🌟🚀 [ANN]CGC Token 🌟🚀 Asian Asset Exchange

[Genie-Ico]

Video interview

In case you missed it, here is an interview with co-founder Akshay Mehra with Andy from CryptoGrinders. The interview gives an overview of the business structure of GenieICO and how the token works. If you want to know what you're investing in, watch this video -- pretty interesting stuff!

https://www.youtube.com/watch?v=8IOpXN556DQ

- Brian Li, community manager.

[snowfu199]

Video interview

In case you missed it, here is an interview with co-founder Akshay Mehra with Andy from CryptoGrinders. The interview gives an overview of the business structure of GenieICO and how the token works. If you want to know what you're investing in, watch this video -- pretty interesting stuff!

https://www.youtube.com/watch?v=8IOpXN556DQ

- Brian Li, community manager.

Thanks for sharing this interview.
More promotion is needed to get people know this project.

[kendari]

What are buybacks and how much of the fees are used for buybacks? and How will the funds be used from the token sale?

[wolffi]

looks like good project but no bounty project ? oh c'mon
i'd love to support this

[Genie-Ico]

looks like good project but no bounty project ? oh c'mon
i'd love to support this

Hello Wolffi,

There is a bounty program for twitter and bitcointalk signature. You can check it out here:

https://bitcointalk.org/index.php?topic=2564886.0

Thank you for your support

Best regards,
Brian Li, community manager.

[Genie-Ico]

Hi, I can provide marketing service for your ico and also do reporting on daily basis also I can make wallet so PM me for more information We can connect on Skype also.
My skype- csankur   
Looking forward to your response.   

Hello ICOBOT.

Please send us an email at marketing@crowd-genie.com and we can work something out.

Best regards,
Brian Li, community manager.

[Genie-Ico]

What are buybacks and how much of the fees are used for buybacks? and How will the funds be used from the token sale?

At the end of every calendar quarter beginning 1st July, 2018, 80% of distributable profit of CGSPV Pte. Ltd. is used to offer to buy back the tokens at market price.

The token sale funds will be used for:

1. Investment in Crowd Genie loans (45%); with a minimum of US $2 million
2. Expansion of team (30%);
3. Regulatory compliance, legal, and cyber security costs (15%);
4. Overheads (10%).

I hope this answers your questions!

Warmest regards,
Brian Li

[Syroamst]

CGcoin is selected by Ice Drops!  See https://icodrops.com/crowd-genie/

[Genie-Ico]

News Update: an interview with GenieICO

Crowdfunding has become a very important fundraising tool across various sectors including startups and non-profits. However, with the rising popularity of blockchain technology and the concept of ICOs, many new projects are increasingly adopting crowdsales and crowdlending as the preferred method of fundraising. But the rise in trend has also created uncertainties regarding the authenticity of the campaigns among the contributors, which has started to pose a huge challenge to genuine projects and businesses.

Now, Crowd-genie is a platform which is introducing a safe and secure business lending solution that makes it easier for small businesses to borrow funds in the time of need. The platform has various safety features in place to ensure reliability. In addition, it also holds a license from the Monetary Authority of Singapore, which puts Crowd-genie in the league of very few platforms of such standing. We interacted with the team behind Crowd-genie to gain some insights into the industry sector and their operations.

NewsBTC: Why is licensing so important? How difficult is it to get in Singapore?

Crowd-genie: Being registered and licensed are two different stories. As peer to peer lending platform involves enormous monetary transactions, a securities license is crucial for regulated lending activities. It’s never an easy task and the application process requires time and effort. In order to get the MAS “Dealing in Securities” license, it took us few months to go through our internal operation processes with the regulatory board, to convince them that our platform is credible.

In general, apart from the minimum capital required, we are required to have a solid compliance manual to prevent money laundering and terrorism financing activities, and protect the interest of borrowers and lenders by having an Escrow Agent who manages all funds. Lending activities also need to be recorded and submitted to MAS on a regular basis.

NewsBTC: Can you please explanation of how reputations coin work?

Crowd-genie: The biggest concern that any lender has is the risk of default. Hence, the borrower should be rewarded if they have excellent past payment history, by lowering the interest rate. For each repayment, from the borrower to lenders, we will incentivise on-time payment by adding CGCOIN “Credits” to the borrowers’ wallets. This will be a spendable asset that will be tracked separately in the Digital Passport. The more CGCOIN Credits earned, the higher their reputation, and that in turn, will increase their chances of getting higher investments from more lenders and/or a lower interest rate. This will add an additional data point to our AI credit assessment system which will add greater depth to our credit assessment. Similarly, for the lenders, CGCOIN could be given to reward speed of deal closure or engagement in the Crowd Genie ecosystem.

NewsBTC: Why is there a need to create a token-based lending platform?

Crowd-genie: Token-based lending was created in order to build a private capital hub for Asia Pacific using smart contracts to enable lending without borders more efficient, cheaper and safer. Our ultimate goal is to build an Asset Trading Exchange that will democratise trading and allow investment in infrastructure, stocks, cryptocurrency, and bonds across Asia. Although our existing P2P digital loan business is incredibly innovative in the Singapore financial sector, it would have been impossible to scale and offer Asia-wide asset trading before blockchain technology was introduced. To build and scale an asset exchange with pre-blockchain technologies would be prohibitively expensive, and potentially unfeasible due to issues of transparency and trust.

NewsBTC: How will the funds raised be utilized?

Crowd-genie: In order to build towards our vision of becoming the first Asia wide Asset Exchange on Blockchain, we need funds to expand our current loan book to make it more established. Secondly, we need funds for regional expansion and we foresee that there will be costs incurred for the relevant licenses in other countries. Thirdly, we need to recruit more experts to build up the entire ecosystem, a solid and well supported one.

NewsBTC: Who are your team members?

Crowd-genie: Our team consists of experts covering the aspects of payment security, technology, debt capital, cryptocurrency, and business development. Me myself was the board advisor at Anchanto e-commerce, brand management head at P&G and Principal Consultant at Innosight before founding Crowd Genie. Our co-founder, Mr. Bikash has more than 20 years of retail banking experience with Standard Chartered and he was the former COO of Standard Chartered Korea.

NewsBTC: Anything you would like our readers to know?

Crowd-genie: Yes, they can keep an eye out on the development of the platform. We will be working according to the Roadmap / Expansion plan as shown below.

That's all for today.

Best regards,
Brian Li, community manager.

PS: we got great news to come! I'll leave it as a surprise for now.

[filsid]

Genie ICO New Updates — $15 million soft cap

Crowd Genie is a Singapore licensed and peer to peer lending platform that is already operational with sound track record. That said, Singapore is just our launch country. Ultimately, our team has a vision to transform Crowd Genie into a regional platform, and provide an Asset Trading Exchange that will democratise trading and allow investment in infrastructure, stocks, cryptocurrency, and bonds across Asia.

Although our existing P2P digital loan business is incredibly innovative in the Singapore financial sector, it would have been impossible to scale and offer Asia-wide asset trading before blockchain technology was introduced. To build and scale an asset exchange with pre-blockchain technologies would be prohibitively expensive, and potentially unfeasible due to issues of transparency and trust.

Since early December, the price of ETH has been skyrocketed. As a result, our initial hard cap of 100,000 ETH which was set when the price of ETH was hovering at 300 USD, became enormous. Our management team has hence decided to set a soft cap at 20,000 ETH. Once the soft cap is hit, we will consider this ICO as successful, as it would be sufficient to cover the estimated expenditure on building the entire ecosystem.

On the other hand, the 100,000 ETH hard cap will remain unchanged. Additional funds will be utilized to expedite expansion into other regions such as applying for securities licenses in other countries, setting up new offices, recruiting more experts and building loan book.

https://medium.com/@genieico/genie-ico-new-updates-15-million-soft-cap-4c1635415b98

[madarahal]

how much price for the ico now ?

[kolya.inc]

I like a lot that in modern systems there wouldnt be so many middlemen!

[gagak]

I invested your ICO, please do its best

The team or company should do its best especially for those who invest and help smooth the project with the whole. You do not have to worry about it. You will get the top of your investment.

[rey6te]

Are you focusing on Asia markets?

[qiwoman2]

Video interview

In case you missed it, here is an interview with co-founder Akshay Mehra with Andy from CryptoGrinders. The interview gives an overview of the business structure of GenieICO and how the token works. If you want to know what you're investing in, watch this video -- pretty interesting stuff!

https://www.youtube.com/watch?v=8IOpXN556DQ

- Brian Li, community manager.

I love under hyped and undervalued projects. THESE ARE the crypto gems of the future and I like investing in exchanges and solid projects, especially good Asian ones, maybe because my Husband is ASIAN lol. They usually get a lot of backing and because the regulations are more strict in Singapore, fintech and blockchain projects have far more credibility there once they start to take off. I will take some relax time this evening to watch the video and evaluate it accordingly, thanks Brian LI for sharing with us. 

[MishCoin]

Hello! Your project is about lending cryptocurrency or fiat currency as well?

[KeenMiner]

Potential hidden crypto gem or failing ICO? What do you guys think?

[focacho1]

What is a digital passport? How it works?

[ArifBestari]

You can participate in your ICO from any country?

[urikmarkov]

Will you verify fingerprints? Because they are on your picture, maybe?