Upcoming ICO: CoinFi Decentralizes Wall Street

When you look at the way that bitcoin, altcoins and upcoming ICOs have advanced in 2017, it's hard to believe this is still a nascent market. But as CoinFi points out, the tools and financial analysis that traders in the cryptocurrency space pales in comparison to that of the securities industry. CoinFi is looking to change that by decentralizing the market intelligence that investors and traders alike need to generate profits. You can think of them as the Bloomberg terminal for cryptocurrencies. CoinFi is selling the ERC20 COFI token and is targeting USD 15 million in its upcoming ICO. The ICO pre-sale launches on Dec. 15 and the public crowdsale begins a month later. 

While many people who have dived into cyrptocurrencies and upcoming ICOs are novice investors, there are also some sophisticated traders that have joined, evidenced by dozens of cryptocurrency-based hedge funds that have surfaced in recent months. CoinFi is looking to decentralize cryptocurrency trading before Wall Street's influence and advantage become so great that Main Street investors can't move the needle.

Bringing Wall Street Sophistication to the Blockchain 

In fact, CoinFi is comprised of a team of former Wall Street traders from the likes of Goldman Sachs, for instance, who are in a race to introduce their decentralized technology to cryptocurrencies before traditional Wall Street takes over with its centralized model. They use the Bloomberg terminal as an example, because many hedge fund traders rely on it for data. But it costs USD 24,000 for an annual subscription, which is out of reach for many Main Street investors. Thomson Reuters is similarly designed for sophisticated traders.

That's the problem CoinFi is looking to solve, by introducing the same data sets, charts and real-time news that Wall Street has come to rely on to cryptocurrencies. As a result, Main Street investors can capitalize on price movements in cryptocurrencies such as bitcoin with the same edge that Wall Street traders possess. 

If CoinFi is successful in its fundraising efforts, the startup will direct the proceeds toward the development of the platform mostly followed by staffing, marketing and other expenses.