The Bank4YOU Group will launch an ICO campaign in the last week of October in order to accelerate the objective of climbing its service rollout across Africa, Asia, and Latin America.
An indicative estimate for the total financing requirement is $50 million, which may be used to support the company's expansion into new markets and to create enhanced services (including customer micro-loans and incorporation of Bitcoin or different cryptocurrencies in its money transfer services).
Based on Bank4YOU Group board, the project's creativity is concentrated at the Blockchain technology, the ordered chain of information inside the decentralized platform. The ICO's goal is the development of the MMRS, which is the initial convergence of cryptocurrencies with cellular network operator accounts.
About Bank4You ICO Features
The Business aims to develop a sophisticated electronic payment method, which would enable:
- Safe execution of cross-border mobile currency transfer between countries
- Possibility to withdraw money in local currency using local cellular operator products such as mobile money and cellular airtime
- The ICO campaign will start on 26 October and finish on 16 December, 2017.
- In this role, the company is going to issue 300.000.000 BFY tokens of Bank4YOU Group.
The referral program, together with the bonus program, can be found on the company's ICO website (www.bank4you.io).
Launched in 2013 and headquartered in London, UK, in 2016, Bank4YOU changed into Bank4YOU Group, an international consortium of fin-tech service firms working within the electronic mobile payment services arena.
What Is An Initial Coin Offering?
An ICO generally involves selling a new digital money at a discount — or even a “token” — as a part of a means for a company to raise cash. If that cryptocurrency succeeds and appreciates in value — often based on speculation, only as stocks do at the public marketplace — the buyer has made a profit.
Investing in a digital currency is extremely high-risk — more so than conventional startup investing — but is inspired mostly by the explosive increase in the value of bitcoins, every one of which is now worth around $4,000 at the time of publication. That spike helped introduce both fanatics and professional traders to ICOs
We have seen more than $2 billion in nominal sales in about 140 icos this year, based on coinschedule, quieting discussions made by some that icos are merely a flash in the pan inclined to fade any minute now when a new fad emerges.
It may feel like icos are everywhere — at least a few typically begin every day. Buyers throughout a presale period may email a seller and personally run a transaction. Later on, a purchaser will use a site portal site, hopefully one that needs an identification test, explained Emma Channing, general counsel in the argon group.
What Are The Dangers Of ICOs?
There are certainly some losers when and if icos win.
One group, as Wilson knows: venture capitalists. Much of investors' power derives from their supposedly superior judgment — they fund projects which are deemed worthwhile, and if the VC industry decides your startup is not promising, you're left with very little choice outside bootstrapping or even crowdfunding. ICOs offer another option to founders that are skittish about handing control of their infant over to outsiders driven over all else by financial return.
“Every vc company will need to take a long hard look at the value they bring to the table and how they remain competitive,” said Brian Lio, ” the head of Smith & Crown, a cryptocurrency research firm. What exactly are they offering to these companies which are more valuable than going to the community?”
But Kio noted that buyers are also possibly in peril and should be cautious: risk is higher than buying stock, given the complexity of the system. And it can be tricky to vet a investment or the technology behind it. Other experts have long worried about fraud in this mostly anonymous and unregulated space.