Upcoming ICO: BitMinutes’ pre ICO price rises
With its main ICO scheduled for April 30th the planned price increase has moved from $0.11 to $0.12 per BitMinute.
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What is BitMinutes?
BitMinutes is a cryptocurrency that is asset-backed by prepaid phone time, allowing it to be instantly convertible into cash and creating the opportunity to provide micro- loans. Its token, the BMT, operates on blockchain technology, meaning money can be sent securely to four billion cell phones. Already operating in Kenya, BitMinutes claims to be ‘better than BitCoin for billions.’
Free money transfers and guaranteed credit to users who are ‘unbanked’ are offered on the P2P platform. These users can access loans of $100 or less, based on their TAN score (similar to a credit score). They can convert BitMinutes into cash for free or they can use them to pay bills or shop online.
‘Corner bankers’
The platform also enables retailers to sell or loan BitMinutes. $5 can be loaned to anyone who has a valid ID, allowing them to become a ‘corner banker’ with a steady financial services revenue stream and the ability to provide their customers with access to loans which might otherwise have been unavailable to them. Other retailers can be recruited as sub-agents, producing a multi-level marketing platform.
CEO and founder, Tom Meredith who has a background in telecommunications and financial services, describes BitMinutes as ‘the first crypto-asset backed by an asset used by billions of consumers every day.’
ICO advantage
BitMinutes appears to have already got off to a head start. CEO Meredith believes this gives his fintech company an advantage above other ICOs that are looking for funding to start building a product.
In interview with Total Prestige magazine in December 2017, Meredith said: “Therefore, even our competitors who want to address the global financial inclusion market are two or three years behind us in product development and distribution.”
A further pre ICO price increase is scheduled for April 2nd with more planned ahead of the main ICO at the end of next month. BMTs can be purchased using Ether or USD.
