Xunison is delighted to partner with MingoCoin as it is set for its ICO Pre-Sale this Monday, September 25th.
MingoCoin is an Irish based company and with Ireland starting to emerge as the hub of a booming center for fintech and blockchain companies it’s the perfect partnership.
With the well-established International Financial Services Centre (IFSC) and the Silicon Docks with its coterie of world leading firms has created the ideal breeding ground for the new sector, which is challenging the world’s traditional financial services with the latest disruptive of blockchain and crypto technologies.
What is an ICO?
Some People are calling it the next “Dot Com” bubble. The Initial Coin Offering (ICO) is similar to an Initial Public Offering(IPO) but it’s an unregulated area even though some claim the blockchain itself is the regulator. It’s where funds are raised for a venture through cryptocurrency.
An ICO is used by startups to bypass the rigorous and regulated capital-raising process required by Venture Capitalists or Banks.
In an ICO campaign, a percentage of the cryptocurrency is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, but usually for Bitcoin.
Also called an Initial Public Coin Offering (IPCO). The numbers are staggering with Filecoin, to date, being the record holders of over $257,000,000 million raised in its ICO.
Most of these companies don’t even have a product to sell. There product idea is pitched through a white paper which investors trawl through in order to come to the conclusion whether its a worthy investment or not.
Not with MingoCoin.
MingoCoin which already has a working product, a multi platform messaging app with a user base of 50,000 users is set to be the first in Ireland to have an ICO and add a cryptocurrency to its services.
A portion of Pre-sale and ICO funding is allocated to developing our relationships.
The partnerships will allow Mingo to gain momentum with user acquisition as well as positioning the company favorably both strategically and geographically.
The arrangement between Mingo and Xunison is that Xunison will install Mingo on approximately 60,000 – 100,000 devices each month which will help Mingo reach a minimum of 800,000 – 1.2 million users within the first year. Xunison currently has software license agreements in place with some manufacturers that they can load the mingo app onto the devices,
Mingo will on-board new Xunison subscribers through its gamification mechanism, helping them get involved in cryptocurrency through MingoCoin. Users will be encouraged to make their subscription payments through Mingo to Xunison.
This arrangement helps Xunison with revenue recognition, avoiding the challenges of cross-currency/cross-border payments, while ensuring that Mingo reaches its growth goals. Xunison will also incorporate MingoCoin with its online market, allowing over 2,500 vendors to accept payment via Mingo.
Finally, Xunison has a strong presence in China. Mingo and Xunison will work jointly to prepare Mingo for adoption by Xunison’s Chinese subscribers, including i18n support, local customer support, and regional promotions.
This partnership will bring a lot of opportunities to both companies and their users with the embracing of blockchain technologies.