Analysis of ICO INGOT Coin
INGOT Coin (IC) is an all-inclusive ecosystem that links crypto market to the traditional financial industry. An ecosystem will be composed of 6 components:
- IC Wallet - a custodial for cryptocurrencies within the platform; will be integrated with the IC Digital Bank enabling users to pay with fiat and settle with crypto
- IC Exchange - listing major coins and newly issued ICOs, coins will be listed against other cryptos, fiat currencies and traditional financial instruments; IC Exchange will be integrated with the IC Wallet, IC Brokerage and IC Digital Bank via a platform
- IC Brokerage - a hub for liquidity, market pricing and access to all financial products
- IC Digital Bank - 24/7 automated payment processing, day-to-day online services, fund management, trading support
- IC Certifier - educational services
- IC ICO Accelerator - essential services for entrepreneurs and startups.
IC Wallet will go live in Q4 2018, followed by IC Digital Bank in Q2 2019.
There will be two phases of the project: 1) building the IC Ecosystem and 2) building the Digital Commodity Exchange. Each phase will have its own ICO round. IC token is a hybrid one as it serves as a utility and a security token. The Exchange will charge a preferred rate on all transactions paid by token compared to payments done in other crypto or fiat currencies. Tokens will be listed against other crypto and fiat currencies and traditional financial instruments, which will allow investors to perform lots of operations including trading and portfolio diversification.
The model is built on the following principle: to link crypto markets and current financial industry, thus creating new ways of payments and providing lower commissions.
There is no marketing plan in the WP. The project is currently in pre-ICO stage and there is a bounty campaign. The team is active on social media channels (especially on Telegram), but numbers of followers should be higher. The project has massive media coverage. The team participates in relevant events and roadshows.
Founders have sufficient experiences in finance market, risk management, accounting, marketing, brokerage, economics (one of the founders is an advisor of World Bank Group). Other team members are specialists in development, engineering, design and business development. Advisors provide expertise in ICO consulting, blockchain technology, legaland investment management.
The Vision of the Market
The project targets financial and crypto markets. The vision is to build a link between growing crypto market and existing traditional financial industry and to provide new solutions addressing current limitations and issues. The WP lists the following problems:
- Lack of connection between crypto and traditional markets mainly due to large transaction costs
- Traditional market structure is ineffective in the face of emerging technologies, opportunities and market participants’ demands
- High fees within financial markets
- Impractical crypto exit strategies
- Lack of trust in crypto markets
- Lack of accessible education.
Each of six IC Ecosystem components are addressing these real-life issues.
Understanding of the Target Audience
Project’s team members have an extensive experience within financial and crypto industries. Their clear vision of the market results in perfect understanding of its participants needs. IC Ecosystem encompasses six components, which are also tools and methods aiming to eliminate current practical difficulties of target audience.
There is no competitor analysis in the WP. Main competitive advantage of IC Ecosystem lays in its all-inclusive nature. INGOT Coin gathered under its umbrella six components/solutions which make this project a “one-stop-shop” for all participants of financial and crypto markets. There are competitors within each element, especially in crowded currency exchange field, but no one offers a complete solution.
Strengths: INGOT Group (the company behind the project) is in the market since 1993. Multiple signed partnerships in place. Detailed business model, including financial model and projections (financial statements for 3 years starting with 2019, when the product is fully launched). Very strong team supported by 11 advisors. Well-written and well-constructed WP. Strong media coverage.
Weaknesses: no marketing plan; social media activity should be more intense, according to analysts from expert-coin rating. There is no competitor analysis.