Lending Platforms Are Dead
Lending platforms are dead. The trend was started by BitConnect and it also ended by BitConnect’s downfall. In between, a lot of lending platforms appeared like wild mushrooms. I myself was a victim of Chronioum.io and Ucoincash.co. I alone lost a few hundred dollars between these two projects, not counting the investment of some of my friends.
BitConnect was extremely successful during its heydays. It even soared to become one of Coinmarketcap’s top 10 cryptos based on its market cap. Each BitConnect Coin (BCC) peaked at a price of $422. It promised an average daily return of 2% during the “lending” period. At first, it was feasible, members are receiving their cashouts without any problem – until it closed. It collapsed on itself like a dying star. I don’t know what exactly happened since I never invested in BitConnect,, but its downfall caused a lot of destroyed lives and heartbreaks; it also tarnished the reputation of the crypto world.
A New Kind of Investment
Investing is no longer expensive. You can now invest little amounts like $5. How about cents? Yes, that is possible with micro-investments.
Micro-investing started with Acorns in February 2012. It boasts over 2 million investment accounts to date and has raised over $96 million from some of the world’s leading venture capitalists. Aside from Acorns, we also have Stash and Clink who also offer the same kind of service i.e. micro-investing.
Skraps is a form of micro-investment platform, but for cryptocurrencies. It will allow its users to invest cents-worth cryptocurrencies. It is the first project to use cryptocurrencies for micro-investing.
Like any kind of investment, there are also risks in micro-investments. The good thing about Skraps is you control the level of risk you want the managers to consider when investing your hard-earned money.
There are 5 different risk levels to choose from: Conservative, Moderately Conservative, Moderate, Moderately Aggressive, and Aggressive. The higher the risk, the higher the possible rewards. The lower the risk, the lower the possible rewards.
Skraps’ ICO Phase 2 is currently ongoing until March 19, 2018. Each token is worth $0.45 only and has a limited supply of 110M tokens. Plus, if you get referred by an ICO participant like me, you will earn additional 5% of your total purchase. Click my referral link to start your micro-investment.
I can see the price of each SKRP token going up at least $2 within the next 3 months; and that is actually a very conservative estimate. It will even rise once the app is released to the public in June 2018. That would be at least a 400% return on my investment, good enough for a short term investment. But I will hold on to my SKRPs for I can see this as a long-term investment. Click my referral link to start your micro-investment and receive a 5% bonus tokens on your purchase.
Credibility
The credibility of a project somehow lies in the behind it. Here are a short intro of some members of the team.
Skraps was co-founded by Kal Mokhtar. Check his LinkedIn and ICOBeanch profiles.
One of the co-founders is Mohamed Effat, a finance graduate from University of San Diego.
The only female in the team, Michele Mazibuko, from the University of South Africa, is a blockchain expert and a technical writer.
Faiz Ahmed Faiz is the marketing consultant, is from West Bengal, India.
Check out his LinkedIn.
One of the four advisors is John McAfee, the founder of the McAfee antivirus and is now a popular figure in the crypto world.
Bogdan Fiedur, a blockchain consultant at Truegame.io, is one of the consultants of this project. He graduated from the University of Manitoba in Manitoba, Canada.
If you want to know more about the team, go check the official website.
You can download the whitepaper here.
To know more about this project, check the ANN Thread
Check out my previous article about Skraps here.