After a period of dips and selloffs, cryptocurrency prices look to be rebounding. Trading signals for leading virtual currencies like Bitcoin suggest it’s time to buy, which should help inspire consumer confidence for the cryptocurrency market. Despite the price fluctuations, initial coin offerings still look to be a popular fundraising method despite issues with scams and compliance with tax regulations.
Local media in Louisiana reported on comments made by the Mayor-President of Lafayette Parish, Joel Robideaux, about launching a cryptocurrency and ICO to help raise money for the area budget. Robideaux said the idea would help drive investment into the region and serve as an alternative fundraising method for public infrastructure projects.
Reporting from the Acadiana Advocate said money from the ICO would also apparently go towards funding blockchain researchers and developers who would work in the region.
Unfortunately, scammers still use ICOs as a way to swindle money out of curious investors. An ICO from a Vietnamese company called Modern Tech made headlines across the world after the team totally disappeared after raising millions of dollars. The scam, which consisted of an ICO for a purported Pincoin and iFan token, raised about $660 million dollars from 32,000 people. Well-known messaging app Telegram also ran into trouble in Russia after courts in the county said it should be blocked. The decision came after company executives refused to give encryption keys to intelligence agencies. News of an impending crackdown is not expected to heavily impact the company’s fundraising in the long term.
Even with massive media coverage on ICO scams, optimism with the cryptocurrency and ICO market is still high thanks to the vast amount of legitimate offerings out there. Many ICOs give investors the opportunity to contribute towards projects and ideas that will change the world.
We have been watching a few ICOs that seem to have some interesting ideas and are also coming out this week. All we are doing is just presenting online information from a variety of different resources. We are not financial advisors. Please talk with an experienced and professional financial advisor before spending money investing in an ICO or in cryptocurrency.
This week we’re going into depth on ConcertVR (CVT), Eligma (ELI), and Well (WELL). ConcertVR is looking to give music lovers the opportunity to experience concerts through virtual reality. Eligma is a platform that combines second-hand marketplaces with e-commerce networks to make it easier for people to buy and sell items. Well intends to help connect doctors and other healthcare professionals with patients via teleconferencing to expand access to medical services. Our research team explored each of these projects, and here’s what you need to know about the underlying value of each and why they might be worth investigating.
Want to read the rest of this newsletter?
Log in below or register for a membership.