Besides a long-awaited revival, the cryptocurrency market is seeing a rise of the new crowdfunding approach called Initial Exchange Offering (IEO). It is expanding across the industry, and more token sale events occur every week. So, we decided to make a weekly digest and pin down some projects worthy of your attention that are planning or proceeding through an IEO right now. This week we will take a closer look at three startups and review what they promise to bring to the community.
On April 17, Vietnam-based RedFOX Labs company plans to start an IEO on the Coineal Launchpad. RedFOX is a blockchain company, targeting at replicating successful businesses for emerging technology markets. It calls itself an incubator, “a startup that builds startups.” By building the RedFOX means copying, a fact that is easily admitted in its “black paper”:
“We take proven and successful unicorn companies and replicate them for the emerging markets.”
Located in Vietnam, it is going to generally work in Southeast Asia with “the young, tech-savvy and increasingly wealthy population.” The company is focused on certain prospective areas of the economy, including e-commerce, e-media, e-travel, taxi, and logistics.
One major distinction of presumed “replicated unicorns” is that they will implement the blockchain technology to overcome issues of whatever existing business chosen to be “replicated.”
For this reason, the project is leveraging the Komodo blockchain and is allegedly backed by the platform. RedFOX co-founder Ben Fairbank was once a Komodo’s general manager.
Among the Komodo’s features, RedFOX names usage of c and c++ computing languages, resulting in some of “the most robust code in the industry.”; modular technology and adaptable architecture of the network, which also allows “on demand scalability.”
Even the RedFOX IEO has not yet started, it is not without incident. Initially, a tokensale was supposed to be conducted on a South Korean crypto exchange CoinBene, but RedFOX has switched to the Coineal amidst reports of suspicious activities associated with CoinBene, including delay in processing withdrawals and deposits.
Overall, RedFOX plans to raise $1,75 million during a round that will be held from April 17 to 19, so let’s hope that the IEO will conclude successfully.
On April 15, another project will conduct a presale through the Coineal Launchpad – a Cryptobuyer, a major crypto exchange in Latin America, operating since 2015.
It has quickly become popular in the region due to the numerous problematic issues in the local financial systems, particularly in Venezuela and Argentina, where the national currencies in recent years have been constantly depreciating.
In addition to the trading platform, Cryptobuyer was among the first to open a network of crypto ATMs, allowing the gateway between the fiat and crypto. Cryptobuyer’s machines operate with a wide range of digital currencies like Bitcoin, Litecoin, and Ethereum, with Dash added at the end of March.
In 2018, the company rolled out a point-of-sale solution that is allegedly used in more than 50 stores across the continent and allows any merchants to easily accept crypto for payments with a QR code.
As for geography, besides Venezuela and Argentina Cryptobuyer focuses on Mexico, Panama, and Spain as its target markets. The company plans to develop the remittances service further, along with enhancing its “points-of-sale” solution in the fields of entertainment, restaurant business, and retail.
During two sessions, Cryptobuyer is going to allocate some 150 million of its tokens, worth $0.01 each, so the hard cap is set on $1.5 million.
On April 19, the Probit crypto exchange will start a token sale of the Nuvo project. It is a proprietary blockchain with its own token, acting as a foundation on which decentralized social media networks can be built.
It claims to leverage blockchain technology for the “next generation” of social networking user experience. Features include filtering a user’s news feed using “a chain-based voting process” so a user will see the most relevant content. This algorithm also reportedly prevents a possibility to manipulate the agenda.
Being decentralized, Nuvo network has no central authority, so the content cannot be censored and “no government is capable of taking it down.”
Still, there is a system of creating value for users as they get paid with tokens for common forms of activity, such as posting, sharing, voting, and commenting. The exact value of a post is defined through the voting and comments that consider content to whether be good or bad.
Nuvo is intended to create decentralized networking applications, and there is already one promising DApp called Jamaa, which means “friend” in Swahili. This language is widely used in Eastern and Central Africa, being an official language in Tanzania, Kenya, and Uganda. More than 13,500 users were registered in the Jamaa as of March 2019.
Returning to the IEO details, it has a soft cap of $100,000 and a hard cap of $5 million. The token sale will last until May 19.
Don’t forget to join our Livestream today, where we will discuss more IEO projects that launch on different exchanges soon!
15th April 14:00 EST/ 21:00 GMT+3
At today’s meeting, we will also cover some of the major latest news: MF and World Bank Launch Quasi- Cryptocurrency in Exploration of Blockchain Tech, present exclusive market analytics on this week, and the expert’s market forecast from BitcoinOX. Stay tuned!
The next livestream is scheduled on Thursday, and we have already invited some prominent blockchain experts to discuss the hottest trends of the industry and share their unique expertise! Moreover, the founder of one of the biggest global crypto exchanges will join our broadcast to answer the most topical and critical questions from the audience. Don’t miss it!