ENTRY is blockchain solution for making a bridge between crypto-world and traditional economics. It consists from these parts:
Before the ICO closure there will be launched MVP for Entry.Money and Entry.Exchange. Full release of all services is planning on 2019-2020 years
According the WP, founders started developing this project in 2015, and obtained money institution license that year. Lithuanian open information sources about registered enterprises market PayPay LT Ltd. company (licensed according WP) as registered in 2012, having annual turnover less EUR 5k during all time from 2012 to now, with 2 employers from 2016 year. Checking the international development division OX Energy Ltd shows that this company is just an online-shop with the same director, 3 employees and website Masins.lt .
Also existing of different companies for ICO, development, and special licensed company looks very suspicious. Additionally, its director is not a member of listed Entry team.
So, this project in its organizational part have some scam signs.
There is very small amount of financial details for financial institution project – only plans to token distribution (55% will be sold during ICO) and funds received usage (40% to business development, 22% to legal expenses, 20% on marketing). No information about revenue structure and plans, no information about expenses or detailed plans to opening regional divisions were presented.
Marketing strategy of this project based on network of representatives worldwide. According the website, they are existing elsewhere – from USA to closed countries like Iran and Cuba (despite of absence of free internet in this country) and in small markets like Serbia, Nigeria and Albania. It looks ambitious but so strange for project without any MVP or other proofs of existing, and based on companies with 2-3 employees.
Team presented on website is large (including representatives worldwide) but there are strange things marked:
So it looks like team is inflated, which can be a scam sign.
Founders are believing that financial crisis of 2008-2009 shows the issues of world banking system and only blockchain-based product can solve them. But with deep analysis, blockchain is just a technology which can perform more fast and cheap payments, and it can do nothing with, for example, onbligations default (which was a start of financial crisis). So, this is more a marketing trick than a real solution.
Target audience of the project is any person and enterprise in the world, starting from EU in 2019.
WP contains detailed analysis and comparing with competitors from real economics and blockchain world.
Project strong sides: detailed analysis of competition.
Project weak sides: suspicious organization structure, ambitious plans to became a worldwide financial service without a detailed business plan, inflated team.
So our position is negative, probably scam.