FinaCoin FNC is a cryptocurrency investment scheme that aims to solve global aviation problems. Find out if it’s a complete scam or a smart opportunity today in our review.
What is FinaCoin FNC?
FinaCoin, found online at FinaCoin.io, is a digital currency catered towards the global aviation industry. The development team describes it as “a type of currency used to make and accept payments on several airline platforms.”
FinaCoin FNC is not currently accepted on any airline platform that we can find online.
An ICO for FinaCoin tokens is underway throughout January 2018. 3 million tokens are being sold during the ICO out of a total supply of 13 million. The company is selling tokens at a price of $1 USD per FNC.
At first glance, FinaCoin might seem to be a legitimate cryptocurrency project. However, it doesn’t take long before you spot red flags. The official website repeatedly mentions the profits you can earn by investing in the platform today, for example. The company also provides no transparency about its platform or how it works – we don’t have the name of a single person involved with the FinaCoin project.
What Problems Does FinaCoin FNC Seek to Solve?
Why does the airline industry need its own cryptocurrency? Why wouldn’t the airline world just use a more popular digital currency? Well, here are some of the problems identified in the FinaCoin whitepaper:
Fake Payment Detail Fraud:
Suspects book tickets using stolen or fake credit cards.
Stolen Loyalty Miles:
FinaCoin’s whitepaper claims $48 billion in loyalty points are collected each year. However, there’s a “black market for loyalty points” where “loyalty accounts worth thousands of dollars are sold for a fraction of the cost.”
Employee Account Phishing:
Customers and employees are vulnerable to phishing schemes.
Loopholes in the system can be exploited by employees, allowing airline employees to book tickets for friends and family at highly discounted rates.
Travel Agency Fees:
Travel agencies charge high middleman fees.
FinaCoin’s whitepaper claims some thieves will buy duty-free goods on a flight using stolen, expired, or maxed out credit cards. They walk away with the purchase, and the flight crew doesn’t notice that the transaction has failed until it’s too late.
How Does FinaCoin Work?
Basically, FinaCoin wants to solve problems related to global fraud in the aviation industry. Specifically, the company wants to use FinaCoin to track every payment made in the aviation industry. Anyone can inspect the FinaCoin blockchain to make sure a payment is legitimate.
The FinaCoin whitepaper doesn’t go into much detail beyond that. Despite the lack of details, technical information, and development, FinaCoin claims that “the coin is expected to have a widespread acceptance immediately after the ICO period.”
That “widespread acceptance” purportedly comes from a partnership “between the FinaCoin team and key players of the aviation industry across the globe.” Conveniently, FinaCoin never mentions the names of any of those partners.
How Does FinaCoin Really Work?
We have no evidence to suggest that FinaCoin is a legitimate cryptocurrency project catered to the aviation industry. Instead, the cryptocurrency seems to follow the path of other crypto scams: it has a trading, staking, and mining platform that pays investors huge returns with no risk or hard work required.
Here’s the only real function of the platform:
- Step 1: Register an account at FinaCoin.io
- Step 2: Deposit BTC and purchase FNC
- Step 3: Stake, trade, or mine FNC to earn enormous ROIs
Who’s Behind FinaCoin?
FinaCoin, like many online scams, doesn’t list any team information online. The company vaguely describes itself as “a team of resourceful global citizens with impeccable knowledge of the world’s financial system.” Seriously – that’s the word for word description on the front page.
Typically, when someone is asking you to send money for an “investment opportunity” online, but refuses to disclose their identity or any personal information, it’s a sign you’re being scammed.
The FinaCoin FNC ICO
The FinaCoin ICO is scheduled for December 2017 to January 2018. The company is selling FNC at $1 USD apiece.
As of January 16, 2018, the company claims to have earned $11,872.29 USD through the token sale. However, we have no proof of that number.
FinaCoin FNC Conclusion
FinaCoin FNC appears to be yet another cryptocurrency scam. The anonymous development team claims to have partnerships with the global aviation industry. They’re planning a worldwide expansion before the end of 2018. All they need to get started is an investment from you.
In reality, FinaCoin doesn’t seem to have any platform or functions in place. There’s no transparency about the project, who’s involved, or who the partners are. There’s nothing to suggest that FinaCoin is a legitimate business opportunity.
To learn more about FinaCoin, visit online at FinaCoin.io.