By
Mayowa Adebajo
September 4th, 2023
CryptoProfile will clear the air of confusion that surrounds Token Sales by providing a list of crypto startups that require funding to potential backers.
In the blockchain industry, 2018 was perhaps best described as the year of token offerings. According to one source, USD 7,852,477,043 was used to back more than 1,200 crypto startups in 2018 alone. Even today, over 80 percent of all token generation events fail to achieve their targets.
CryptoProfile is a platform that aims to clear the air of confusion that surrounds Token Sales. With so many crypto platforms that fail to reach their targets, there is uncertainty in the market. This means that many platforms that have a sound idea, a good plan and can actually make a difference, lose legitimacy too. Through the failures of other platforms, these legitimate and genuine startups suffer.
The platform will provide a list of crypto startups that require funding to potential backers. To ensure that the list is up to the highest of standards, CryptoProfile does its own due diligence. This process starts off with looking at the business model of the start up. It will look into the viability of the issue the platform intends to tackle. Market saturation is another thing that is in consideration.
CryptoProfile then does a complete background check of the team members, making sure that each member is who he or she claims to be. Later, deeper technical aspects such as token utility and regulatory work are compared. Crypto startups will be listed only if all these checkpoints are passed and graded.
Once the project qualifies, it will deposit USD 100,000 for CryptoProfile marketing purposes. The fund deposited will be returned to the project in the form of CryptoProfile’s native token, the CP. These tokens will be either time locked for 6 months, or till the project tokens are listed on an exchange (whichever comes first). An additional 10 percent of the project tokens will also be required to be handed over to the platform. These tokens will be used for the project’s promotional activity itself through an airdrop to CP token holders.
CryptoProfile will be using its native token, the CP to power financial transactions on its platform. The sale is going through its initial stage currently which will last till 31st of January. Onwards, the platform will run its main TGE, ending only if the soft/hard cap is achieved. Backers of the event are being offered discounts on the token price for early commitment.
CryptoProfile offers a novel system where the funding entities have a peace of mind that their investments are not only safe, but have a higher degree of output. The platform also gives projects and startups the exposure to a vast investing pool, giving them the same chance of success as it gives the investors of profiting on their investments. Could this be the next best idea?
