The Forex Broker Industry Was Ready and Willing to Get Involved with ICO Token Model
Why The Forex Industry Was One Of The First To Engage in ICOs?
The crypto hype is gone. The market, however, is just starting out. While some people are sure that Bitcoin is dead and the whole market with it, the truth is far more complicated than that as the market is slowly maturing after the bubble exploded and most of the market went downhill.
As bad as the market is right now, plenty is being developed. There are less Initial Coin Offerings (ICOs) going on, but this means that will receive more attention because they will have a lower competition.
Forex companies are used to innovations and catching trends, so they are some of the first ones to be jumping on the ICO train and actually making a profit with it.
Another point in which Forex companies can actually be important is because they already have strong marketing departments. It is estimated that most of the cost of an Initial Coin Offering (ICO), which can range from half a million to a million USD, is used on marketing. Unfortunately, most of the money is wasted most of the time.
Marketing is hard and not a lot of people know how to do it. Because of it, a company with a good marketing strategy, a great white paper, professional landing page and content can attract the right investors and Forex companies generally have it all because they already developed these resources.
Are ICOs Dead?
Are ICOs dead? Is Bitcoin dead? These questions are asked all the time in the crypto market. The truth is that they are not. There is an immense demand for ICOs, which was seen in 2017. Surely, the demand has diminished in 2018, but you can see that big projects are still being funded. Despite the recent downtrend in the third quarter of 2018, the market is still healthy.
The blockchain technology is also in the middle of a wave of integration that is being led by big players like Amazon Web Services, Microsoft, IBM and Facebook, so blockchain-based products will get more common as the time passes. EOS, the largest ICO ever, was able to raise $4.2 billion USD in its ICO meaning that there is plenty of money to be made with ICOs.
ICO and Forex markets have some things in common and, if ICOs learn from the Forex market, they can certainly learn how to progress in the industry.