http://www.micromoney.io In FinTech news this week MicroMoney’s ICO is on right now MicroMoney.io
Micromoney is an open source credit bureau connecting new unbanked customers to existing financial services using algorithms to predict credit worthiness. The system can make it easy for potential borrowers to get their very first loan right through their smartphone, in just 15 minutes.
The android app for borrowers is already available to use and has more than 10,000 downloads on the app store. The more often people lend and pay back on the micromoney platform, the less interest they have to pay and the higher their credit rating score will grow, and of course all of their credit data is stored securely on the blockchain.
The system is already successfully running in Cambodia, Myanmar and Thailand and is now available to the 140 million inhabitants there, and by the end of this year they are set to expand into Indonesia, Sri Lanka and the Philippines. If micromoney reaches their ICO hard cap they plan to expand further Into countries with stable existing financial systems as an unbanked alternative.
They have a strong team leading the project, with Anton Dzyatkovskiy as the CEO. He has more than 13 years of experience in different positions within Fintech, retail and ecommerce industries. They also have executives from major financial institutions in countries including Cambodia, Japan, Sri Lanka, Indonesia, Nigeria, Myanmar,Thailand and the Phillippines.
Their advisory board has over 50 members with strong players from Bancor, the United Nations, OmiseGo, Facebook, Chronobank, Starbase, BankEx, BMO, HSBC, and other financial institutions.
Micromoney is holding a tokensale to raise funds for the further development and expansion of the micromoney system using the AMM utility token. The utility token can be used as an internal payment method on micromoney or to get access to more micromoney services.
Let’s break down the ICO details: The total supply of AMM tokens is 60 million, with 84% of the distribution going towards the ICO participants. The team has 8% of the tokens which are frozen for one year, the advisors and mentors have 4% and the bounty hunters get 4%. All of the tokens are 100% pre-mined and remaining tokens will be burned after the tokensale.
On September 15th Micromoney kicked off their private presale and successfully raised 5 million American. The public ICO starts on October 18th with a soft target of $15 million and a hard cap of $30 million. If you participate in the ICO in the first 7 days you’ll receive a 20% bonus of AMM tokens. To participate in the ICO and claim the bonus, go to their site at www.micromoney.io
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