In a move that confirms that the market for ICOs has hit a severe low, investment platform Fast Invest has announced a refund to its ICO investors. The company operates a peer-to-peer investment platform that is open for global participation.
Fast Invest made the announcement via its Telegram channel and has also notified its ICO participants via email. This is the latest clue that shows that the all-comers ICO market is perhaps gone for good.
See the link to the announcement here: https://preview.mailerlite.com/p8w1o6/1089029813231949514/p5v1/
What Was the Plan?
Having launched its ICO last year, the company was intending to sell its FIT (Fast Invest Tokens) for $0.015 USD in order to raise money to build a global investment bank. The platform allows users to hold, borrow and invest cryptocurrency as well as fiat. The company has now shelved its ICO plans and shown a commitment to focus on its P2P investment platform. Participants in its P2P investment have shown a preference for the platform to the cryptocurrency operation.
A New Strategy?
One of the highlights of the company’s announcement was that the global Fintech outlook is positive and that it intends to focus on that frontier. Fast Invest appears to have taken a smart step as many ICOs have failed in the past year with many promoters disappearing into thin air. The bulk of criticisms hurled against ICOs to date are focused on the lack of an underlying use case for many of the projects. While some had a standout objective, most were at best contrived as a get-rich-quick platform or a clone of an existing project. The lack of a strong team behind many ICO projects meant that when the hype of the market faded, they had to fall by the wayside.The Way Forward
Fast Invest has indicated a rethink of its operational direction and this is the clear path that operators of cryptocurrency projects and linked fintech initiatives must explore. Again, for optimists who envisioned a consolidated cryptocurrency scene going forward, this could be a test case to evaluate. In the absence of strong regulation, many ICO promoters disappeared with depositors’ money and were unable to be traced. Fast Invest has however shown a worthy example that might assuage some frayed nerves over the predominantly fraudulent schemes of the past year.
Are you aware of ICO projects that are currently giving refunds to investors? Share your thoughts in the comments below!
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Adolph Obasogie
Adolph is a Chartered Accountant who has worked as a global investment and portfolio analyst for more than a decade. He reads , documents, and contributes to the unfolding discourse on all-things crypto, and he believes the blockchain is here to stay.
Adolph is a Chartered Accountant who has worked as a global investment and portfolio analyst for more than a decade. He reads , documents, and contributes to the unfolding discourse on all-things crypto, and he believes the blockchain is here to stay.
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