The wave of ICOs that has hit markets over the past 12 months has left investors with a huge amount of choice when it comes to allocating capital towards growth companies in the technology space.
At the same time, it’s also exposed his investors to a potentially risk-fraught environment, not just because there is the potential for malicious activity but also rooted in the fact that the vast majority of these offerings are designed to fund companies that are as yet nonoperational.
If an investor, therefore, had the opportunity to invest in an ICO that was designed to fund growth in an already operational company, a large portion of the risk would be removed from the equation.
With Genie ICO, investors have the opportunity to do just that.
Its related company, Crowd Genie is one of the few licensed and fully operational peer-to-peer digital lending platforms in Singapore and the company was granted a “Dealing in Securities” license by the Monetary Authority of Singapore (MAS), the nation’s central bank (so, equivalent of the Federal Reserve in the US) in March 2017.
The company isn’t raising cash the development of a brand-new concept, therefore, but is instead looking to use any capital raised through its offering as a means with which to drive the large-scale expansion of its existing operations.
So, what is Crowd Genie?
The company has developed a platform that connects borrowers with lenders in real time and has built this platform using the blockchain technology. The utilization of a blockchain as a foundation on which the platform rests means that there is no need for middlemen or third parties when it comes to the mechanics of transferring funds, which, in turn, results in a removal of the unnecessary fees associated with doing so in the current landscape.
To put this another way, through the platform that Crowd Genie has built, lenders can gain quick and easy access to borrowers and vice versa with practically no (and certainly no fees related) costs of doing so.
So where does the ICO come into the equation?
The company is issuing tokens (ERC20 compliant) called CGC, towards a goal of a $35 million hard cap, amounting to a total issue of 60 million CGCs. The conversion rate is 1ETH for 400 GCG. There’s a minimum purchase of 0.1ETH, with no limit to a maximum purchase. During the first two weeks of the issue, there’s a 25% bonus on any tokens acquired. During week three, this dips to 15% and, during week four, the bonus comes in at 5%.
And why would a user participate?
The company is aiming to buy back tokens with 80% of its net profit, with buyback tokens then being burnt. This will reduce supply, will should organically result in a price rise. Additionally, transactions on the lending platform will be denominated in CGC. While borrowers are rewarded with CGC Credits for timely repayments, which can be monitored publicly to establish trust.
Each of these processes will play a part in increasing the value of CGC tokens on the open market, outside of any organic growth rooted in speculative activity and acquisition.
So what’s next?
The company is looking to lend out a portion of the funds raised to businesses (borrowers on the platform) almost immediately subsequent to completion, so this is a catalyst slated for May 2018. Beyond that, various platform enhancements (KYC, Digital Passport, a mobile application) should serve to drive user interaction and, ultimately, company valuation.
You can take a look at the White Paper here.
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.
Image courtesy of 401kcalculator.org
Launch of First Ever XDB/ZUSD Pairing Announced to Support Global Gaming Industry
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…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
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…