Pledgecamp Set to Launch a Blockchain-Built Crowdfunding Platform with ‘Backer-Insurance’ System
Pledgecamp is set to take crowdfunding to a new level by launching a blockchain-powered platform that will solve perennial issues of trust and crooked user incentives in the sector.
By using blockchain technology, Pledgecamp seeks to initiate security for backers and even involve agencies such as Backer Insurance. This will eventually protect investments and token incentives.
Pledgecamp is the creation of MetaLab, the designer behind Slack and the crypto exchange platform Coinbase. The platform will empower businesspeople while at the same time ensure that crowdfunding creators remain financially accountable for development targets at the end of the project.
Pledgecamp aims to introduce the “backer insurance” policy in the crowdfunding arena, which will enable backers to contribute to the campaign without the fear of missing their rewards. The backer insurance policy comes with an escrow feature that will hold pledger funds. In the end, there will be no intermediary and backers would implement self-regulation on the platform. Besides, at the completion of a campaign, the funds in the escrow will be released to the creator after confirmation of progress.
The Native Token
Additionally, Pledgecamp seeks to launch its official native token—the Pledge Coin. This is scheduled to take place in the third quarter this year. By launching the token, Pledgecamp will promote the partnership between creators and backers and give users “total transparency, absolute accountability, and active acceleration.”
According to Jae Choi, the CEO of Pledgecamp, “Our core mission is to reinstate trust, accountability, and collaboration in the crowdfunding community, all while driving entrepreneurship and economic growth globally,” he said in a statement. Choi also added, “We strive to integrate the benefits of blockchain technology into crowdfunding by implementing a secure and trustworthy financial framework.”
Jae Choi and partners Sam Pullman and Eddie Lee, who are serial entrepreneurs and experts in crowdfunding, founded Pledgecamp in 2018. The project benefits from a team of high-profile advisors such as Randi Zuckerberg, Matt Curcio, Keith Teare and Prince Abdullah of the Saudi Royal Family. This blockchain startup will restore trust in the crowdfunding platform.