Crowd Genie: Business Loans Asset Exchange
Asia-wide tokenized platform that makes lending across borders possible, secured by blockchain, and asset exchange for liquidity.
Inception of Crowd Genie
Granted Singapore MAS "Dealing in Securities" License
Launch of GenieShield, provisional fund that protect lenders
Chief Technology Advisor
Digital and Software Lead at Antelope.Club, connecting Blockchain with Wearable IoT | A.I. Lead at Outlier Ventures, focused on Blockchain Convergence | Senior Director of Digital Transformation at Pyramid Consulting | IT Capability Lead at Accenture India | CTO at Wipro Limited | Product Engineering Head at EMC Data Storage System
- Crowdsale (83%)
- Founders (5%)
- Marketing expenses (3%)
- Bounties (3%)
- Distribution costs (4%)
- Management costs (2%)
- Invest in listings on Crowd Genie platform listings (45%)
- Hire team (30%)
- Compliance and cyber security (10%)
- Business development and overheads (15%)
Cost of the token1 token for 0.0025 eth
Price without discounts
Minimum Purchase - 0.1 ETH (1 ETH during Pre-sale)
Maximum Purchase - No Limit
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Estimate the project on a simple scale or switch to the five-point scale
Relevance of the problem and Market size
Founders, Team & Advisors
Budget allocation and roadmap
Token economy, Tokenization & Business model
Distribution & Lock up of tokens, Discounts for early buyers
Summary rate the project
Rate the project by other users4
The platform allows you to lend and perform various financial transactions escaping borders and jurisdictions. The project is very promising, despite the fact that the market is already filled it is trying to create an innovative financial service in the heart of Asia.
Risks and disadvantages
I do not see any disadvantages in the project, especially since it's already working company that has the necessary licenses and permits for this activity. This feature highlights this startup in front of other projects that do not think about the practical implementation of their ideas.
I think that the project will become very successful, because it combine successfully innovative blockchain technologies with economic policy and regulatory requirements. The Asian market has a great potential and similar projects will make tremendous progress. I think this is one of the few projects, which is worth your long period investment and you will get very high profits.
The project team has experienced financiers and entrepreneurs, as well as blockchain advisors. There are many articles about the project in authoritative sources, it will increase the interest of investors in the project. Also there is a detailed roadmap and a distribution scheme for tokens and a budget, it shows the transparency and honesty of the project.
Risks and disadvantages
There are no marketing specialists in the project team, which will reduce the popularity of the project and the chances of achieving a hard cap on the ICO. Also, there may be problems with scaling the project to other countries, since the financing of crypto currency is illegal in some countries.
The ability to lend to business faster, cheaper and easier compared to traditional financing is a useful business idea that can attract many customers if the team focuses on safety and reliability of the project.
P2P-crediting - getting rid of intermediaries, bank charges, and geolocation restrictions.
Exchange of assets in Asia - working with commercial loans and other asset classes through the Blockchain Asset Exchange.
Risks and disadvantages
Online lending can be risky as it is regulated differently worldwide and that can cause troubles in the future.
A powerful powerful company with a fairly promising project. The platform needs to expand its functioning over Singapore.
The platform provides for genuine borrowing and lending of money It provides an opportunity for the various people interested in lending money to do so with minimum risks involved. It also contributes to saving peoples businesses that might be going through financial crisis.The project uses cryptocurrencies that are big players in the current market which puts the token value and potential investors at high advantage of investing in a successful venture. The project has a manageable number of employees which will ensure effective remuneration.
Risks and disadvantages
In case the the borrower fails to pay the borrowed money this will discourage many investors from using this platform. The traffic statistics are critically in the sector of mailing and advertising. If the project will fail to take advantage of the prevailing market other ICO start ups will do so.
The initiative is very productive and very marketable especially in the this era of digital migration to use of crptocurrency, the global market that is aimed at by the project will be eager to use this platform to acquire loans since its more efficient than the centralized system. The opportunity for both the borrowers and lenders is broadened .However their should be security from the side of the borrowers to ensure that the lenders money is returned with its interest
What is the connection between CGSPV Pte. Ltd. and Crowd Genie Financial Services Pte. Ltd.?
CGCOIN is a token released by CGSPV Pte. Ltd. that is a company registered in Singapore, it is a related company of Crowd Genie Financial Services Pte. Ltd.(CGFS).
CGFS is a company registered in Singapore that runs the platform www.crowd-genie.com platform, and holds the license from the Monetary Authority of Singapore for running a crowdfunding platform in Singapore.
CGSPV will receive returns from its investment in loans on CGFS platform, and any potential fees from the exchange once that is operation. The profits generated from these returns will be used to purchase CGCOIN tokens from the market.
What kinds of companies can www.crowd-genie.com list?
* Singapore registered companies: Crowd Genie accepts only Singapore incorporated companies and/or Limited Liability Partnerships.
* Operational track record and Revenue: Only the companies who have been in operation for at least 2 years and with revenues of more than SGD 1,000,000/- (or an equivalent in other currencies) in the past twelve months are allowed to register with Crowd Genie.
* Demonstrated Traction: Only companies with an existing product and/or service with a market presence (i.e. clientele) are allowed to register with Crowd Genie. No startups without any ready product or service are allowed
What currencies are accepted?
Only Ethereum (ETH) and Bitcoin (BTC).
How will the funds be used from the token sale?
CGSPV will be use the funds primarily for further developing the technology and also for investing on loans on the www.crowd-genie.com platform. Ultimately, we want to build the first Asia wide Asset Exchange focused primarily on business loans, and would seek partnership with other lending platform to build up the volume, and may include other asset classes in future.
Below is provided funds allocation:
45% on listings investment
30% on hiring and team expansion
10% on regulatory and compliance expenses
15% on business development and other overheads
How many tokens will be available on pre-sale and token sale?
Tokens available 18,000,000 CGCOIN.
Minimum amount to participate: 1 ETH.
Pre-sold tokens are deducted from the 50,000,000 CGCOIN sold on official token sale.
Token sale cap is 50,000,000 CGCOIN
Minimum amount to participate: 0.1 ETH.
What does CGCOIN represent?
Purchase, ownership, receipt or possession of CGCOIN Tokens carries no rights, express or implied, other than the right to use CGCOIN Tokens as a method of payment in respect of services in the Ecosystem (as permitted by the Ecosystem and subject to such terms it may impose at its discretion), if successfully completed and deployed. CGCOIN Tokens do not represent or confer any ownership right or stake, share, security, or equivalent rights, or any right to receive future revenue shares, intellectual property rights or any other form of participation in or relating to the Ecosystem and/or the Company and its corporate affiliates, other than any rights relating to the provision and receipt of services in the Ecosystem, subject to limitations and conditions in the Token CrowdSale Terms & Conditions.
A CGCOIN Token is not intended to be a security, commodity, debenture, unit in a collective investment scheme, stored value facility, or any kind of financial instrument, and it does not provide you with a direct or indirect exposure to underlying profits and/or losses, or assets and/or liabilities.
CGCOIN cannot be refunded and are not intended to be a security, commodity, debenture, unit in a collective investment scheme, stored value facility, share, derivative, or any other form of financial instrument. Additional details can be found on Token CrowdSale Terms & Conditions to be released during the token sale.
What is the price of CGCOIN?
Token sale price: 600 CGCOIN = 1 ETH (base price+ 50% bonus)
Minimum amount to participate: 1 ETH
Day 1 – 14: 500 CGCOIN = 1 ETH (base price+ 25% bonus)
Day 15 – 21: 460 CGCOIN = 1 ETH (base price+ 15% bonus)
Day 22 – 29: 420 CGCOIN = 1 ETH (base price+ 5% bonus)
Minimum amount to participate: 0.1 ETH.
What are buybacks and how much of the fees are used for buybacks?
We will be taking the 2 key measures to maintain the value of the tokens:
1. Buyback: CGSPV will purchase the tokens at a market price at the end of every quarter (January 1st; April 1st; July 1st; October 1st) starting July 1st 2018. As 45% of the funds raised would be used to invest in listings on www.crowd-genie.com, 80% of the net income of CGSPV will be used to buy back CGCOIN token from the exchanges where it is listed. This buy back process will happen until the cumulative amount in USD spent on token buy back is equivalent to the amount raised in the ICO.
2. Demand for use on Crowd Genie ecosystem: As we embed the tokens on the platform and give rewards to users – borrowers and Lenders – to encourage the use of tokens for transactions, we expect that there will be demand from potential users to buy tokens from the marketplace to allow them to use these on the platform. This in turn will ensure that the value of the tokens is enhanced.
How are the tokens distributed?
CGSPV Pte. Ltd. will mint a maximum of 120,000,000 of CGCOIN, of which:
50,000,000 For sale during the token sale
3,600,600 Marketing & Bounties
3,240,000 Founders (2 years vesting period)
35,000,000 For use to facilitate platform transactions (not released during token sale and 2 years lock-in period)
25,000,000 For potential future ICO (not released during token sale and 2 years lock-in period)
No additional CGCOIN are minted, ever.
Is the token sale secure?
The token sale is performed with the use of Ethereum smart contract. Since all transactions are confirmed on the blockchain, the smart contract is resistant for security threats.
The smart contract in itself is simple to avoid complex transactions. The smart contract will have extra security since the tokens are minted only when payment is send to the address. This means that only way to receive CGCOIN is by sending payment, making it more resistant to misuse and fraud.
The token sale page shall be held on a DDOS protected environment, on a separate server with writing locks on the token sale page files from the server side. The token sale page will be simple and as static as possible to avoid any complexity. Besides the above, additional security measures are adopted.
When are the tokens distributed?
CGCOIN is distributed after the token sale is over.
Can I trade CGCOIN?
Yes. CGCOIN will be tradable after the token sale. We will let the backers know of the exchange on which it is listed.
If I send BTC today, what value will be used to calculate the CGCOIN tokens due?
All tokens are converted on a real-time basis into their equivalent ETH value.
We use www.coinpayments.net as our payments gateway, and they provide the real-time conversion.
Why is the token issuer CGSPV, a related company of Crowd Genie, but not Crowd Genie itself?
Crowd Genie Financial Services Pte. Ltd. was granted “Dealing in Securities” license by Monetary Authority of Singapore on March 2017 (https://goo.gl/aeNqS3). That being said, Crowd Genie is a licensed platform, and is not allowed, by rules and regulations, to make any direct investments on its platform. Hence, CGSPV Pte. Ltd. was formed with a sole purpose of investing its funds exclusively in offerings listed on www.crowd-genie.com. CGSPV is a related company, legally registered under Crowd Genie Financial Services Pte. Ltd.
All activities on CGSPV will be governed by the Board of Director of Crowd Genie Financial Services Pte. Ltd., and will have legal consequences to Crowd Genie, as both companies are legally bounded.
Crowd Genie is Singapore licensed, but what about the ICO? Is it registered or approved by the authorities?
Monetary Authority of Singapore has provided guidelines on it (https://goo.gl/BiMCnA). The document was reviewed by our legal team, and be rest assured that Genie ICO is compliant with the MAS guidelines.
If price of CGCOIN fluctuates wildly, wouldn't this impact the lending activities?
Crowd Genie already has an operational lending platform. We will expand this to build the tokenized lending platform on Blockchain. On the platform, loans will be pegged to Fiat currency, like USD. For a $ 100,000 loan with $ 10,000 monthly repayment, it will be listed on our platform showing loan amount in USD 100,000 equivalent CGCOIN at then market price. Once successfully funded, borrower can exchange, through a third party crypto exchange, CGCOIN for the currency of his choice, and the borrower will pay back the $ 10,000 installment in the equivalent CGCOIN tokens at the time of repayment.
When will the smart contract be ready?
Smart contract will be published around late January 2018, after Pre-ICO ended.
The escrow agent seems to be a centralised point of failure, any plans to replace them with a blockchain escrow agent?
Crowd Genie is bounded by its “Dealing in Securities” license to have an Escrow Agent. After the crowd-sale is ended, we will work with our legal team on the required approval for our ecosystem expansion. Blockchain Escrow Agent will be part of our expansion plan.
Can I cancel and refund?
There is no refund policy.
Is CGCOIN returns-based speculative token?
CGCOIN is a utility token in our ecosystem. For more information, please read our whitepaper. That said, do note that the value of CGCOIN token depends on the demand, which is shaped by a wide range of factors, including the cryptocurrency exchange rates, news cycle, regulator's outlook on the industry, emergence of new investors on the market and many others.
What is the token distribution?
Total supply of CGCOIN is 120 mil for which 60 mil of it will be reserved to facilitate platform transactions in future, and will not be released in the token sale. The distribution percentage is hence calculated based on total number of tokens in circulation. For instance, 1 mil out of 60 mil tokens, or approximately 2% after rounding up, will be used to cover the management costs.
ICO Sale 83% 50,000,000.00
Founders 5% 3,240,000.00
Marketing Expenses 3% 1,800,000.00
Bounties 3% 1,800,000.00
Distribution Costs 4% 2,160,000.00
Management Costs 2% 1,000,000.00
Total No. of tokens in circulation 100% 60,000,000.00
How do you calculate the fund raise?
We receive token purchases in ETH and BTC primarily. All raises in these currencies are converted to USD. The conversion price is based on the price at OKEx (https://www.okcoin.com) at 11am SGT. Due to the volatility of the currencies, please note that the figures displayed on the home screen can vary significantly.