New York based fintech startup Coinseed, announced today that it had raised $1 million in the first 12 hours of its ICO. It also recently completed the global launch of its app - that lets users invest small amounts into crypto with ease.
Originally, Coinseed was started when the founders saw that there was a huge demographic interested in cryptocurrency investment but found it inaccessible because using wallets and exchanges to buy and sell was too complicated. Most of them want to invest small amounts initially to learn how to do it.
“A lot of our app users found us because they were looking for a solution to make it simple to buy small amounts of cryptocurrency. We believe that the Coinseed appdelivers this seamlessly. Now that we’ve launched globally, we’re giving the whole world an opportunity to test out our creation” said co-founder Del Davaasambuu.
The Coinseed app makes it very fast and easy to invest in many of the most well known cryptocurrencies. Setup can be done in under five minutes - to both finance an account and choose a portfolio. The app rounds up every purchase made on the connected account, and then invests it according to the proportions specified.
One of the features that sets the app apart from the competition is that a user can completely rebalance a portfolio in a few seconds as there are no private keys or digital wallets (all cryptocurrency is held in highly secure wallets). This one feature alone means Coinseed’s potential global market could be huge - a market that is now downloading the app in large numbers (they now have tens of thousands of users).
The Coinseed app solves two other significant pain points for a lot of cryptocurrency investors - accessibility and security of funds. Many holders of cryptocurrency discover quickly how difficult it can be to convert crypto into physical cash. Coinseed makes it effortless to withdraw money. Security of funds is also a major concern - with frequent hacks occurring in the crypto world.
For those less technologically literate, it can be a minefield. Coinseed uses identical security measures that are used by Mint, Venmo, Acorns and Transferwise, and uses the most cutting edge technology to secure the cryptocurrencies it holds - in multisig cold wallets.
The Coinseed ICO has been carefully planned to be a highly attractive proposition for investors. In fact,only 2% of ICOs out there has a live product. This puts Coinseed into that rare 2% of all ICOs.
“We’ve rolled out a constant stream of fresh features in the app and have also added a well rounded group of highly experienced advisers and team members. We are an actual business and are already revenue positive. We think combination of the limited supply of tokens and our product offering makes it very compelling to contributors”.
Coinseed’s pre-ICO fundraising round came in at $200,000, and they are raising a further $10 million during their crowdsale beginning March 20th.