Past-ICO Review: POS and Failing Fiats Dive Company Success

  • Eric Eissler
    🕵️‍ ICO Watch

    More options to pay with crypto are coming with software and hardware

Past-ICO Review: POS and Failing Fiats Dive Company Success
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One of the major problems that cryptocurrencies have been facing is how to transact quickly and how to buy things in the physical world. For example, in the US the banking sector is very slow compared to crypto, it takes usually one business day for transactions to settle and if it happens over a weekend, then you are waiting until Monday. There are several other companies out there, which are offering debit cards and crypto accounts that can be used to make purchases in the real world. Pundi X is one of these companies. It has a POS terminal and a “credit card” that will allow users to transact instantly. The token is ERC20 and also connected to NEM, due to the high use of NEM in Asia, where the company is based in Malaysia.  

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On Jan. 21, 2018, Pundi X had its ICO, which lasted 90 min and raised $35 mln. Its token entered the market at $0.0001023 on March 22. The price climbed up to $0.01532 on May 14 and then dropped before climbing up again to $0.015259 on June 17 before, suffering at the hands of the bear market and crashing down to $0.001921 at the time of writing. Despite the fall in token price, the market cap has skyrocketed to $182 mln.

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Zac Cheah- CEO & Co-founder

Cheah is the former W3C Chair of HTML5 Interest Group. He was a scholarship recipient at Sweden KTH for an M.Sc in computer science and Norway NTNU for an M.Sc in Security. Cheah spent 12 years in tech in the browser and mobile gaming market. Despite working in the game industry, he has assembled a strong team to meet the needs of the company in terms of tech development, payments, finance, and banking.

Pitt Huang- CTO/COO

Huang is an entrepreneur who sold his first Groupon-like company at the age of 25. He has started and sold several businesses, including a 200 person company. Huang studied a B.Sc Engineering at Xi’An Polytechnic University.

Constantin Papadimitriou- President

Papadimitriou has 17 years’ experience as founding CEO of two Indonesian fintech companies- Infinetworks and E2Pay. He has an M.Sc in Computer Science from Purdue University and B.Sc Computer Science from the University of Tulsa.

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Besides developing a Blockchain, the Pundi X is also building the POS hardware and “credit cards” to go along with the system. There are several payment terminals available from the company to buy, sell, and take payments for crypto in exchange for goods.

The technology seems appropriate for what Pundi X is attempting to do, and the delivery of thousands of POS devices shows that there is substance behind their efforts. Recently, the Pundi X blog just announced the following:

  • The Pundi X POS is set to make its debut in Colombia and South America following the signing of a distribution partnership with Colombian investment fund Manticora Capital.
  • One thousand Pundi X POS devices will be progressively rolled out across Colombia over six months to a specialist, general retailers, and hospitality businesses by Manticora Capital, which has its headquarters in Medellin.

The entire team has substantial experience in both technology and finance, which has been helpful to the start-up. With partnerships in place, and the hope for larger partnerships to be forged. Pundi X has been very successful so far and are delivering on their promises. It appears that they are on track to hit the Q4 goal of delivering 20,000 POS units, with the expansion into South America and the Q1 2019 goal of having 50,000 units in service. It is finally nice to see a company achieve success in the hard-hit cryptosphere.

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The Top Rate ICO Industries in 2018

  • Stavros Georgiadis
    📊‍ Infographics

    Investing in ICOs requires due diligence and analysis of potential risks and returns.

The Top Rate ICO Industries in 2018
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Investing in ICOs requires due diligence and analysis of potential risks and returns. CoinDesk is its article named “The Seven Pillars of ICO Investing” has listed the most important pillars to consider before deciding to invest or not on any specific ICO project.

These 7 Pillars are the following:

  1. Team
  2. Idea
  3. Execution
  4. Legal/Regulatory Framework
  5. Tokenization
  6. ICO Structure
  7. Price Divers

What is interesting and should not be surprising though in the ICO investing is the fact that business models and marketing, promotional channels differ significantly in the amount of fundraising, as some business categories have in general twice the median funding compared to the smaller ones. The following statistic may be useful to investors as it represents the ICO categories with highest median funding. A higher amount of funding may be justified by future business prospects about what investors believe are the most promising trends that could be deliver desired returns on investments given the risks taken.

Categories with highest median funding in 2018:

  1. Blockchain Infrastructure
  2. Internet & Telecommunications
  3. Computing & Data Storage
  4. Data Analytics
  5. Asset Management
  6. Legal Services
  7. Social Media & Communication
  8. Supply & Logistics
  9. IT
  10. Identity & Reputation

These business categories are referenced not in random order, but from highest to lowest order of median funds raised. The Blockchain Infrastructure category has the highest median funds raised at $ 7,012,289, while the Identity & Reputation category has the lowest median funds raised in 2018 at $ 3,750,000. The first and last business categories have a significant difference between them in terms of median funds raised as the Blockchain Infrastructure category is 87% larger than the Identity & Reputation category.

Another key interesting statistic in ICO investing is the geographical distribution of projects fundraising in the third quarter of 2018. The following infographic shows that there are again very large differences within continents. Europe and specifically Russia with $ 182.9 Million was the largest market, Israel with $19.6 Million was the smallest market, while South Korea witnessed a significant drop in fundraising as according to ICORating, in Q3 2018, 17 projects with South Korean origins raised USD 68 million, compared with 16 projects and USD 301 million in Q2 2018.

Geographical distribution of projects based on origin of the project team, Q3 2018

Geographical distribution of projects based on origin of the project team, Q3 2018

Country of origin means a country in which more than 50% of team members were living at the time of an ICO.

Another point worth mentioning is that in Q3 2018 USA had the largest number of projects compared to all mentioned countries in the above infographic, still Russia with a smaller number of projects, 63 was as mentioned the largest market.

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