Singapore-based Crowd Genie, the blockchain startup that runs a peer-to-peer lending platform, successfully conducted its initial coin offering (ICO). The company raised $5.55 million, slightly more than the targeted $5 million, which is great news for both the developers and investors. The latter had the opportunity to buy CGCoins from February 1 to March 1.
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Genie is negotiating with several token purchasers, some of which have agreed to underwrite $3 million to their ICO, with another allocation of up to $7 million to come soon. Besides, there are four other negotiations that might bring another $10 million.
On March 13, Crown Genie announced in a tweet that its coin would soon be listed on HitBTC, one of the leading crypto exchanges out there.
Currently, HitBitcoin is one of the top 10 crypto exchanges by trading volume, according to Coinmarketcap data. Its total daily trading volume goes beyond $232 million. This should encourage CGCoin investors, as they will be able to trade the tokens in exchange for other cryptocurrencies. The team will probably partner with other crypto services to get its token listed there.
How to Buy or Sell CGC When It Goes Live on HitBTC?
If you missed the Crowd Genie ICO, don’t worry – you can buy the CGC tokens once they get listed on HitBTC. Buying and holding the token or adding it to your crypto portfolio might be a great decision as the project is at its nascent stage and is expected to grow at a fast pace once it launches its lending platform.
Here is a short step by step guide that will show you how to buy the coin:
- Step 1 – Register HitBTC
First of all, you should create an account with the crypto exchange, which is not a big deal given that the registration procedure is quite standard. All you have to do is to fill in the blanks with your email address and choose a strong password. You’ll get the further instructions via email.
Step 2 – Make a deposit
If you want to buy CGCoin on HitBTC, you should deposit crypto funds in the first place. Thus, you should already have a crypto wallet with Bitcoin or Ethereum to move the funds to your account. If you don’t hold BTC or ETH, you can easily buy those with fiat money via one of the popular exchanges, such as Coinbase, Kraken, CEX.IO, or Bitfinex.
To deposit money on HitBTC, click “Deposit” in the upper right side of the page, and then click another “Deposit” in line with the cryptocurrency you hold on the other exchange. You will see a wallet address and a QR code. Use one of those codes as the withdrawal address on the exchange where you hold your BTC or ETH.
Step 3 – Buying CGC tokens
Once you have the crypto funds, you can buy CGC by clicking on “Exchange” on the upper left side of HitBTC’s homepage. You’ll see a live chart and a list of the available markets and tokens. Choose the base cryptocurrency (HitBTC might list CGCoin against BTC, ETH or USDT, but we don’t know precisely which of them) and use the search tool to find the CGCoin. Now set a Buy market order by indicating the amount you want to purchase and clicking on the green button.
That’s it! Now you can move your CGC tokens to any ERC20-compatible wallet.
If you want to sell your CGC tokens, you should register HitBTC, deposit your coins from the wallet, and set a Sell market order.
Crowd Genie’s Lending Platform
As mentioned above, Crowd Genie provides a peer-to-peer lending platform that connects borrowers with lenders. The system applies the blockchain technology, which ensures security, transparency, and fast processing of lending transactions. Genie’s platform is focused on small and medium-sized enterprises, but its customer profiles might diversify in the future.
“For example, someone has a loan from a bank, but he doesn’t have the ability to extend his loan, and he needs to pay his vendor in the next 45 days. That means he only needs a loan for three months and will not need us after that. That’s the kind of person we look for,” said Genie’s co-founder Akshay Mehra.
It’s worth mentioning that Genie’s product is licensed by the Monetary Authority of Singapore (MAS), a rarity for Singapore-based P2P lending startups.
In order to make sure both lenders and borrowers enjoy safe conditions, Genie is planning to create a digital passport for every customer and asset. This will help the company comply with the KYC, AML, and FATCA requirements.
Genie wants to expand its lending exchange platform beyond Singapore, making it an Asia-wide lending ecosystem.
Crowd Genie’s Roadmap
Crowd Genie is making the very first steps into the lending industry, and its roadmap shows that it has a long but steady path to an unstoppable expansion. Here are the key targets until mid-2019:
- March 2018 – the ICO ended on the first day of the month, and now the CGC tokens should get listed on several crypto exchanges.
- May 2018 – part of the raised funds will be lent out to established businesses.
- July 2018 – Genie will store the profiles as Digital Passports on the blockchain. The first buyback program will start.
- September 2018 – this is an essential task for the startup. It should launch the lending platform and the mobile app.
- October 2018 – Genie will open new offices in Australia and India. Also, it will file with the MAS for approval of its Blockchain Asset Exchange. The second buyback program will be carried out.
- January 2019 – the next year will start with the third buyback program.
- February 2019 – Genie plans to launch the Blockchain Asset Exchange.
- April 2019 – the startup will open new offices in New Zealand.
As you can see, the best is still to come, so you can make CGC part of your crypto portfolio. Genie will grow at an incredible pace, and its lending platform and the Blockchain Asset Exchange are expected to become mainstream products.