Badman ICOs #4 - Spotcoin: A New Form of Simple Liquidity

As the Cryptocurrency market grows and matures, certain teething issues become increasingly apparent. While tech innovations are rampant in the space and new use cases for blockchain are thought up by the hour, traders and investors are sometimes bottlenecked or hindered by the slower growth of the supporting infrastructure. Large buy and sell orders are notoriously difficult to liquidate and it can take hours or days for some large investors to exit a position incrementally to avoid dumping the market and selling at a discount rate. Initially starting in November 2016, the Spotcoin team identified a niche in the market where people were utilizing exchanges for high volume transactions and running into major difficulties with liquidity.

Spotcoin offers an over the counter (OTC) solution to high volume ($25,000+) traders where they are offered a set price and the transaction is facilitated by Spotcoin between clients, allowing a quick entry or exit from the market. Spotcoin recorded a turnover of $10 Million in 2017 by dealing with mostly local businesses and plan to extend their operation from the Black Sea region to service clients further afield. The Spotcoin ICO will provide funding to create an OTC marketplace running on the NEO blockchain that will retain the human touch that many clients prefer while automating some processes to increase efficiency and allow scaling of the service to more clients.

As great as it all sounds already, Improving and expanding the OTC side of the business is only the beginning. In the coming months, Spotcoin will develop a FIAT/crypto exchange that will allow quick transactions from FIAT currencies to NEO, GAS, BTC, ETH and SIB Coin - a regional coin who are Spotcoin partners and early investors. Supported FIAT currencies will include USD but also some of the currencies from the local Black Sea countries that have, until now, had great difficulties getting their money invested into crypto. There are also future plans to provide trading pairs for verified NEP5 tokens and eventually ERC20 tokens as well.

Spotpay is a merchant payment solution focusing on the Black Sea Region and will be a key aspect of the “simple liquidity” ethos. Spotpay comes in the form of a secure payment application, featuring an API and a digital wallet app to facilitate fast and secure point of sale transactions; transferring the user’s favourite cryptocurrency into FIAT at the instantaneous market rate. To become the main crypto payment processor of the Black Sea region is no small feat and if achieved, can open up the business to potentially more than 100 million people.

The company currently runs a 1.1MW mining facility as a secondary business venture and are working with their partners to develop a new $3.25 million facility capable of housing up to 25 MW of mining equipment. The crypto generated from this mining operation can fund the OTC arm of the business and supply Spotcoin’s partners with funds for their OTC operations.

The Spotcoin ecosystem is powered by the Spotcore engine, which integrates the OTC, FIAT gateway, mining operation and Spotpay payment solution into a single cohesive unit. This will provide easy integration with all aspects of the platform through the Spotcoin user interface.

Spotcoin holders will be entitled to dividends derived from the profits of Spotcoins business ventures. 51% of fees from the FIAT gateway will be distributed weekly and 12% of the profit from the other ventures will be distributed quarterly in the form of GAS. This includes profits from the mining operations, OTC, and Spotpay payments businesses.

The project's outlook is that of inclusion across the whole blockchain community. This can be seen most clearly by the $1 Million annual donations made to the Black Sea Blockchain Institute to increase access and education about blockchain to the wider local community in Georgia and beyond. The company’s support for the NEO community is also clear, with free listings of COZ (City of Zion) verified NEP5 tokens offered on the FIAT gateway along with free marketing for other NEO projects through the ongoing weekly airdrop that Spotcoin is running. Starting Monday 14th May, holders of RPX, QLC, SWTH and EFX get a share of 100,000 SPOT tokens every week on a first come first served basis.

If you are like me and think this project is on to a winner, find out more here, get yourself involved in the community on telegram and twitter and join in with the airdrops or bounty program. The token sale is incoming so get ready and stay tuned for my full review of the project in the coming week.

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Badman Crypto (Phil Stephenson)

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ETH: 0xea5924b2a0b977604c9dd02fd4723cf92767a083
NEO: AWoF9Jaj4UchBG9iTkL54NjM6UgoX9yTpW