ICO Review — Crypto in the Ocean
Main page Analytics, Estonia, Startups, ICO

This week Ihodl.com considers a project with worldwide aspirations, the Cryptocean project that seeks to integrate financial and technological services based on own blockchain for working with cryptocurrencies, digital assets and traditional fiat money.

About the Project

Cryptocean project offers its own ecosystem to work with services for buying, selling, exchanging and integrating cryptocurrencies into real life. With the help of Cryptocean platform cryptocurrencies can be purchased by bank card or account, get fiat money inside the service and legally withdraw it to a card or bank account. The project will also issue classic plastic card (cryptocard), jointly with partner banks, which will give the opportunity to deposit and withdraw cash from fiat and crypto accounts by using Cryptocean services as well as to pay for purchases.

As for the commission, the project will focus on the difference in the internal rate of its cryptocurrency to the weighted average exchange rate and plans for the commission to be between 0,25% and 1,75% with a possibility for further reduction.

Payment for goods and services can also be carried out through a mobile app or directly through the online store that will enable Cryptocean as a payment system. Cryptocean system assumes the availability of auto payments. Thus the project’s mission is to develop an ecosystem that will integrate Fintech services on the legal basis to provide people’s needs and businesses for high-quality financial services.

The platform will implement the following services:

  • cryptocards;
  • payments (acceptance and processing of payments with cryptocurrency for goods and services);
  • transfers (between multi currency and regular crypto wallets);
  • auto payments;
  • escrow accounts;
  • conversion;
  • crypto accounts;
  • P2P transactions (exchange of assets through escrow accounts and smart contracts).

The architecture of the project:

According to the whitepaper, the team has already implemented the following stages:

  • held a private pre-ICO, which attracted $797,320;
  • gathered developers team leading that works on the core and the apps;
  • launched a decentralized exchange;
  • started developing own blockchain for implementing Cryptocean functions;
  • registered a company in the EU (Estonia) - Bitchange OÜ;
  • obtained licenses giving the right to provide financial services for the exchange of cryptocurrency for fiat money;
  • opened accounts in EU banks to work with cryptocurrencies;
  • entered into agreements with EU banks on the issue plastic cryptocards;
  • reached a partnership and technology support agreement with SiliconValley.

These achievements look thoughtful and logical, but the project still has many technical aspects to release, among which according to the roadmap: issuing of cryptocards, escrow accounts, P2P transactions and of course launching a full-fledged version of the ecosystem.

As it was mentioned above, currently it’s possible to test the alpha version of Cryptocean exchange.

The project team spend time to conduct a survey of the market in which it wants to operate - the market of electronic payments and transactions, cryptocards, cryptocurrencies and even the market of ICOs, but it isn’t clearly stated how the project will cope with high competition in so many directions, only noting that their ICO being conducted in a favorable time when the project can be implemented technically, legally and in an organized way.

In addition, the team has compiled with several scenarios for the development of its project - catastrophic, optimistic, pessimistic and conservative. It plans to follow the last one, which assumes that within 5 years, the capitalization of the cryptocurrency market will reach $1,5 trillion, the market volume of payments by cryptocurrencies should grow at least by 30-50 times, which will allow the project to take a strong position in the market in at least one of the niches.

Overall score: Ambitious but highly implausible


The project is issuing CRON tokens (ERC-20) based on ethereum platform. Basic token of the CRON project is a utility token. This implies that its owners can trade them on crypto exchanges as well as use as use them for payments of services and for the commissions of that service.

The hardcap is $70,000, 000. ICO is planned to hold three stages: private pre-ICO for investors (already completed), public pre-ICO and a main ICO are yet to come.

It assumes that the initial price of tokens will be $0,01, the total amount of tokens is 10,000,000,000. Tokens will be distributed as follows:

Overall score: Similar to other projects

Team and Community

The project team is well-chosen and balance - it includes blockchain specialists, system analysts, marketing managers, and even the director and a clipmaker.

Among the advisers it’s possible to find Russian businessmen from IT field, who have created successful startups and also a lot of blockchain experts. It can be concluded that the team pays a lot of attention to creating its own blockchain.

The project is presented in various social networks: Facebook (2,829 followers), Telegram (1,387 followers), VK (1,482 followers, Reddit, Twitter (2,972 followers), Bitcointalk, where the project is being actively discussed. But like many other projects there is nothing on Github.

The project also participates in listing of various rating agencies, such as ICObench, Track ICO, FoundICO, ICOmarks, ICORating.

Overall score: Good

ICO Details

For Sale 10,000,000,000 CRON

Soft Сap $25,000,000

Hard Cap $70,000,000

Additional Emission No

Accepted Currencies BTC, ETH, LTC, fiat

Token Type ERC-20

CRON Price $0,01

Sale Starts September 25, 2018

Sale Ends December 12, 2018

Bonuses Yes

Bounty Yes


Crytocean represents a global idea for the development of its own ecosystem, which will provide various financial services to its users, ranging from making payments and transfers by using cards and ending with trading cryptocurrencies on its own crypto exchange.

The project has advanced well in implementation by launching its alpha version of the exchange and agreeing with licenses on issuing plastic cards with banks. A positive sign is the overwhelming majority of blockchain specialists in the team who are working on creating their own blockchain.

At the same time as the project says there is very high competition in the chosen market (such as Mastercard, Visa and other payment systems) and emphasizes that it has good market prospects but only in case of competent management and adequate marketing. But when answering the main question of how to attract users to Cryptocean platform - the team has to this day been unable to find the answer and this discredits the whole idea.

Click here to visit Cryptocean page in the list of ongoing ICOs.

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