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Outsourcing ICOs: Out-of-the-Box Solutions for Blockchain Startups

The cryptocurrency ecosystem is still in its early stages and as such, adoption is quite slow. In fact, studies show that in the U.S, only 8% of people hold cryptocurrency investments. Compared to the number of blockchain startups and projects that continue to emerge, competition is tough. While this is frustrating for investors who find

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The cryptocurrency ecosystem is still in its early stages and as such, adoption is quite slow. In fact, studies show that in the U.S, only 8% of people hold cryptocurrency investments. Compared to the number of blockchain startups and projects that continue to emerge, competition is tough.

While this is frustrating for investors who find it difficult to discern the good projects from the bad, it is even more so for blockchain startups trying to prove themselves. These companies are faced with several obstacles– from the talk of strict ICO regulations in the future to the ban on ICOs in countries like China. The looming possibility of getting hacked, coupled with FUD from investors doesn’t help either. Although uncertainty is a normal thing in business, too much of it makes things difficult.

Fortunately, as with any new technological field, adoption, although slow, will improve over time. When that happens, blockchain startups must be ready for the coming load on their networks and the swarm of new consumers who will be looking for services to patronize. This means that the major work should be focused on operation, security, and scalability.

As most blockchain startup teams are relatively small, pending the growth of the organization, there is no room or financial allowance for extra members. This may leave the current team overworked and juggling the development of their platforms as well as the issue of funding.

There may also be gaps in areas such as customer service and marketing that are equally as important as the tech itself. So what can blockchain startups do to ensure that every part of the business is taken care of without cluttering their systems? The answer is simple: Outsourcing to firms that are well-equipped to provide out-of-the-box token funding solutions.

What are Out-of-the-Box Solutions?

According to Mike Raitsyn of Snowfox Technologies – an airdrop and campaign management platform that connects crypto and blockchain startups to investors, Out-of-the-box solutions are the “products that significantly reduce the process of preparing for ICO/STO, thanks to ready-made solutions necessary for the entire process of selling tokens”. These include KYC / AML / PEP user verification, payment processing, investor verification, data processing and cryptocurrency processing.

In the past, the ICO and standard token offering (STO) process were handled with a DIY approach and this has been less than ideal. “The issuers (tokens) are just passing through the “9 circles of hell”, repeating almost the same processes in order to comply with international compliance, to develop a mechanism for working with personal users data, inspecting various types of investors in different regions, processing payments, distribution of tokens, etc.” Raitsyn said.

Firms like Snowfox and MPCX  both offer out-of-the-box blockchain solutions which give startups a window of up to 2-3 months to independently focus on creating a platform for working with their investors. This comes without the need to bother about the token sale process.

“Our solution already includes KYC / AML, cryptocurrency processing, marketing tools, loyalty programs, a system of promotional codes and work with influencers – all that is needed to make private and public sale in the most convenient way for the token holders and the ICO itself,” Raitsyn said.

 What to Look Out For in Blockchain Solutions Providers

Choosing which company handles your ICO is a step that can make or break the entire process. A company that doesn’t align itself with your vision will definitely generate poorer results than you hoped for. However, there are certain things to look out for when choosing a company to outsource your ICO needs to.

  1. Ability to Provide Top-Notch Security

Typically, any company that handles your ICO should value security as much as you do to avoid any form of theft. This includes verification, investor authentication and other relevant forms of security. While this may seem obvious, there are startups that take security for granted.

One example is the case of the Coindash ICO which was hacked in 2017 and robbed of $7 million. Prior to the hack, there had been security concerns with the company’s code which were ignored. It’s painful to lose money after your team has put in so much work. To avoid this scenario, you should use firms that have carried out secure and successful ICOs in the past.

  1. A Wide Scope of Functionality

Apart from your company’s ICO, there are other important things that must be done to ensure the smooth operation of your platform even after the crowdsale. These are things like smart contract technicalities, design and analytics.

Although there are companies that are well versed in one or more of these things, outsourcing to different firms at the same time may complicate things down the line. This is why it’s a better option to choose a blockchain solutions firm that has a broad range of functionality on a single platform.

  1. An Interest in Innovation

The cryptocurrency ecosystem is changing gradually, especially as it trends towards ICO regulation. Although there are several positive aspects of this change, like improved security and transparency, protection of property rights and increased investment by big Wall Street players, there are also several negative aspects.

Firstly, there are too many offers in the market and this may only increase with time. Secondly, public sales are beginning to dwindle while the average budget for planning an ICO has continued to increase, even surpassing $1 million in some cases. Depending on future regulations, these negatives may become worse.

Having forward-thinking blockchain solutions firm on your side helps you to see future problems from a different perspective and share the burden of tackling them. An innovative blockchain solutions firm will typically have a bird’s-eye view of how the industry is changing. This quality is highly important and will certainly prove valuable for a blockchain startup in the long run, especially as the industry is still in its early stages.

For example, companies like Snowfox Technologies offers a range of essential features and services on their platforms which plays a crucial role in the success of ICO campaigns, and in turn the project itself. The general offerings include;

  • Coverage of entire ICO process, starting from planning to execution and promotion.
  • Provision of a scalable bookbuilding platform that can accommodate and facilitate any type of token crowdsale.
  • Accurate estimation of ROI, statistics and other relevant analytics.
  • Extra security including KYC/AML and support against DDoS attacks.
  • The opportunity to create a landing page and token airdrop page on its bookbuilding platform with customizable front-end design in English, Russian and Japanese languages.
  • Creation of ERC-20 tokens with special discounts and Bonuses.
  • Development and management of smart contracts and blockchain-based web applications.
  • Provision of secure cryptocurrency payment gateways for token sales with automatic withdrawals to cold storage and very low fees. This also includes simple Visa and Mastercard integrations, to make it easier for investors to buy tokens.
  • Continuous support throughout the entire process.

There have been few successes along the road as well. By availing such service from Snowfox, one of the projects — Crypterium raised about $50 million through token sales.

Raitsyn gives a hint about the opportunities lying ahead by saying, “people are ready to go towards the blockchain industry, to study, receive knowledge and constantly learning new skills, opening new horizons for their projects and developing the technologies worldwide.”

Looking Forward

The ICO terrain is tougher and more competitive than it was in 2017 because the space has become saturated with many startups and persistent meddling by regulators is serving as a hindrance to investors. To outdo the competition, blockchain startups must have a great value proposition, strategy, and overall functionality. This is already enough work without adding the intricacies of planning a crowdsale to the mix. That is why outsourcing this aspect is important and may define how the company is perceived by potential investors.

While outsourcing is meant to make things easier for blockchain startups, its process is not easy. There are so many things to figure out like which projects should be outsourced and who exactly to work with. Snowfox takes away that problem by automating the process and laying down several options that make it easier to decide.

 

 

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Bitcoin Drops 7% Overnight, Billionaire Investor Remains Bullish in The Mid-Term

Tuesday saw Bitcoin take a bit of a tumble, with the price of the asset currently down 7% in the past 24 hours. Despite the drastic pullback, some investors do not see this as a bearish sign, including Mike Novogratz of Galaxy Digital. Bitcoin Sees Pullback From Monthly Highs, Volume Still Strong At midday (GMT)

The post Bitcoin Drops 7% Overnight, Billionaire Investor Remains Bullish in The Mid-Term appeared first on NewsBTC.

Tuesday saw Bitcoin take a bit of a tumble, with the price of the asset currently down 7% in the past 24 hours. Despite the drastic pullback, some investors do not see this as a bearish sign, including Mike Novogratz of Galaxy Digital.

Bitcoin Sees Pullback From Monthly Highs, Volume Still Strong

At midday (GMT) on Tuesday, Bitcoin began to lead the market downwards, with the price of the crypto asset seeing a gradual decline overnight. Altcoins have since followed, with cryptos like Ethereum and Bitcoin Cash posting similar losses, in terms of percentage points.

As of the time of press, the market has since found some support, with Bitcoin currently sitting at ~$7630, down 6% on the day, and altcoins staying relatively stagnant. What caught many by surprise is that exchange volume was still present throughout that drop, with the collective daily volume of the cryptocurrency industry currently amounting to a hefty $15.7 billion.

This figure may look measly in comparison to legacy markets, but in the current state of the industry, this level of volume isn’t something to scoff at. In fact, $15.7 billion is approximately 75% higher than the average daily volume seen at Bitcoin’s yearly low. Statistics like these go to show how interest in this nascent industry may be starting to ramp-up yet again.

It is currently unclear whether there was a single catalyst for this specific pullback, however, as NewsBTC has just covered, some are attributing the decline to South Korean regulators looking to regulate exchanges in a stricter manner. Nonetheless, the multi-faceted nature of the industry has led many to conclude that this 7% decline is the result of a combination of fundamental and technical factors.

Industry Leaders Don’t Believe That Bear Season Is Back

In the midst of this short-term decline, Mike Novogratz, the CEO of the crypto-centric Galaxy Digital fund, took to Twitter to reassure his followers to “stay long.”

The former hedge fund manager noted that he doesn’t see Bitcoin market dominance “pulling back any time soon,” later adding that institutional investors will have a focus on Bitcoin when making a foray into the industry. Institutional affection towards the foremost crypto asset will likely push dominance figures higher in the future, or at least in the short to mid-term.

Novogratz, a former institutional investor himself, has likely seen movement within the inner workings of this space, indicating that traditional firms hold an inclination to invest in Bitcoin, rather than altcoins.

Peter Smith, who keeps an ear close to the ground of this industry, echoed Novogratz’s sentiment in a recent interview. Speaking with Bloomberg, the CEO of Blockchain noted:

“Institutions, when they are coming into the crypto market, usually buy Bitcoin first. And so I expect Bitcoin to outperform relative to other major cryptos in the next 6 months.”

While the statement from Galaxy Digital’s CEO mostly speaks of Bitcoin dominance, the investor’s closing remarks of “stay long,” show that he expects for the asset to increase in dominance, while also seeing a rise in price.

 

Featured Image from Shutterstock

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Blockchain Platform to Allow Users to Trade Gold for Virtual Currencies

A company is creating a blockchain ecosystem where gold can be traded for virtual money, and it has established a partnership with a major Korean exchange #SPONSORED

A company is creating a blockchain ecosystem where gold can be traded for virtual money, and it has established a partnership with a major Korean exchange #SPONSORED

XRP Price: Sudden Positive Momentum Takes Speculators by Surprise

Even though the current cryptocurrency momentum looks anything but promising, there are always some exceptions to take to look into. The XRP price is gaining a lot of value in fairly quick succession right now, whereas Bitcoin is losing a lot of ground in quick succession. Another remarkable turnaround is on the horizon, by the […]

Even though the current cryptocurrency momentum looks anything but promising, there are always some exceptions to take to look into. The XRP price is gaining a lot of value in fairly quick succession right now, whereas Bitcoin is losing a lot of ground in quick succession. Another remarkable turnaround is on the horizon, by the look of things.

XRP Price Notes Strong Gains

Whenever the Bitcoin price loses a lot of value in very quick succession, the altcoins and digital assets on the market will undoubtedly suffer from negative momentum as well. This has been very apparent over the past few days, as all cryptocurrency markets have lost a fair bit of value for an unknown reason. There is one exception to this development, as the XRP price is doing the exact opposite.

Over the past 24 hours, the XRP price has gained a surprising 2.41% in value. That in itself is perhaps the biggest surprise of them all, especially when considering how the Bitcoin price has lost a stunning 6.4% in value during the same 24 hours. Because of these developments, the XRP price has now returned to its previous value of $0.45, although it may continue to rise for some time to come.

Unlike what most people would expect at this time, the XRP price is also on the rise because of strong gains in the XRP/BC ratio over the past 24 hours. With a strong 8.72% increase in this department, XRP is doing something no other altcoin can muster at this stage. Perhaps this is the beginning of a major altcoin rebound people have been waiting for, although it is still too early to say for sure.

The overall cryptocurrency trading volume continues to rise, although it is mostly dominated by people selling Bitcoin and altcoins first and foremost. For XRP, its overall volume is still relatively low compared to what one might expect at this stage. With $270.43m in trades over the past 24 hours, things are looking rather good for the digital asset, although anything can happen in the coming hours and days.

Looking at the exchanges ranked by trading volume, it seems Huobi is maintaining a firm grip on the XRP trading industry. Its USDT pair comes in first place, whereas its BTC pair is in third place. These pairs are separated by BitBank’s JPY pair, which is the first and only fiat currency offering in the entire top seven. HitBTC’s BTC pair and OKEx’s USDT market complete the top five for XRP as of right now.

While it remains unclear why the XRP price is going up given the current market sentiment, it is a very interesting development regardless. Although this trend may not remain in place for much longer, it still shows there’s a lot of life left in the cryptocurrency and digtial asset world at this stage. Whether or not other currencies will follow XRP’s lead by example, remains to be determined in the hours to come.

Ripple Matches Madonna’s Malawi Fundraiser Dollar for Dollar

Singer Madonna is to launch an online fundraiser with Ripple to raise funds for her Raising Malawi Foundation. Born Madonna Louise Ciccone, the singer is better known simply as Madonna, songwriter, actress, and businesswoman. Referred to as the “Queen of Pop” since the 1980s, she has gone on to become a star of both stage …

The post Ripple Matches Madonna’s Malawi Fundraiser Dollar for Dollar appeared first on BitcoinNews.com.

Singer Madonna is to launch an online fundraiser with Ripple to raise funds for her Raising Malawi Foundation.

Born Madonna Louise Ciccone, the singer is better known simply as Madonna, songwriter, actress, and businesswoman. Referred to as the “Queen of Pop” since the 1980s, she has gone on to become a star of both stage and film as well as numerous pop videos.

In 2012, Madonna launched a partnership between Raising Malawi and the global nonprofit buildOn. In July 2018, she traveled to Northeast Kasungu Province to officially open the four newest primary schools. In total, Raising Malawi has built 14 schools in rural Malawi, according to her fundraising website. As a part of the partnership, Raising Malawi and buildOn have educated community members about the importance of girls’ education, and as result, all schools have gender parity.

She has timed the fundraiser to coincide with her 60th birthday and says that Ripple will match every dollar donated to her website. The program will run until the end of August. Madonna announced the fundraiser on her site:

“I want to come together with my friends, fans and supporters to change the lives of Malawian children and let them know they are nurtured, protected and loved. Through their generous commitment to this organization, Ripple will match each dollar donated to this campaign.”

Ripple CEO David Schwartz confirmed the crypto company’s fundraiser matching commitment later on Twitter.

Facebook is also involved in the fundraiser for Madonna’s Malawi children through its “charitable giving tools” which charges no fees with 100% going directly to the charity. On Facebook, Madonna stated:

“I have an unwavering commitment to providing vulnerable children with a loving home. For my birthday, I can think of no better gift than connecting my global family with this beautiful country and the children who need our help most. Every dollar raised will go directly to meals, schools, uniforms and healthcare.”

 

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The SEC’s Hester Peirce Isn’t a Bitcoin Champion, Just a Regulatory Realist – CoinDesk


CoinDesk

The SEC’s Hester Peirce Isn’t a Bitcoin Champion, Just a Regulatory Realist
CoinDesk
Regulators like the Securities and Exchange Commission shouldn’t be acting as gatekeepers to new technologies like bitcoin, according to Commissioner Hester Peirce. Peirce’s remarks, made during an interview with CoinDesk, follow the agency’s decision …


CoinDesk

The SEC's Hester Peirce Isn't a Bitcoin Champion, Just a Regulatory Realist
CoinDesk
Regulators like the Securities and Exchange Commission shouldn't be acting as gatekeepers to new technologies like bitcoin, according to Commissioner Hester Peirce. Peirce's remarks, made during an interview with CoinDesk, follow the agency's decision …

Cardano Price Analysis: ADA/USD Signaling More Declines

Key Highlights ADA price is under pressure as it moved below the $0.1550 support area against the US Dollar (tethered). There is a major bearish trend line in place with resistance at $0.1420 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair is likely decline further once sellers succeed in

The post Cardano Price Analysis: ADA/USD Signaling More Declines appeared first on NewsBTC.

Key Highlights

  • ADA price is under pressure as it moved below the $0.1550 support area against the US Dollar (tethered).
  • There is a major bearish trend line in place with resistance at $0.1420 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is likely decline further once sellers succeed in breaching the $0.1350 support level.

Cardano price extended losses below key supports against the US Dollar and Bitcoin. ADA/USD is in a bearish zone with supports at $0.1350 and $0.1250.

Cardano Price Analysis

There was no major recovery in cardano price above the $0.1660 level against the US Dollar. The ADA/USD pair declined and broke a few important supports like $0.1600 and $0.1550. The price even cleared the $0.1400 support and is currently trading well below the 100 hourly simple moving average. The recent low was formed at $0.1356 and the price is currently consolidating gains.

In the short term, the price may perhaps correct a few points above the $0.1380 level. An initial resistance is the 23.6% Fib retracement level of the last decline from the $0.1641 high to $0.1356 low. There is also a major bearish trend line in place with resistance at $0.1420 on the hourly chart of the ADA/USD pair. Above the trend line resistance, the next hurdle is near $0.1500. It coincides with the 50% Fib retracement level of the last decline from the $0.1641 high to $0.1356 low. Above this, the price could face a tough challenge near the previous support at $0.1550.

Cardano Price Analysis ADA USD

The chart indicates that the price is in a downtrend below $0.1550. If it fails to recover above $0.1420 and $0.1450, it may perhaps decline further. Below the recent low of $0.1356, the price is likely to visit the next support at $0.1250.

Hourly MACD – The MACD for ADA/USD is mostly placed in the bearish zone.

Hourly RSI – The RSI for ADA/USD is well below the 40 level with a bearish angle.

Major Support Level – $0.1350

Major Resistance Level – $0.1500

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