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Genie ICO: A Blockchain Network For Decentralized Business Loans

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Genie

In the last few years, the majority of financial services and markets have shifted to the online sphere which in turn encouraged and gave birth too many innovations in the field of financial technology. However, despite the increased availability and accessibility of financial services, there is still a specific market demand that is not sufficiently met.

Thanks to the growing blockchain industry, financial power has been given back to the people. This has made most people realize that traditional financial institutions are simply not capable of providing them with financial loan solutions that put them first.

Genie was created to provide individuals based in Asia with a unique way to borrow and lend money for their business using a peer-to-peer system that is based on a blockchain network. The Genie ICO has been created by an experienced team after observing the rapidly changing Asian financial landscape ever since cryptocurrencies, ICOs, and blockchain technology grew to prominence in 2017.

Genie has been created to operate as a platform which puts its lenders and borrowers first. By creating a stable platform, users can safely lend or borrow business capital using a peer-to-peer system, which makes the process easier and more cost-effective.

What is Genie ICO?

The Genie ICO project was founded by Crowd Genie, a crowdfunding platform based in Singapore. While the team already has comprehensive expertise in the peer-to-peer financial solution industries, they established Genie ICO because they believe that it is possible to harness the power of blockchain technology to take the middleman out of business loans to create a lending platform that is more transparent, more beneficial to both parties, and entirely based on a peer-to-peer basis.

The team behind Genie ICO has created this project in order to provide Asian citizens with a platform that ensure that the flow of capital between lenders and borrowers are more cost-effective and efficient by basing the system on smart contracts.

If successful, Genie ICO will create a token-based lending system that will effectively address several concerns of mainstream lending practices such as the costly and lengthy lending process, the restricted access to capital, and limits on how much/little a business is allowed to lend based on unreasonable criteria.

Genie ICO will be the world’s very first token-based lending system which will make lending open to anyone and everyone. Anyone with a dream and the vision to make their dream come true is encouraged to lend their necessary business capital via Genie ICO, no matter how much or how little.

The Genie token and ICO

The platform will also have its very own token Crowd Genie Coin (CGC) which will be generated via an ICO. There will be a limited supply of 120,000,000 tokens available. Of this amount, only 50 million will be available for purchase during the token sale. The rest of the tokens will be used for facilitating transactions on the platform, will be given to the founders, used for distribution, etc. All tokens that are not bought during the token sale, however, will be destroyed to increase the value of a single CGC.

The Genie team hopes to raise a total of $35,000,000 throughout the ICO and the value of 400 CGC tokens has been estimated to be of equal value of 1 ether, which at the time of writing equates to $858. This means that a single CGC is worth $2.15. However, the interested investor can invest a minimum of 0.1, which will attract a wide variety of investors.

The token has been developed to be used on the Genie platform so each token can be exchanged for a variety of goods and services available on the platform. However, token holders can also exchange the token via the platform or request a buyback.

The Genie token sale is currently in its first phase and has so far raised over $2,000,000. Each phase will offer the investor unique bonuses as an added incentive, for example, phase one offers investors a 25% token bonus. The sale will conclude on February 28 and prospective investors can buy tokens using both bitcoin and ethereum.

A peer-to-peer lending platform is a unique opportunity not only for lenders but for borrowers. By removing intermediary financial institutions, the two parties can enter into a more transparent lending agreement which is uniquely upheld by the underlying smart contract technology, which enhances both parties’ overall experience. The relationship between lender and borrower is free to be as close-knit or as distant as you choose.

Borrowers get to benefit as they have a clearer path open to them to fund their dream business. A path which is unhindered by unreasonable requirements from the bank and they have an overall more empathetic platform, not to mention the added benefits of lower interest rates. However, it is not just the borrowers that benefit, lenders have a unique experience as well, as they get to be more involved in projects in sectors that they feel passionate about and the smart contract system ensures that they get their full investment back.

Genie ICO is a unique ICO project as it seeks to radicalize a financial service which so far has made capital lending a difficult and lengthy process which is virtually impossible for small-scale loans. What makes Genie unique, however, is that it is driven by an established, reputable firm that is led and managed by experts in the field of finance as well as technology. The Genie team already has years of experience in crowdfunding and has already been licensed in the country of Singapore, which goes a long way in proving their legitimacy and commitment. This project is sure to spread like wildfire all over Asia as projects big and small will finally have a platform that will enable them to fund their dreams.

For more information on Genie ICO, please visit their website or read their official whitepaper.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Thomas Hawk via Flickr

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Launch of First Ever XDB/ZUSD Pairing Announced to Support Global Gaming Industry

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The XDB Foundation has recently announced the first pairing of XDB with the new Zytara Dollar  (ZUSD) on global cryptocurrency markets. The Biki cryptocurrency exchange will be one of the first platforms to provide access to the XDB/ZUSD trading pair.

“We are really excited to see the debut listing of the XDB/ZUSD trading pair,” says Michael Gord, the XDB Foundation’s Managing Director,  “Asia-Pacific accounts for a significant portion of the global gaming community, almost 50%, and BiKi is perfectly situated to support this geography.  We’re really happy to welcome them into our partnership ecosystem.”

The protocol layer blockchain DigitalBits is designed to support branded stablecoins and other branded currencies across a variety of use cases, offering crucial support to the global esports industry. The platform solves many of the issues involved in global tournament prize payouts, as well as enabling around the clock real-time payment transfers and global monetization of in-game currencies. Developers will also be able to create programmable incentives for gamers, therefore increasing fan engagement. 

Issued by a regulated financial institution, the ZUSD is designed as currency for the future of the gaming and esports industry and beyond. The programmable dollar moves anywhere in the world at the speed of the Internet, and is redeemable…

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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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