Crowd Genie, found online at Crowd-Genie.com, is a small business lending platform that recently launched its ICO. Find out how it works today in our review.
What is Crowd Genie?
Crowd Genie is an Asia-based asset exchange that recently launched an ICO. That ICO made headlines for being compliant with the Monetary Authority of Singapore. The pre-ICO is underway throughout November and December, with the general ICO scheduled to end in February 2018.
The goal of Crowd Genie is to make it cheaper, faster, and easier to borrow money compared to traditional financing methods. The company is an already-established peer-to-peer lending company that’s seeking to embrace blockchain technology and cryptocurrencies. Here’s how their website explains it:
“Our new DLT ecosystem will scale this disruption to the whole of Asia – through a platform allowing investors to directly buy into loans required by small and medium size companies who to grow and can provide better returns on investment than traditional banking.”
The long-term goal of the project is to create an Asia-wide asset exchange. That would lead to products like an “Asian Digital Passport”, P2P lending, an asset exchange, and more.
How Does Crowd Genie Work?
Crowd Genie claims to be one of the few licensed and fully operational peer-to-peer digital lending platforms in Singapore. The exchange was granted a “Dealing in Securities” license by the government of Singapore’s Monetary Authority (MAS) in March 2017. With their Crowd Genie token sale, the company plans to expand across Asia.
Tokens can be used to invest on the Crowd Genie platform. As a token holder, you can get higher returns than typical bank yields. Monthly interest and principal repayments can be withdrawn in fiat or CGCoin tokens.
To participate in the digital lending platform, you’ll need to go through a Know Your Customer (KYC) verification process. Both borrowers and lenders need to verify their identity. The end result is a digital passport for each client. That passport could eventually be used across Asia as a continent-wide verification system.
Lenders can enjoy interest rates of 12% or higher. They can also choose to have their tokens repaid in fiat currencies. Unlike other digital lending platforms (say, Bitconnect), Crowd Genie doesn’t advertise abnormally high returns for investors. This tells us it’s a legitimate lending platform – not a scam.
Crowd Genie also recently launched an additional product called GenieShield. GenieShield is designed to give lenders better protection against delays and potential defaults in loan repayment. It’s an extra layer of verification and protection to ensure lenders receive their loan and interest in full through the platform.
Who’s Behind Crowd Genie?
Crowd Genie is led by Akshay Mehra (CEO and Founder). Other key members of the team include Bikash Saha (Director and Co-Founder), Dr. Phillip Tan (Chief Corporate Strategist), Samuel Leong (Chief Development Strategist), Wai Leong Wan (VP Operations), and Anusha Anandan (Lead Technical Development).
In terms of experience, CEO and Founder Akshay Mehra went to the Indian Institute of Management in Calcutta for his MBA. He previously worked in marketing at Procter & Gamble, then ran an India-based startup for 3 years. He later worked as a Principal at Innosight Consulting and as an Investor and Board Advisor at Anchanto.
Crowd Genie is based in Singapore.
How Do CGCoin Tokens Work?
CGCoin tokens can be used to invest on the Crowd Genie platform and get higher returns than typical bank yields. Monthly interest and principal repayment can be withdrawn in fiat or CGCoin tokens.
There’s a total supply of 60,000,000 CGCoins. The crowdsale began with a pre-sale in November 2017, with the ICO scheduled to end on February 28, 2018.
Crowd Genie has several mechanisms in place to assign value to tokens. 80% of Genie profits will be used to buy tokens back at market price, and then those tokens will be burned. Tokens can also be used as reputation tokens on the platform. Borrowers are rewarded for timely repayments with CGCoins, and those repayments can be monitored publicly so lenders can build and establish trust.
Of the total supply of tokens, 83% are available during the ICO, 5% to the founders, 3% for marketing expenses, 3% for bounties, 4% for distribution costs, and 2% for management costs.
Crowd Genie Conclusion
Crowd Genie’s token sale is underway until February 2018. Once the ICO is complete, the company plans to release its token-based platform before the end of August 2018, followed by an Asian Digital Passport and an asset exchange in late 2018 / early 2019.
To learn more about Crowd Genie, visit online today at Crowd-Genie.com.