Crowd Genie is a virtual portal that specializes in peer-to-peer lending. The platform operates in good standing thanks to its accreditation by the monetary authority of Singapore, the country in which sits its headquarters. After being voted best project by members of the platform, Crowd Genie is now preparing to launch an ICO.
50 Million Tokens to Be Issued in January 2018
Unlike most companies who launch ICOs, Crowd Genie differs in the fact that it is not a start-up company. It has specialized in loans for a little over a year.
The company’s ICO is scheduled to last a month and will be launched on January 15th, 2018. The token that they plan to issue has been dubbed the “CGCOIN”. Crowd Genie is planning on issuing 50 million tokens, which will be used to make exchanges on their trading platform.
As an example, for a peer-to-peer loan, the lender will be able to acquire the principal amount in the form of CGCOIN tokens and then transfer it to the borrower. The borrower will then be able to either exchange them for regular currency or keep them as an investment. The latter helps to ensure that there is a natural demand for the CGCOIN tokens.
For borrowers, when they settle their loans on time, incentive credits will be sent to them in the form of the CGCOIN. They will then be able to hold the credits in their wallet which will be visible for lenders to see. This will help give the borrower a good reputation within the system so that he can access larger loans or better interest rates.
“The fact that Crowd Genie is already an established company is a real asset for them. The use of new blockchain technologies will make the platform more reliable, cheaper and faster. We are delighted that token holders have been able to see the value of this project, and we are expecting a very successful ICO.” said ICOBox co-founder Nick Evdokimov.
Crowd Genie and Peer-To-Peer Loans
Crowd Genie’s developers now want to set up a Pan-Asian platform of token-based loans. This would be a virtual portal that uses “smart contracts” to ensure low costs, efficiency and a more secure transaction between lenders and borrowers.
The project plans to incorporate a blockchain-based identity management system, 40 or more KYC (Know Your Client) procedures, in addition to being a decentralized network of digital assets. Crowd Genie will be able to establish a “digital passport” for the lender and the borrower alike.
Akshay Mehra, the platform’s founder said, “We had the time to develop our platform for it to offer the most complete solutions on the market. This is the only platform to support the entire borrowing process, from KYC audits to asset lending. No other startup company has that.”