New Zealand’s First Initial Coin Offering Aims to Simplify Cryptocurrency

A cryptocurrency company based in Christchurch, Coingrid Ltd, will be the first New Zealand based company to launch an ICO (initial coin offering) crowdfund. Their team offers diversity, credibility, and transparency which are characteristics often viewed as lacking in most ICOs around the world.

Coingrid’s core members have backgrounds in law, marketing, web design, computer development and security and their advisers have a wealth of experience in the cryptocurrency industry. Their aim is to develop a New Zealand based cryptocurrency exchange which is specifically designed to accommodate newcomers and veterans to the cryptocurrency market. Coingrid aim to achieve this milestone by offering users with both simple and advanced interfaces for trading cryptocurrency.

Coingrid’s simple mode will offer a user friendly design which removes the unnecessary, confusing characteristics and features which are prevalent in most cryptocurrency trading platforms. These characteristics are often seen by newcomers as a deterrent and can be viewed as a technological barrier to those wanting to start their cryptocurrency portfolio. Coingrid will also accommodate experienced cryptocurrency traders by offering an advanced mode which will provide a greater level of detail for those who have a better grasp on the technicalities of trading cryptocurrency.

The development of the exchange will initially be funded through the sale of Coingrid Tokens (CGT) which will be sold to initial contributors in exchange for another form of cryptocurrency called Ethereum (ETH). Contributors who purchase CGT will be able to use the tokens to access various services and obtain benefits such as discounts within the exchange. Coingrid’s CEO has emphasised that the exchange aims to offer various incentives for holding CGT “to ensure that the token stays desirable”.

Once their exchange is fully operation, contributors who hold CGT will be able to benefit from Coingrid’s profit sharing dividends system which pays holders of CGT a certain share of cryptocurrency profits, paid in CGT on a monthly basis. Holders of CGT will also benefit from Coingrid’s very competitive exchange fees of 0.05%; this is comparatively lower to other exchanges which often charge between 0.1% to 1% per trade.

When the ICO process is complete, Coingrid will use the capital raised from the campaign to build their cryptocurrency exchange. If the project does not raise the minimum amount required to fund the project, Coingrid will be utilising contributors funds to launch a cryptocurrency brokerage platform as an alternative.

Their ICO process will begin in September 2018 with their prototype currently available on their website.

The exchange is expected to launch early 2019.

website: https://www.coingrid.co.nz
prototype: http://prototype.coingrid.co.nz
bounty thread: https://bitcointalk.org/index.php?topic=4559387
private sale thread: https://bitcointalk.org/index.php?topic=4576635
whitepaper: https://www.coingrid.co.nz/whitepaper.pdf