs, etc.
“Twice a month, these holders of the token will be given rewards that can only be accessed only by paying with the token.
“Davido and Bitsika have already created a spirit and brand of generosity online. This token will ensure that actual supporters get the rewards from now onwards”, the statement says.
Also, the social token would not be listed on any exchange or DEXs in the next one year. The tokens will be freely distributed in a series of monthly giveaways to the public.
It is noteworthy that Echoke is a popular slang in Nigeria started by Davido. “E Choke” literarily means “It Chokes”. However, in the street language, it is an exclamatory remark for something overwhelming or very impressive.