MoxyOne ICO Review - Crypto Debit Cards with Your Name | Cobinhood Partnership
It has been a flood of ICOs lately, It's quite hard to identify legitimate and scams just by looking at the website. ICOs majorly promises to provide you with some specific solution but it depends on us to check pros and cons as well as think if respective ICO can keep their promises & to what extent?
When I personally do my research on ICOs. My first preference is to read out their whitepaper, check the team behind it, as well as the partnerships they have made so far. Secondly, if the solution being promised is actually achievable. Third, if there are competitors in similar space. If there is, then what are the differences.
MoxyOne is a solution which you'll find out quite similar to other Crypto Debit Card providers such as TenX, Monaco, TokenCard, yet different is many terms. This is the reason, made me write about this ICO.
What is MoxyOne?
MoxyOne is based in Australia. They are working towards providing white-label crypto debit cards for companies that are working on blockchain or providing their tokens/coins. As seen in the image above, companies have the option to place their logo on the debit card and can even mention customers' name on it. which not that much big of a deal but it makes them certainly the only company providing a crypto debit card with your name on it.
Smart Debit Cards
I personally find this feature very interesting. They are claiming to provide debit cards based on AI solution which is designed to provide the best value possible for your cryptocurrencies while spending or shopping. How this works is, at the time of making any kind of payments using the debit card, Mobile Application will provide you with notification, if your default crypto is some percent down and other is some percent up. For example, if I am using this debit card with Bitcoin as my default currency to spend while making a purchase let's say Bitcoin is 20% down but Ethereum is 15% uptrend. Their Mobile app will provide me with a notification by letting me know that spending Ethereum would be a better option for me but, this would be my own decision to accept the transaction with Ethereum or just let it spend BTC regardless.
Also, this is not necessary to order a physical debit card. They are also providing with Virtual Debit Cards to make it useful with other mobile payment solutions, such as ApplePay, SamsumgPay, AndroidPay, and others. Personally, I love the idea of having a virtual debit card rather than a physical one for obvious reasons. We are living in the world where mobile payments are as much widely accepted as physical debit cards.
Liquidity Providers
MoxyOne is standing out differently from TenX, TokenCard or any other crypto debit card provider based upon their Liquidity Providers' solution to back cryptos with fiat currencies. LPs are basically any company or organization ready to buy cryptos with fiat. As far as I understand from their whitepaper, if you are making a purchase in fiat using your crypto debit card, there is someone to buy the crypto you are selling to make the respective purchase. This enables spenders to save money from conversion fees. LPs are also rewarded to earn extra credits or MoxyOne's SPEND tokens.
To make this more transparent, there are some requirements to become a Liquidity Provider including verification process for compliance with local laws and anti-money laundering acts. Another requirement is to HOLD more than 100,000 SPEND tokens according to their whitepaper.
Debit Card Fee Structure
Debit card issuing fee is quite nominal as other providers in my opinion but no annual fee is really a catch with an amazing addon due to their Liquidity Providers ATM withdrawal, domestic as well foreign exchange fees are also standing at $0 for now at least, As you can see they have an open option to change these fees whenever required. Which in my opinion should not be a deal breaker as being a debit card provider it's necessary to keep few fee options open since we are living a world with various countries and laws to tackle with.
Partnership with Cobinhood
We know cobinhood is quite a competitive, now a days when it comes to exchanges like coinbase. According to their official website and whitepaper.
They are already in partnership with cobinhood to list their token as soon as it ICO gets ended. Along with this, you'll be able to trade SPEND tokens at ZERO-FEE on cobinhood exchange. This is actually an assurance that as soon as the token sale ends, you already have the option to take an exit if required.
you can read more about this partnership on this medium article: https://medium.com/@moxyone/cobinhood-joins-moxyone-as-an-exchange-partner-ae53be723fdc
Industrial Support
Apart from launching their own tokens in ICO. MoxyOne seems quite legit to me as they are not only working on a blockchain solution by themselves but they are also making industrial partnerships which, I believe is a backbone of any business.
Just like, Bitcoin cannot reach heights without attracting institutional investors or make industrial partnerships, more and more people believe in bitcoin not only because it's the first blockchain solution, that is something which is not understandable for everyone. You see people while talking about bitcoin they start asking questions like: where can we spend it? or Can it be used like money?
MoxyOne Team has come up with their ICO by making some potential partnerships like Hosho for Smart Contract Security Audit, Raiden for Security And Payments Channel, Wings for Crowd AI with Ethereum and IPFS, DCorp for Blockchain Advice and Consultation, Sociall as white-label partner & Clearify for Spam Prevention. Last but not least, Cobinhood which I already mentioned above.
MoxyOne Coin Specifications & ICO Details
Name: MoxyOne
Trigger: SPEND
Token Support: ERC20 Token
Total Supply: 50 million
Tokens Distribution: 35 million (token sale)
Tokens Reserved: 10 million (marketing and partnership)
Tokens Reserved: 5 million (MoxyOne team)
Token Price: 1 ETH = 1000 SPEND
Minium Investment: 0.01 ETH
There ICO is currently live with 20% bonus for next 6 days at the time of this post. Their ICO will end on 14th April 2018. This is also worth mentioning that it requires processing KYC before investments. Other bonus rates in ICO are following:
MoxyOne Token Sale, Bonus Rates
- Bonus rate for the first 24 hours of the main token sale is 40%, being 1400 SPEND per 1 ETH.
- Bonus rate for week 1 of the main token sale is 12.5%, being 1125 SPEND per 1 ETH
- Bonus rate for week 2 of the main token sale is 11.5%, being 1115 SPEND per 1 ETH
- Bonus rate for week 3 of the main token sale is 10%, being 1100 SPEND per 1 ETH
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It's not that hard to recognize a good ICO . It's just the product that it offers , will it be potential for real world asset . In this case with MoxyOne , is Crypto Debit Card , which is potential . Thanks
@andytan I do like their idea of introducing liquidity providers in debit card service. This actually eliminates forex conversion charges to some extent.
A very facinating post. If this idea comes to fruition, it will give additional valaidity to the partical uses of cryptocurrencies for financial transactions among the general public. But as always, due diligence is the word-of-the-day when it come to participating in ventures concerning emerging technologies and companies, etc.
Thanks.
@jaalig I really like the idea of white-label and liquidity providers in this. Pretty much something other crypto debit card providers are lacking with...
that's amazing, ICO provides best opportunity to users
@sanach I do believe so, but we need to be very careful as most of ICOs are just scam...
Name: MoxyOne
Trigger: SPEND
Token Support: ERC20 Token
Total Supply: 50 million
Tokens Distribution: 35 million (token sale)
Tokens Reserved: 10 million (marketing and partnership)
Tokens Reserved: 5 million (MoxyOne team)
Token Price: 1 ETH = 1000 SPEND
Minium Investment: 0.01 ETH a great information and moxyone ico really give a great oppertunity its good for me to foolow you to get new information keep it up
@travellingwomen thank you :)
Hey @bunnychum Great article.
We are having a STEEMIT competition for MOXYONE, why not adding your link there in the comments!
https://steemit.com/cryptocurrency/@moworks/sponsored-writing-contest-moxyone-win-sbd
@moworks thank you for letting know about this 😀
steady, hopefully useful, whether the ICO and moxyone interconnected, and what benefits for SBD disbursement generated can be more easy?
@hamidi103 I didn't understand your question, apologies... :)
Good information
thank you @information7
let me resteem your post
Its a great post to blockchain
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