What Is MoneyToken?
MoneyToken is a blockchain-based financial ecosystem that in many ways works as a bridge between cryptocurrencies and traditional currencies. It serves as a decentralized exchange service that will provide loans that are backed by cryptocurrencies. The company is also selling its own cryptocurrency, which is currently in the pre-sale round.
Who Is Behind MoneyToken?
MoneyToken was co-founded by Alex Rass and Jerome MacGillivray. Rass has an undergraduate degree in Computer Science and a Master’s in Computer Software Engineering, both from the prestigious Stevens Institute of Technology. He has over 15 years of experience in developing both software and marketing plans for IT products. Since 2006, he has served as the CEO of Informed Technology Business Solutions LLC.
MacGillivray, meanwhile, is currently the CEO of Ratio Software Engineering, a Ukraine-based company that specializes in research and development. The MoneyToken website also lists several accomplished employees within the fields of finance, business development, and software engineering. The company also has several marquee advisers listed on its website, including Roger Ver and Mate Tokay of Bitcoin.
How MoneyToken Amanda AI Assistant & MTC Stablecoin Works
MoneyToken works to address some of the inherent problems that cryptocurrencies face, most notably the fact that traditional banks don’t seem to respect them, refusing to recognize it when it comes to serving as collateral for a potential loan. This matters because most cryptocurrencies are seen as an investment. Therefore, if you liquidate your crypto assets because you need money in the short term or collateral in order to take out a loan, you will lose your investment in that particular cryptocurrency.
However, MoneyToken solves this by allowing you to borrow liquid funds while using your cryptocurrencies assets as collateral. Using blockchain technology and a smart contract, you put up a cryptocurrency like Bitcoin or Ethereum and get a loan in the form of a traditional currency back. Once you pay back the loan, you get your collateral back, even if that particular cryptocurrency has increased in value during the course of that loan. Thus, as long as you pay back your loan, you don’t have to worry about losing your investment in that particular cryptocurrency.
The MoneyToken platform is potentially useful in several ways that relate to cryptocurrencies. For instance, crypto miners can avoid cash flow issues while also investing in equipment without losing all the crypto assets they’ve mined. Frequent traders and investors can use their crypto holdings to add liquidity if they need it. Finally, MonkeyToken makes it easier to get cash for short-term needs as it relates to ICOs.
MoneyToken IMT Coin ICO Details
MoneyToken is currently in the pre-sale phase of selling its own cryptocurrency coin, the IMT. The pre-sale is running from March 22 to April 22. During that time, buyers are being offered a 25% bonus. The pre-sale includes a hard cap of $6.5 million.
When it comes to giving out loans, MoneyToken is utilizing an Artificial Intelligence Assistant named Amanda. Amanda will run the automated loan operations on the MoneyToken platform. Unlike traditional banks that have the human element playing a role in loans, MoneyToken is relying on artificial intelligence to do so.
Is MoneyToken Right For You?
If you frequently invest in cryptocurrencies or have a large number of crypto assets in your portfolio, MoneyToken may be right for you. The MoneyToken platform is one of the rare financial platforms that makes it easy to bring together cryptocurrencies with fiat money. One could argue that it’s a virtual necessity for any person who has seriously invested in cryptocurrencies.
The potential benefits of MoneyToken are plentiful. While MoneyToken is not technically a lender, it has created a platform for people who need fiat money but whose only collateral is in the form of cryptocurrencies. It’s a way to put cryptocurrency investments to good use while waiting for the price to increase and the investment to pay off. MoneyToken does not solve all of the problems that relate to merging cryptocurrencies with fiat money, but it’s a good step in the right direction.