ICO News: SparkleCOIN Makes Cryptocurrency Donation to Snoop Dogg’s Charity

ICOs get a bad rap from some key figures in traditional finance. SparkleCOIN is doing its part to improve the reputation of its peers by supporting a charitable foundation. The startup, which is behind a cryptocurrency that’s designed for business transactions and whose token sale is unfolding now, donated 1,500 SparkleCOINS, worth USD 55,5000, to Snoop Dogg’s charity.

The organization, Snoop Youth Football League, supports inner-city kids between the ages of five and 13 and teaches them positive values.  

The gift was presented in recent days by SparkleCOIN founder and CEO Victor Wong at a Beverly Hills hotel where the startup also announced the opening of the VCoin Exchange for trading cryptocurrencies as well as fiat money. They’re also developing a shopping marketplace where products can be purchased and paid for with the SparkleCOIN.

SparkleCOIN ICO Shines

The SparkleCOIN ICO, which ends on Dec. 21, has had a warm welcome by investors, evidenced by a double-digit jump in the coin price to USD 37 currently. That’s a key price threshold because SparkleCOIN was promising a “safety net” to investors by way of a diamond-backed token for early investors.

Once the token reached USD 25, which it has already done, the startup says coin will no longer be asset-backed. At that price level, they say, the coin will have already proven itself.

If they can maintain the price when the excitement surrounding the SparkleCOIN ICO is over, that will add another reason for this startup to stand out.

Other ICOs have tried and failed to keep the inflated price of their tokens post ICO as some big investors including hedge funds have proven to exit their position after acquiring tokens at a discount and once they’ve realized a quick profit.