Denaro, found online at Denaro.io, is a payment platform consisting of a debit card, a crypto wallet, and other crypto tools. Find out how it works today in our review.
What is Denaro DNO?
Denaro is a payment platform that aims to bridge the divide between cryptocurrencies and the mainstream marketplace (i.e. conventional retailers and other “real-world” currency uses).
The goal of Denaro is to allow companies and individuals to send, spend, store, and exchange cryptocurrencies and fiat currencies using web wallets, physical debit cards, merchant payment gateways, terminals, and IBAN.
The project was announced via the BitcoinTalk.org forums in late January 2018. Despite the fact that the company has no products or services in place, they’re already launching their ICO. The token sale for DNO tokens is underway until March 2018.
Because of these and other red flags, we believe that Denaro is less of a legitimate investment opportunity and more of an ICO scam. Keep reading to find out more.
How Does Denaro DNO Work?
Denaro believes cryptocurrencies have one enormous problem: it’s difficult for people to spend it. To solve that problem, Denaro will create a payment platform with an intuitive interface a secure wallet storage platform, and a debit card.
Denaro has developed secure, customizable SCI/APIs for merchant services that will facilitate the payments of goods and services online or offline using a web wallet or the physical debit card.
Denaro’s wallet works with multiple currencies, allowing you to send and receive cryptocurrencies from one easy address.
Aside from this basic information, there really isn’t much info about Denaro available online. The Denaro website and whitepaper feature no technical details of the platform or how it plans to solve major banking problems.
Denaro aims to provide major benefits for users and merchants, including all of the following benefits:
- Merchants can securely receive payments in BTC, ETH, or DNO using customizable SCI/APIs without worrying about having to manage multiple wallet addresses
- Instant conversion of cryptocurrencies to major cryptocurrencies like BTC or ETH (as well as DNO), and vice versa
- Merchants can accept payments in fiat, then instantly convert payments to crypto or other fiat to hedge against cryptocurrencies
- Discounts and bonuses are available for merchants with volumes higher than $500,000, including 1 free payment terminal and 50% off debit card charges for merchants
- An International Bank Account Number (IBAN) that allows merchants to receive international transactions in fiat
- Merchants with high volume can order personalized debit card designs
- Users can store, spend, and send cryptocurrencies like BTC, ETH, and DNO from a single interface
- Shop online and offline using a multi-cryptocurrency debit card
- No additional fees for sending cryptocurrencies outside of the Denaro ecosystem (i.e. free payments to other Denaro wallets, aside from network fees)
- Users get an International Bank Account Number (IBAN) that allows them to receive international transactions in fiat currencies
- Users with high transaction volumes can order personalized debit cards
The Denaro DNO ICO Token Sale
The Denaro pre-sale and ICO are underway from late January to March 2018.
A total of 2.5 million DNO tokens are available during the pre-ICO at a rate of 1 ETH = 3,000 DNO, plus an additional 25% bonus. The pre-ICO lasts for 7 days.
The main ICO, meanwhile, will offer 62.5 million DNO tokens at a rate of 1 ETH = 3,000 DNO. The ICO will begin 30 days after the end of the pre-ICO and will last for 35 days.
The Denaro website and whitepaper don’t provide any more specific information about the token sale – like token distribution or the dates of the token sale.
Who’s Behind Denaro?
Denaro is led by CEO and co-founder Ron Ramsey. Ramsey has previously worked as an Economic Development Director at London Computer Systems.
Other listed members of the team include Jeremy Boker (CFO and co-founder), who created the company in partnership with Ramsey. A number of other non-executive team members are also listed.
The Denaro whitepaper and website do not link to any team members’ social media profiles. Google searches for “Ron Ramsey” don’t reveal any information about the man we see on the Denaro page.
The company is organized under the name Cryptoshine Limited.
Overall, the team information for Denaro is mysterious and vague. The whitepaper is filled with awkward sentences and unclear information about the two co-founders, including sentences like this:
“Ron was also actively following and researching blockchain technology and the cryptocurrency movement that was occuring; he realised, along with Jeremy, that a solution was in demand that he could provide and it was then that he took the plunge and started the Denaro project.”
The team section leads us to believe that Denaro is less of a legitimate company and more of an ICO scam. Typically, when companies refuse to provide transparent team information, it’s a red flag you’re being scammed.
Denaro DNO ICO Conclusion
Denaro, found online at Denaro.io, appears to be a legitimate project at first glance. However, numerous things tell us that Denaro is probably an ICO scam. The biggest red flag is the lack of information about the platform or how it works: the website and whitepaper are vague about any technical details of the platform. There’s limited explanation of how the project works or how it plans to solve massive global financial problems.
Another red flag that Denaro is a scam is that the company is holding an ICO just a few days after appearing online in late January 2018. Typically, good companies don’t launch an ICO until they have at least an MVP in place. Denaro doesn’t appear to have any products in place.
The final red flag that Denaro is a scam is the weird team information section: there’s no information about the co-founding team available online, and neither “entrepreneur” appears on Google Searches. The website and whitepaper don’t link to any social media profiles or other information about the pair.
For all of these reasons, it appears that Denaro is less of legitimate company and more of a scam.