Coinseed is an application that allows users to effortlessly invest small sums into their customized cryptocurrency portfolio. The app’s most innovative feature allows users to connect their credit card to a portfolio, round every purchase made with the card up to the nearest dollar, and automatically invest these cents into the portfolio.
The group is also releasing its own cryptocurrency, the CSD token, which will entitle users to a share of company profits. Coinseed’s innovative idea has immense potential as cryptocurrencies continue to grow in popularity.
Team Behind CoinSeed
Coinseed is the work of a small team, with only six relatively young developers, but they are already highly experienced and have remarkable educational credentials; the back-end developer is an MIT graduate and former Microsoft employee, and the CFO has held several positions on Wall Street. The developers are supported by five advisors who have decades of collective experience in finance.
The project has gained a decent following on social media; it has over 1,000 followers on both Facebook and Twitter, but its most active page by far is its Telegram, with nearly 6,000 subscribers. The project has been covered by several online publications, but primarily those that simply aggregate information about ICOs.
Coinseed's sole product is a platform that allows users to invest small amounts into a portfolio of cryptocurrencies that they customize. Its primary feature is a connection to a credit card, which can automatically make an investment after each purchase by rounding the total up to the nearest dollar and adding this change to the portfolio. Users can also simply contribute directly, without this automated feature.
Currently, the platform supports eight cryptocurrencies, and its whitepaper indicates that they hope to add more each month. The platform also has a feature that allows users to update their portfolios with ease; otherwise, this could be a very onerous process requiring users to liquidate and re-purchase their assets. Each time a portfolio is changed, the company charges users 1% of the portfolio's value, half of which is returned to a fund that pays a dividend to owners of the CSD token.
Coinseed's platform is already available from both iTunes and Google Play, and has been downloaded several thousand times from both services.
Coinseed ICO (CSD Token) Details
Coinseed's ICO began on March 20th, 2018, and will continue until April 20th. It has already been a significant success; posts on their social media page suggest that the ICO earned over $1 million on its first day.
A pre-sale began on December 20th, 2017. Discounts are available to early ICO customers, but the company has not published a clear timeline of these. The sale has no soft cap, and the company hasn’t said how many tokens are available.
While the company is accepting Bitcoin, Etheruem, and Litecoin as payment during the ICO, the CSD token's value is pegged to Ethereum; one CSD token costs 0.0022222 Ethereum. Since it is an ERC-20 compliant currency, buyers must have a wallet designed for Ethereum.
Several countries' citizens are forbidden from participating in the ICO due to their countries' laws, including the U.S., China, and Singapore. The company notes on its FAQ page that it is still trying to navigate this legal landscape and will update customers with any developments.
Neither the company's website nor its whitepaper mention any know-your-customer or anti-money laundering measures, the lack of which could create ongoing legal issues for the company in many jurisdictions.
The company mentions that listing the currency on a public exchange is a “possibility” that they're still working on.
The Coinseed ICO (CSD Token) Verdict
Coinseed has a very interesting idea, and the early success of its ICO and app release are likely just the beginning of its rise. Cryptocurrency investment continues to grow in popularity, and this app allows users to easily buy small amounts.
While it likely won't appeal to investors interested in trading larger amounts, the platform is perfectly suited to the casual investor. As long as its software proves secure and user-friendly, Coinseed has the potential to become a hugely popular service. The CSD token thus has potential to become a very lucrative investment, but the company must straighten out its legal circumstances.