RibbonCoin is releasing a new cryptocurrency of the same name, abbreviated RBC. The company is also developing a lending platform, where users can issue small loans, and it is deeply involved in philanthropy. The company's marketing strategy is oriented towards women; it claims that it hopes to “introduce cryptocurrency trading and blockchain technology” to them. The company's website looks nice, but some of its plans seem underdeveloped, its whitepaper is light on technical details, and it does not identify any of its founders or development team.
What Is RibbonCoin?
RibbonCoin provides almost no information about who is behind the project: the company was founded in Hong Kong in late 2017, and it is beginning the first of four ICO rounds on February 15, 2018. No founders or development team are identified on the website or in the whitepaper.
RibbonCoin's website claims that nearly 50,000 users have registered for its wallet service, but the group's Twitter page has fewer than 150 followers, and the project has not yet received much publicity from prominent publications.
RibbonCoin RBC ICO
RibbonCoin's main product is its namesake, an ERC-20 compliant cryptocurrency abbreviated RBC. The currency's ICO will begin in February of 2018, and will last for about one month. Total supply is limited to 21 million RibbonCoins, but only 16 million will be released during the ICO; the remaining amount is for marketing, development, and paying the team behind it. The company mentions that it hopes to have the currency traded on several exchanges by the spring of 2018. They also note in their roadmap that they anticipate the currency will rise in value from $0.50 during the ICO to between $150 and $250 by the end of 2018.
Ribbo Coin is also creating a lending program so that users can loan the currency to one another, which it touts as an excellent way to earn passive income. The website mentions that lenders can earn up to 48% interest returns each month, plus an additional percentage during special events; it's not clear whether these impressive returns come from the anticipated rising value of the currency, or if they expect borrowers to pay such high interest rates.
The company also hopes to become involved in philanthropy. They state that a percentage of each transaction fee will be donated to important nonprofits, with a particular emphasis on women's empowerment and development. However, they haven't yet specified which organizations they will donate to, and their roadmap mentions that they won’t decide until August of 2018.
RibbonCoin Social Fundraising Rewards With A Cause Opportunity
RibbonCoin's emphasis on charity is noteworthy, and its promise to donate a percentage of transaction fees to nonprofit organizations is very admirable. However, the company's business model needs a more thorough explanation, because the interest rates mentioned for its lending program are absurdly high. It also needs to explain how it plans to accomplish the remarkable rise in value described in its roadmap; many companies create an “ecosystem” of merchants who accept the currency in order to stabilize demand, but RibbonCoin has announced no such plans.
RibbonCoin's emphasis on recruiting women users is a bit confusing. For now, it is merely a statement on their website, but it'll be interesting to see how this translates to an actual marketing strategy following the ICO.
RibbonCoin could become a valuable investment and important engine of philanthropy, but the company's website and whitepaper both neglect to explain how it plans to accomplish these goals. The company's belief that its currency will rise from $0.50 to over $150 in its first year is very ambitious, especially considering the company's limited presence on social media and lack of coverage in popular publications, though it's impossible to gauge investor interest before the ICO begins. RibbonCoin has potential, but the company must disclose more information about itself and its products before serious investors take notice.