The initial coin offering environment is home to an extremely broad spectrum of different startups. Some of these platforms are extremely successful, some are less so, and some are downright weird. In this article, we’ll take a look at Bananacoin, one of the strangest ICOs to launch in recent months.
What Is BananaCoin?
The BananaCoin ICO is focused on creating a new Ethereum-based token that is tied to the price of one kilogram of bananas on the international market. Although this may seem entirely bizarre at first, looking deeper into the core premise of the Bananacoin platform reveals that there is a method to its madness.
The core goal of the Bananacoin platform is to expand the size of the Bananacoin plantation, which is currently sized at around 100 hectares. Bananacoin aims to increase plantation holdings in the Vientiane province of Lao PDR, with the end aim of exporting “Lady Finger” bananas- the most profitable banana strain in the world- to nearby China.
Bananas, surprisingly, are a good investment from a technical analysis perspective. Over the past 7 years, the international price of one kilogram of bananas has increased by between 4% and 10% every year, making bananas a relatively stable investment.
The Bananacoin Token
Bananacoin, or BCO, is an Ethereum based token, which can be stored in any Ethereum wallet. The price of the BCO will be tied to the international price of one kilogram of bananas. Banancoins will not only function as a tradable asset, but also provide owners with profit share in the Bananacoin project implementation.
The Banancoin team is lead by a team of Russian entrepreneurs, and supported by a comprehensive and detailed white paper. The Banancoin token pre-sale has already concluded, successfully selling one million tokens. A private sale, which is currently underway, can be joined via the platform website.
Although the core premise of Banancoin may sound strange, it’s backed by solid financial planning and aims to corner an existing and profitable market. If you’re interested in ICOs that aim to destabilize real-world commodity industries, the Banancoin ICO is definitely worth a look.