Earlier this month, Genie ICO, which has already collected $2 million during the presale stage of its ICO, took yet another step toward its aim of building the largest Asia-wide blockchain asset exchange platform that connects capital providers with small- and medium-sized enterprises (SMEs). They have announced they will be joining forces with LDJ Capital, which already has a presence in the US, Asia, the Middle East, and Europe, and expects to expand to Australia and Africa. The partnership will involve the $200 million LDJ Cayman Fund, which focuses on cryptocurrency, mining, and ICO acquisitions, along with LDJ Capital Credit, which offers bridge financing to seed upcoming ICOs for SMEs.
With plans of its own to expand into other regions such as Australia, India, New Zealand and potentially Japan and Korea, Genie ICO’s goal is to capture the sizable alternative financing market. This makes their strategic partnership with LDJ Capital a natural one. LDJ’s Chairman and co-founder David Drake joins Genie as a board advisor. Drake is well-known and respected internationally, across both blockchain and financial industries, and has been involved in technology, media, telecoms, realty, hospitality, cleantech, energy and social impact investments for more than 25 years.
Genie CEO and co-founder Akshay Mehra says that the partnership will help boost Genie’s ability to link underbanked SME’s with lenders interested in helping grow businesses that may be unable to unlock traditional financing. “We want to create a lending ecosystem without borders through our tokenized platform where token holders can invest across countries,” he says. “LDJ Capital’s extensive background in venture capital and advising on seed funding will help us reach those markets.” Mehra expects the relationship will help Genie attract more loans to their Blockchain Asset Exchange, which will in turn increase transaction volume.
Established in 2016, Crowd Genie, the related company to the one that is releasing the tokens, is already operational in Singapore, which demonstrates that their internal processes are already robust. They are one of the few P2P platforms to be regulated by the Monetary Authority of Singapore (MAS) and to be granted a “Dealing in Securities” license. Using the experience that the related company has from running a P2P platform, Genie ICO’s goal is to build an SME-focused tokenized lending platform that attracts foreign token buyers who can use CGCOIN to fractionalize investment in various businesses, all tracked through the system’s blockchain.
CGCOIN holders will be able to invest in assets across countries, and trade business loans or other assets on the Genie Asset Exchange. Meanwhile borrowers will have to access to discounts based on the number of tokens they hold. The tokenized platform will launch in September 2018, and the CGCOIN token will be integrated into the entire Crowd Genie ecosystem over the next two years. Token benefits will include quarterly buybacks along with other incentives.
The project is currently conducting its ICO, which was prepared with the help of ICOBox, the world’s largest provider of SaaS ICO solutions. The presale will run until the end of January. The public ICO opens on February 1, 2018, with a 25 percent bonus offered until February 14. The token sale will continue until February 28, 2018, with decreasing bonuses and a minimum token purchase of 40 CGCOINs.
For more information on Genie ICO please visit www.genieico.net.
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