Spotcoin has announced its token sale and whitelist dates. The SPOT whitelist registration will open on October 8th, while its token sale will commence on October 22nd and close on October 27th. Whitelist registration is compulsory for participation as well as ensuring compliance with all relevant KYC and AML regulations.
Spotcoin is building a digital exchange that aims to support trading between crypto and fiat. SPOT token holders will receive a share in 51 percent of the platform’s exchange fees as a weekly dividend, as well as 12 percent of its net profits quarterly. It’s claimed that these rates are some of the highest dividends in the market. Spotcoin also states that these fees could quickly add up as more traders join the platform, in addition to the net profits accumulated from Spotcoin’s other business lines such as its mining operation and upcoming Spotpay payment solution
Spotcoin has designed a mining operation that claims to be environmentally sustainable by leveraging hydroelectric power with an output of 25MW. Over 4,500 GPU miners will be housed with an additional capacity of 4,500 more reserved for its clients.
Spotpay is described as as a “secure payment widget” using an API and application-based digital wallets to provide fast and affordable point of sale transactions.
Spotcoin is also offering an OTC marketplace that provides digital to fiat trading services.
Spotcoin states that its exchange allows for “centralized liquidity between our digital exchange, mining operation, OTC marketplace, and our Spotpay payment system” and that its end goal is to “ensure everyone can be part and benefit from the [NEO] Smart Economy,” comprised of digital assets and digital identity.
SPOT Token Sale Price and Distribution
SPOT tokens will be priced at USD $0.50, with a minimum purchase of 50 SPOT. A maximum of 1,000,000 SPOT can be purchased during the public sale “to ensure no one individual has a dominant share.” In total, up to 50,000,000 SPOT will be committed to the token sale.
The following citizens and residents are prohibited from participating in the token sale event: United States, US territories, Bosnia-Herzegovina, China, Ethiopia, Iran, Iraq, North Korea, Serbia, Singapore, South Korea, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Vanuatu, and Yemen.
Spotcoin also noted the following for certain U.S, Chinese and South Korean investors:
“Certified accredited U.S. investors can take part in the SPOT private sale. Chinese and South Korean investors can participate in the private sale when paying with digital currencies, after signing the SAFT form and completing the KYC /AML process. Any investment in digital currencies comes at a risk. No one should invest money that he or she cannot afford to lose.”
More information on Spotcoin can be found at the below links.
About The Author: Matthew North
Matthew North is a freelance writer and journalist who resides in East Asia. He spends his time writing and learning about financial technologies like the Blockchain and digital currencies. You can follow him on twitter @fintech_matthew.
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