Democratic exchange CoinCasso Succeeds in ICO Token Sale Despite Bearish Mood | Startups News
San Francisco, 14 March 2019 – CoinCasso, a hybrid cryptocurrency exchange that combines the advantages of centralized and decentralized exchanges, announced today that it had achieved success with its initial coin offering (ICO) despite challenging market conditions. As of today, CoinCasso raised USD 2.5M by selling 6M CCX tokens in total.
Rather than holding a traditional ICO prior to the project development phase, CoinCasso is conducting a coin sale for 14 months in total, with the main sale stage lasting for 320 days. In parallel, the team is working on the exchange platform. The coin sale started in September, 2018. Currently in the seventh month of the ICO period, the CCX token is now priced at $3.00 and is slated to hit $10.00 by the end of the crowdsale on December 30, 2019.
CoinCasso is utilizing a longer than usual crowdsale timeframe for very specific reasons. In my interview with Luke Ozimski, CEO and Co-founder of CoinCasso, he stated:
“The goal of the company is to create a community with which we will share up to 80% of our profits. Since the inception of CoinCasso in May 2018, we organize and appear at events, explain to the public how the CoinCasso exchange operates building a network of contacts and followers. Before the end of sales, the owners of tokens will be able to participate in the development of the project by making decisions that affect the operation of the platform, and for this they receive bonuses.”
Co-founder of CoinCasso, Marek Ozimski, provided more details about the upcoming platform:
“CoinCasso is an innovative, democratic solution created for members and by members. The community will have a significant impact on the development of the project. Almost every token will be able to be listed on our exchange. We provide the ability to trade FIAT, which is not available even on many major exchanges. CoinCasso is more than an exchange, it is a multi-layer project. One of our core features will be a network of ATMs.”
It’s worth mentioning that CoinCasso Exchange, part of CoinCasso Group, was confident in its business model and potential. Its genuine product allowed the startup to opt for an ICO sale despite the fading enthusiasm for this particular fundraising method. Statistics show that over 50 percent of the ICOs in 2017 failed to survive the 2018 bear market bloodbath—264 altcoins, to be precise.
Besides, the increased number of ICO scams have scared institutional and retail investors to even consider this approach a reasonable crowdfunding procedure. However, the problem is not in the ICO approach itself – projects like Ethereum, EOS or Telegram relied namely on this fundraising method, and we all know they did well.
CoinCasso hopes to be like fresh air in the ICO space, as investors are looking for reliable companies.
CoinCasso is a multifunctional, multi-layered design and hybrid exchange that combines the advantages of centralized and decentralized exchanges. CoinCasso Exchange develops a digital coin exchange infrastructure that would allow users across the world to trade cryptocurrencies against euro and other fiat currencies. By rewarding CoinCasso users for the actions taken in order to develop the project, they become true co-owners of the CoinCasso company. CCX tokens are implemented based on the advanced ERC20 protocol. The base for the tokens is the Ethereum blockchain.