GymCoin aims to be a reliable global payment solution for the fitness industry. Find out how it works today in our review.
What is GymCoin?
Like other digital currencies, GymCoin is a peer-to-peer, decentralized currency designed to offer easy, secure, and fast transactions. The coin is catered specifically to the fitness industry.
How does a digital currency cater to the fitness industry? The GymCoins platform allows gym users to pay gyms, personal trainers, and other fitness-related businesses directly from their mobile wallet using GymCoins.
The GymCoin platform is accessible at the press of a button and grants users access to 20,000 gyms worldwide, thereby eliminating the problem faced by gym users who are traveling or on holiday. Gym users get instant access to the gym of their choice wherever they might be.
How Does GymCoin Work?
GymCoin’s website and whitepaper do a poor job of explaining how the platform works – or what makes the currency different from others in the space. Most of the whitepaper is spent explaining how great of an opportunity this is, and how large the global fitness market is. Very little of the whitepaper is spent explaining how the platform actually works.
Here’s one of the few sections where we get an idea of how GymCoin might work in the real world:
“If a person regularly visits a Planet Fitness near their house in Canada and enjoys it because of the facilities, they will become familiar with this gym. Now, if they were on vacation or take a trip across the border into the USA to do some shopping, they might want to work out while they are taking their trip. However, they might not feel comfortable using the gym in their hotel or the one nearby. But, with GymCoin, they will be able to locate a Planet Fitness nearby, or a gym of a similar caliber, and simply use their tokens to gain access.”
Seriously – that’s how the whitepaper explains the core function of the platform. After that horrendous paragraph, the whitepaper goes on to explain that “GymCoin infrastructure truly will be a worldwide phenomenon.”
Obviously, many modern gyms offer worldwide memberships: your membership at Anytime Fitness in Canada, for example, can be used to access a gym while you’re traveling in Australia. Alternatively, most gyms offer drop-in rates. It’s unclear why anyone would use GymCoin.
Ultimately, the more we look into GymCoin, the more we’re convinced it’s an ICO scam with no intention of being a real, legitimate project.
GymCoin advertises all of the following features:
- Security: The GymCoin blockchain “is highly secure” and the team will “guarantee the safety of your funds and personal information.”
- User-Friendly: GymCoin is designed to be easy for anyone to use, and can be accessed by anyone irrespective of location.
- Low Fees: GymCoin offers very low transaction fees, making it a better payment option than traditional fiat currencies.
- Speed: GymCoin transactions are processed almost immediately and confirmed within seconds.
- Mobile Wallets: GymCoin offers mobile wallets/apps for Android and iOS.
Overall, GymCoin sees itself as “the future ecosystem” for the fitness industry.
The GymCoins GYM Token Sale
The GymCoin pre-ICO is scheduled for January 25 to February 10, 2018. The company is selling a maximum of 50 million GymCoin (GYM) tokens during the pre-sale. Tokens will be sold at a price of $0.10 at the beginning of the sale, rising to $0.15 and $0.20 later in the sale. You can buy tokens using VISA, MasterCard, ETH, BTC, or LTC.
The second phase of the ICO is scheduled for February 11 to March 6, 2018. The company is selling 100 million GYM tokens during this phase at a price of $0.20 to $0.40 per GYM.
Of the total supply of tokens, just 15% is going to the two token sales. The remaining tokens are allocated to bonuses, bounties, and affiliate programs (5%), the management team and developers (20%), and “additional supply for circulation” (60%).
Who’s Behind GymCoin?
GymCoin’s team was formed in August 2017. Development and planning took place towards the end of 2017, and the whitepaper was released in December 2017.
The company has partnered with fitness companies like Gym Box and McFit. They’re also purportedly in talks with PureGym, Virgin Active, Gold’s Gym, and Fitness First.
The company is led by Kishan Modha (Founder and CEO), Rasim Deveci (Co-Founder and COO), Alex Aspra (CTO), and Tom Stanford (CFO).
Project advisors include Dr. Hans Koning and Rainier Schaller.
The company lists an address in New York as its headquarters. That address is listed as “600 Third Floor, 2nd Floor, New York 10016.” It’s unclear what the company means by this address – but it’s certainly not a real address. It also seems unlikely that a startup with no media attention is immediately able to afford downtown New York real estate.
We can’t find any additional information about the project’s founders available online. The LinkedIn links on the official website are broken links, and Google Search results don’t turn up any results for New York-based entrepreneurs.
The whitepaper, meanwhile, is filled with vague descriptions. Here’s how the whitepaper describes the CEO, Kishan Modha:
“Kishan is the CEO for GymCoin. He brings founding experience and a startup effort that will help drive GymCoin forward through the early stages and beyond.” There’s no other information about his experience or qualifications.
GymCoins GYM ICO Conclusion
GymCoin doesn’t appear to be a legitimate cryptocurrency project or ICO. The company’s whitepaper and website are a mess of vague information about the platform. There’s no technical information about GYM or how it works – or what makes it different from other cryptocurrencies. The whitepaper vaguely explains how it will be a peer-to-peer digital currency for the fitness industry, but there’s not much information beyond that.
There’s also a total lack of information about the founding team available online or in the whitepaper – which makes us suspicious that GymCoin could be a scam.
At best, GymCoin is a project with no hard objectives, no working products or services, and no unique selling features. At worst, GymCoin is another ICO scam. You may want to wait for more information to appear online before you give money to this company.