CoinMD CoinRewards Might Close Doors By Month’s End Citing Financial Woes: Thomas McMurrain, CEO
In a recent video post online recently, Thomas McMurrain – the CEO of CoinMD, the “world’s first Universal Healthcare Marketplace that accepts cryptocurrency” has disclosed that the company is facing serious financial challenges. The CEO said in the video that if they are unable to get substantial investment anytime soon, CoinMD might shut down as soon as the month ends.
The Problem And Possible Solutions
“CoinMD has grown quickly – in fact too quickly and we have run out of operating capital. This is a good and bad problem.”
According to McMurrain, the firm is experiencing a
“short-term cash crunch”
“the solution is a lot of people who have a vested interest pitching in (and) offering to help a little bit to fix it.”
As a possible solution to their cash crunch, CoinMD started a donation campaign on the Crowdfunder platform. According to him:
“The Crowdfunder campaign is live and I’m committed to achieving the $100,000 goal. If we do not reach this goal, we may have no choice but to close down CoinMD by the end of the month. We need a minimum of to say a thousand members, who are willing to invest $100 or more to keep the CoinMD vision and mission alive.”
He also expressed that all investors would be allocated some equity as well as CoinMD tokens and also commissions that they may eventually sell to other participants if they ever decide they want to recover the investment funds.
CoinMD is seriously looking for more investors or alternatively, hoping current investors would invest more. However, it would seem like the only way to offset losses from investments is to push them on new investors. This might be part of the reason why Crowdfunder withdrew the CoinMD campaign from their platform. If it isn’t then nobody is sure why as Crowdfunder did not explain their decision but only posted a notice saying:
“The CoinMD campaign was removed from our platform.
In 2017, CoinMD was introduced as a healthcare platform for many healthcare solutions that accepts and uses cryptocurrency. The company uses CoinRewards tokens which are reportedly generated with very little financial implications. CoinMD also uses their own rewards plan that compensates investors with CoinRewards tokens. However, these tokens cannot be publicly traded and have no worth outside the company. Also, it might be important to note that since its launch and up till now, the Atlanta based company still has not registered its operations with the United States Securities and Exchange Commission (SEC) and this could only mean that its operations are considered illegitimate.
Other CoinMD News
Thomas McMurrain, through a platform known as OneCoin, is said to have succeeded in attracting a susceptible collection of investors from Africa’s most populous nation – Nigeria. It seemed to have worked out pretty well as more than 70% of all the hits on the CoinMD site were traced to Nigeria. However, the Nigerian Securities and Exchange Commission also has no record of McMurrain or CoinMD and its still largely uncertain if anyone at all in Nigeria has received any form of healthcare through CoinMD. There are also no properly audited records of its finances including how much has been invested, used or how much remains. None of its investors have this information officially.
McMurrain’s Other Endeavours
Thomas McMurrain also runs a scheme known as the
“The Titan Trading Club”.
This is run separate from CoinMD but is a scheme that promises a substantial return for certain investments. It was introduced to the CoinMD community with the following message.
“Hello CoinMD Family,
Earn $1500 commission and prequalify for a $25,000 unsecured loan to build your cryptocurrency portfolio.
Titan Trading Club is LIVE and if you have a Silver Membership or above the $4995.00 Annual Membership Fee is waived.
You definitely want to check this out – CLICK HERE (tracking link broken)
Titan is an “in-house” Team Alliance Partnership so your CoinMD Team is protected and you can now start generating $1500 daily BTC commissions starting today.
Build a cryptocurrency portfolio and get Titan Trend Alerts to increase your cryptocurrency portfolio!
Register and watch the automated webinar system do the explaining, enrolling and training for you!”
If this is legit, one might wonder why McMurrain hasn’t yet used this scheme to bring CoinMD out of its current financial problems.