Crowd Genie, a Singapore-based company, is holding their own ICO to create a tokenized platform that aims to make lending across borders possible through blockchain.
Paving The Way for a Business Loans Asset Exchange
Crowd Genie is a peer to peer lending platform that allows SMEs in Singapore to receive financing from multiple investors. This platform allows borrowers and investors to circumvent banks, minimizing the time and cost that are often a result of the bureaucratic structure of banks. The platform has been operational for over 18 months now, and in March 2017 the company was granted a dealing in securities license by the Monetary Authority of Singapore.
What makes Crowd Genie unique is the fact that it matches borrowers looking for debt financing with lenders looking for debt investments. This is possible thanks to the automated AI-powered credit scoring engine that assess the risk and creditworthiness of borrowers automatically, even continually going back to check data and rebalance the scoring algorithm.
Crowd Genie plans to complement their platform with their token, dubbed CGC. With the creation of their CGC Token, Crowd Genie is striving to solve a number of problems that stifle borrowers, businesses, and development.
Limited Capital
The current structure of banks often prevents clients with traditional financial metrics that may not be strong, as well as small entities, from receiving funding. CGC tokens will take available data-rich resources, including social media, credit reports, and cross-border identity databases, in order to provide credit to those who would otherwise have been unable to access it.
Lack of Credible Chain-Based Customer Authentication
There is currently no way to accurately verify the identity of an individual on a global scale. That being said, as regulators insist on increasingly strict authentication protocols, it limits individuals from participating in the economy.
Costly Approaches
Much of private capital still undergoes multiple manual assessments and processes, resulting in an increased cost to serve clients. This is typically unavoidable because individuals must go through financial intermediaries in order to access opportunities where all the related elements of due diligence, compliance, and pricing have been done.
Genie ICO
Crowd Genie Financial Services (CGFS) envisions a peer to peer lending system built on token lending. Although their trading platform has been operational for over 18 months now, they have already begun the sale of their own token, called CGC Tokens. The tokens will be released by CGSPV Pte. Ltd., a Singapore company related to CGFS, and are available on their token page.
CGC Tokens are classified as a utility token and are on sale with varying bonuses until March 1st as follows:
| CGCoin Token Rate | 0.0025 ETH |
| ICO 1st February 1, 2018, 1:00 AM – February 21, 2018, 12:59 PM |
25% Bonus Min purchase – 40 CGCOIN tokens (0.1 ETH) |
| ICO 2nd February 22, 2018, 1:00 AM – February 25, 2018, 12:59 PM |
15% Bonus Min purchase – 40 CGCOIN tokens (0.1 ETH) |
| ICO 3rd February 26, 2018, 1:00 AM – February 28, 2018, 12:59 PM |
5% Bonus Min purchase – 40 CGCOIN tokens (0.1 ETH) |
| ICO Final February 28, 2018, 1:00 AM – March 1, 2018, 12:59 PM |
No Bonus Min purchase – 40 CGCOIN tokens (0.1 ETH) |
Crowd Genie has a total token supply of 120,000,000, of which 50,000,000 will be available for sale during the ICO. The remainder of the tokens will be allocated to founders, marketing, and other expenses. Any tokens allocated for the ICO that have not been purchased will be burned.
Using Crowd Genie’s platform, buyers and lenders will be able to use CGC to invest and repay, in addition to converting the cryptocurrency into fiat currencies. Participants will undergo a rigorous confirmation process that assures their information is accurate. Lenders will purchase tokens to distribute accordingly to borrows, eventually being repaid in CGC with an additional interest rate.
Roadmap
Crowd Genie has had a strong start since its inception in 2016, continuing to grow at a steady rate since then. The company has already launched their platform for peer to peer lending and has yet to put their biggest plans in motion. Crowd Genie is preparing to integrate various security functions, expand offices, and integrate the use of blockchain into their lending system among other things.
For more information about Crowd Genie please visit crowd-genie.com. To learn about the Genie ICO, please visit genieico.net.
What are your thoughts on the Crowd Genie project? What impact will its regulatory approval and strict KYC have on the overall p2p lending industry? Let us know in the comments below.
Images courtesy of Crowd Genie / GenieICO