Chinese ICO Ban Means Great Things for CryptoPay
Asia has been a central hub for cryptocurrency growth and ICO creation. A substantial portion of Bitcoin mining occurs in Asia. In fact, over 70% of all Bitcoin mining occurs in China alone with other Asian countries contributing small but additional percentages.
ICOs have also been a huge industry in Asia. South Korea, China, and Japan have produced a large number of recent ICOs. Hong Kong based Block.one, the designers of the EOS blockchain platform, raised an astonishing $185 million, setting records at the time, and other Asian ICOs were on track to do more.
Suddenly, though, the ICO market has been crushed by the Chinese political machine. ICOs have come to a rapid and conclusive halt, with the government forcing ICO companies to repay their investors’ funds. South Korea has followed suit, suggesting a ban on ICOs is imminent as well.
Cryptocurrency markets plummeted on the news, with Ethereum and NEO, the Chinese version of Ethereum, especially hard hit. A quick look at the press over the past week would indicate that ICOs are all but finished.
One Man’s Pain is Another’s Gain
However, for ICOs that are not based in China or other crypto unfriendly regions, the recent Chinese ICO ban is a massive benefit. With more than 60 ICOs now fully cancelled, the supply of viable ICOs is drying up rapidly, opening the door for greater success for those remaining.
CryptoPay, the digital currency frontrunner and innovator, is continuing forward with its ICO. The presale remains scheduled for September 25th, and the full ICO will begin on October 2nd.
Investors seeking ways to capitalize on the new blockchain boom will be forced to seek new outlets for capital contributions. With such a sizable portion of the ICO market now fully removed, CryptoPay stands to benefit in substantial ways.
ICOs are looking for ways to find investors. In a game with a limited supply of investment money, and a substantial supply of investment seekers, a sudden removal of some of the top ICOs is a major boon for those remaining. Consider if the government came and closed all the restaurants in a three mile radius, leaving only yours open. Business would boom!
Of all the ICOs that stand to benefit most from the Asian market closures, CryptoPay may be in the very best position. Their ICO plans include some industry-changing benefits for cryptocurrency investors, and promise to grow the company in exponential ways.
For example, CryptoPay plans to create a new stock brokerage which would allow cryptocurrency holders to leverage their holdings up to four times, and invest in other financial markets with ease. All these benefits will come without having to leave the CryptoPay ecosystem.
Further, the company will create new crypto-friendly bank accounts, allowing users to have accounts in their name, and to have IBAN numbers for making and receiving third party transactions.
Finally, they plan to create a peer-to-peer ICO fundraising and financial services platform. Underwriting and book running will all be managed within the P2P network, greatly reducing the hassle for ICOs.
All this innovation spells success for the CryptoPay ICO. But more than these, CryptoPay is already an industry leader among cryptocurrency consumers. With a sizable book of current business, investment in CryptoPay is a simple decision when compared with non-operative ICO companies.
With Bitcoin wallets, a cryptocurrency and fiat exchange, debit cards, and payment gateways already online, CryptoPay has not only the technical know-how, but also the industry experience to thrive in the ICO world.
The current Asian ICO market climate changes will result in a major shift in financing toward viable ICOs like CryptoPay. Investors will see substantial capital returns on the fewer ICOs available, and the investment and business will boom for viable ICOs like CryptoPay.
Get the latest in Asian Bitcoin news here at Coin News Asia.