Spotcoin ICO Review: Digital And Fiat Currency Trading Marketplace

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As digital and fiat currencies vie for supremacy of the financial battlefield, a number of blockchain-based platforms have surfaced in recent months to try and bridge the chasm that currently exists between these monetary foes.

Fiat currencies are long-established, trusted (to a degree), and enjoy worldwide recognition. The downside is that they are highly-centralized and bound by the monopoly held by banks and financial institutions. Digital currencies, on the other hand, have risen in popularity over the last 24 months or so, taking a prominent role among investors and financial analysts. Digital currencies are decentralized economic devices which may become the de facto monetary standard in the near future.

Which contender will emerge victorious remains to be seen. For now, financial platforms like Spotcoin are doing their best to mediate in the conflict.

https://youtu.be/SossRvsdQXk

Spotcoin: trading marketplace for fiat and digital currencies

Spotcoin is a brand new ICO whose purpose is the creation of a financial marketplace where users can trade both fiat and digital currencies.

https://www.youtube.com/watch?v=EuqMt8obCiM

According to its website, Spotcoin is “an economic platform designed to bridge the gap between legacy financial markets and emerging digital asset ecosystems.”

The Spotcoin platform is supported by two main pillars: the Over-The-Counter Marketplace (OTC) and the Spotcore engine.

  • OTC is an automated marketplace to provide trading capabilities in all major fiat and digital currencies.
  • The Spotcore engine is a process-mapping system that consists of automatic checks on wallet balances, fiat/digital exchanges, and trade matching.

Consult the whitepaper for more information about these features.

Spotcoin in figures & quick facts

  • Token name – Spotcoin token (SPOT)
  • Total amount of tokens issued – 99m
  • Total amount of tokens available for sale – 66m
  • Token price – 1 SPOT = $0.50
  • Private sale start date – April 10th 2018
  • ICO start date – May 1st 2018
  • ICO end date – June 1st 2018
  • Soft cap – $5m
  • Hard cap – $30m

Notes:

  • Accepted methods of payment are NEO / BTC / ETH / GAS / SIB / USD / EUR VISA / MASTERCARD.
  • All unsold tokens will be burned.

The SPOT token

The company will issue its own currency, the SPOT token (SPOT), which is based on the NEP-5 (NEO Blockchain) Token and, once created, will be allocated as follows:

  • Token sale – 67%
  • Marketing – 6%
  • Team – 8%
  • Treasury – 19%

Investor Referral Program

Spotcoin runs an Investor Referral Program.

https://www.youtube.com/watch?v=b2C5mW7njGw

The team

Learn more about the Spotcoin team here.

Social media presence and digital footprint

Here are the SM numbers for Spotcoin at the time of writing (mid-April 2018).

  • Twitter – 771 followers
  • Facebook – 1,7k followers
  • Telegram – 1,2k followers
  • Instagram – 505 followers
  • YouTube – 114 followers
  • LinkedIn – 417 followers

Spotcoin’s presence is not particularly significant at this point in time.

Competition

A myriad of cryptocurrency trading platforms currently exist on the blockchain. It is one of the most common concepts developed by ICOs. There is nothing inherently wrong with Spotcoin’s platform, but it’s entering a crowded ecosystem.

See Spotcoin review on ICOBench.

Consult the Spotcoin Whitepaper for more information about the platform, additional features and services, etc.

Conclusion

A blockchain-based online marketplace to trade fiat and digital currencies is a neat idea, albeit one that has been done many times recently. Spotcoin offers a solid platform based on a non-standard blockchain protocol called NEO, and much like its namesake uttered in Matrix Reloaded, the problem is choice.

 

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