Skraps, an application that blends cryptocurrency into micro-investing – offers a new take on the “bank your change” system, and people are buying into it.
With an ICO less than three days old, it has already set a precedence for those that follow, having outperformed many that came before it. Just 10 hours after the launch of the Skraps ICO, the softcap of $1 million was exceeded, with the amount raised now closer to the $1.75 million mark. This new company’s remarkable achievement bodes well for its future success and innovation within the financial industry.
Skraps launch opens new markets
Skraps is an interesting platform as it takes micro-investing in an entirely new direction. The platform’s ease of use combined with low minimum investments allow a far greater sector of society to save money and slowly to build an investment in cryptocurrencies.
With this ICO, Skraps also opens up a new market to this dynamic space. Historically dominated by wealthy individuals and companies, the investment and cryptocurrency markets are now accessible to college students and lower-income families.
The successful launch of the product will promote a growth in the range of investors in the complex system of cryptocurrencies. This will ensure a valuable boost to this system, which constantly seeks to diversify and accentuate its presence in the current and future range of viable investment products.
Skraps potential to offer higher returns
Over the last year, the value of various cryptocurrencies has steadily increased, while new digital currencies are launched every week. As the crypto assets have the ability to increase in value quicker and more drastically than the stock market, Skraps has the potential to offer a higher return on investment than other micro-investment applications which invest in a different asset class.
Skraps reduces the risks associated with cryptocurrency trading by investing across the entire spectrum of cryptocurrencies – a method shown to generate a profit overall. This sets it apart from its key competitors such as Acorns which invests in the stock market, and Coinflash which only invests in bitcoin and Ethereum.
Skraps works by allowing the user to “bank his change” with each card transaction made. The user specifies the decimal points to have transactions rounded to, and the balance is automatically sent to Skraps for investment.
The user is given complete control and is able to manage every aspect of the micro-investment process. He or she chooses which cards to link and which cryptocurrency investment portfolio to invest in, ranging from aggressive for younger investors to conservative for an older client base.
In addition, clients have the ability to withdraw funds at any point, without incurring a transaction fee.
The figures behind the launch
Skraps is a deflationary currency, meaning that there is a preset number of tokens to be released, and they will increase in value with time.
Of the total 110 million to be created, 66 million will be available for purchase by the general public. Founders and advisors will receive 11 million tokens, with a further 5.5 million set aside to cover marketing and other predetermined expenses.
The remaining 16.5 million tokens will not be immediately released, and are instead being held for a token issue that will take place at a later date. The initial launch and ICO has a hard cap of $21,450,000.
View the whitepaper for the Skraps ICO here.