Spotcoin (SPOT): ICO Review

What is Spotcoin?

Spotcoin is a digital asset marketplace that unites present financial markets and evolving digital asset platforms. In 2016, Spotcoin was designed and created as an Over The Counter (OTC) marketplace where trading of digital to fiat currency was made possible for anyone, globally. Spotcoin uses a NEO token which validates ‘legal address and regulatory requirements,’ appeasing ‘know your spotcoin icocustomer (KYC)’ and ‘anti-money laundering requirements.’ By 2020, the NEO token platform aims to make 100,000 transactions per second, which benefits Spitcoin as they plan to bolster their services with a scalable 25MW mining facility, fiat/digital currency exchange, and Spotpay retail payment system all integrated with their already existing OTC market within the same timeframe.

Aspects

  • Over the counter marketplace: Spotcoins OTC marketplace allows the conversion of digital assets to fiat currencies all within the next business day guaranteed. Spotcoin holds a huge competitive advantage to other exchange platforms who are incapable of competing with this policy due to the illiquidity of digital assets generally. Spotcoin will also appoint a Spotcoin ambassador for any client who trades over $1Million per month for a greater ‘personalized experience for each and every trade.’
  • Digital Exchange: Spotcoin is designing a user-friendly interface that will allow the exchange of fiat and digital assets. Spotcoin will accept currencies from ten different countries, eight from the Black Sea Region such as the Georgian Lari (GEL) or Romanian Lei (RON) plus Euros (EUR) and US Dollars (USD). These fiat currencies will be paired with four core trading pairs such as Ethereum (ETH) and Bitcoin (BTC) with Spotcoin supporting the use of most NEP-5 token that comply with certain guidelines. Spotcoin will also be audited quarterly with transactions ‘for both fiat and digital asset trades’ published on Spotcoins website, enticing trust between users and the platform.
  • Spotpay: Spotpay will grant digital currency used within physical stores using a secure point of scale (POS) system that will be backed by a robust API  that will have the power to document ‘in the following languages: PHP, Ruby, Java, .NET and NodeJS.’ Spotpay will have the ability for immediate compensation to merchants in their desired payment method, whether it be ‘fiat, digital or a combination of both.’
  • Mining: Spotcoin have plans to develop and $3.25million hydroelectric power plant in Georgia capable of producing 25MW to create an environmentally friendly mining facility. This plan can keep Spotcoins networks secure but due to Georgian mining regulations and hosting mining operations, exempt Spotcoin from any VAT.

What Issue Does it Solve?

Spotcoin ‘creates a bridge’ between fiat and digital assets. Provided the NEO token meets regulatory requirements in the future, Spotcoin will be able to trade with banks and establish banking relationships further, as both parties are fully satisfied. The next day guarantee settlement and choice of currencies for merchants to be paid in creates a unique selling point as to why users will pick Spotcoin over other exchange platforms, given that Spotcoin design a user-friendly interface.

Token Sale Information

Disclaimer: All information on this post is made to educate our readers. Don’t invest in any ICO unless you’re confident about its capabilities and do so at your own risk.

Positives
  • Provides an exchange from 10 different fiat currencies to digital assets
  • Next day guarantee settlement of exchange
  • Spotpay provides an instantaneous transaction using digital assets
  • Large environmentally friendly, hydroelectricity mining operation that can exempt Spotcoin from VAT

Negatives
  • Spotpay will leverage Spotcoin in order to make transactions instantaneous

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