We are beyond thankful for the massive interest and the genuine enthusiasm all of you have shown towards our progress, and now we’re finally ready to let you in on what has been going on in the several previous months.
The Token Sale Finish
We’ve started the 3rd quarter of 2018 in a strong position, with the successful wrap up of our Token Sale.
During the Token sale, contributors to MoneyToken bought IMT at a 10x discount of $0.005.
After the start of the Retail sale, all the contributors who purchased IMT tokens during the Token sale will be able to benefit from the ability to spend and utilize IMT within the MoneyToken platform at a rate of $0.05/IMT or higher.
To recap for all our contributors and followers; the main utility functions of IMT at the moment are:
- Providing a discount on the interest rate of any loans
- The ability to purchase a 0% interest rate membership package
Utility features to be released soon:
- Using IMT as a deposit for lender membership, and thereby profiting by lending funds to other users of the platform
- Using IMT to receive a discount for membership in upcoming financial instruments being released in the future (for which development is underway)
The 2nd Release of the Platform
A major milestone after the Token sale was the launch of the 2nd release of the MoneyToken platform.
The latest version of the platform introduced full automatization features for loan applications, meaning it’s now possible to get loans even faster. We’ve also improved the user experience and interface, allowing clients to track the value of their collateral and the status of their loan directly from their accounts.
The 2nd release was launched in June, a few weeks after the Token Sale finished.
Development of the platform is continuing, and the development team tests and releases new features every 2 weeks – following an Agile Scrum approach.
Collateral Trading Feature
We’ve also released a collateral trading option for premium customers. Now they’re able to convert their collateral funds to other supported currencies at any time, for instance ETH->BTC/EOS/XRP.
Customers using this premium feature are also able to convert collateral funds into stablecoins like USDT/DAI/USDC, if they believe the market will be falling.
By trading collateralized funds (selling high, buying back low) users can profit not only from their credit funds, but from their collateralized crypto assets as well.
In July we opened a new development office, hiring 40 new employees; we now have more than 70 people involved first-hand with the development of MoneyToken.
To showcase how the company operates, several Youtube influencers were invited to visit our new office and to capture what’s going on from the inside. Team members and the management team from MoneyToken took part, shooting interviews and providing insider information; check out the “MoneyToken Behind the Scenes” video on CryptoJack’s Youtube channel.
More footage and interviews will be published on our Youtube channel in the near future.
As a big thank you to all IMT contributors who supported us during the Token sale, we created a scheme for issuing loans to our community members, free of charge.
3,000 special memberships providing 0% interest loans were distributed to our community. 2,000 more memberships, with extended and improved loan conditions, were sold to IMT holders.
All 2,000 memberships were snapped up in the first few hours of issue
By purchasing 0% interest rate memberships, sale participants have saved over $1,567,359 in interest.
Every IMT spent on the purchase of the memberships through these schemes has been burned, reducing the circulating supply of Tokens by 1.593%.
Future 0% interest rate memberships will also result in Token burns, further reducing the circulating supply – these events will be happening on a regular basis every 1-2 months.
Asian Roadshow: Consensus Week
In August and September team members from MoneyToken visited Hong Kong, and were invited to the Huobi office for a meeting to plan future cooperation and link up schedules.
The team also visited this year’s largest and most prominent crypto conference, Consensus: Singapore 2018; in addition our team took part in more than 8 crypto events held during blockchain week in Singapore.
It was an opportunity for us to meet and talk with representatives of Huobi, Okex, Binance, and Kraken, and other major players in the crypto world, and to get to know potential partners including major lenders, hedge funds, OTC traders, and fiat gateway providers. We also met some of our token holders, contributors and early supporters, and discussed further platform development and opportunities to grow our offerings.
Partnership with Circle and USDC
Circle and the CENTRE Open Source consortium (centre.io) have launched a new stable coin called USDC, a new fiat-backed stablecoin intended to bring stability to crypto and to provide a reliable alternative to volatile tokens. The project has been backed by over $250,000,000 of investment from leading global financial businesses and institutions like Goldman Sachs.
MoneyToken has stepped in to take part in the first wave of USDC adoption, accepting USDC on the MoneyToken platform as a lending currency.
Through USDC and Circle, users will be able to acquire funds backed by their crypto currency of choice, in the form of a reliable, transparent stable coin, easily converted to fiat.
USDC will become available as a credit currency as part of a platform update release in the nearest future; detailed instructions and explanations will be published on our blog in advance.
Q3 in Comparison to Q2, MoneyToken Numbers:
- +29% growth in approved loans
- +61% growth in our Telegram and Twitter community
- 5,000 memberships for 0% loans were distributed to early IMT supporters
- $1,567,359 USD saved by platform users on the interest rate by purchasing 0% interest memberships.
- 1.593% of the circulating IMT supply was burned
Plans Q4 2018 – Q1 2019
- New collateral currency listings
- MoneyToken Angels program launch
- Retail sale start
- Lending node presentation
- Lender membership implementation
- New memberships for 0% loans, up for grabs
- Fiat payments
- New cryptowallets and platforms as partners
- Asian market expansion
- New financial product launch
Once again, we’d like to thank everyone who has shown support and interest in our project.
We have been listening to your feedback and hopefully given you some things to be excited about and to share with the world!