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Decentralized trading platform — Bankdex has launched its ICO

Decentralized trading

Bankdex is a Hong Kong-based decentralized trading platform (exchange) for cryptocurrencies that was founded by Reza Solgi, Abdolreza Alameri, Hamed Reza Alameri, and Mohammad Solgi.

On June 24th, BankDex has launched its pre-sale Initial Coin Offering (ICO), according to our Market Intelligence Platform. As many as 1 billion SAM tokens will be issued by the company, out of which 450 million will be available for purchase to investors. 1 SAM token will be worth $0.019 and a 25% bonus during the Pre Sale event. 

But aren’t there already 300+ crypto exchanges in the world already? Of which only a few dozen are running a profitable business, so why launch another one? 

Unlike traditional crypto exchanges, Bankdex is among a new breed of trading platforms that leverages a new blockchain infrastructure to enable direct peer-to-peer trading — if you haven’t guessed from the name yet, Bankdex is a decentralized exchange.

But quite embarrassingly, the link to see the Minimum Viable Product (MVP) on Bankdex’s official ICO website doesn’t seem to be working as of writing this article. So there’s no definitive way to know what’s the actual progress of the platform. 

So why is it important to have an MVP?

From our research based on the extensive of 5500 Initial Coin Offering projects available on our platform, we were able to find out that only 26% of these projects possessed an MVP during the time of their token sale. 

But what’s even more shocking is the correlation between the failure of ICO projects and possessing an MVP.

decentralized trading

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It’s no news that ICO projects are prone to failure — here failure means shutting down as a business, founders or management unresponsive while leaving investors in the dust and over the last few years hundreds of ICO projects have failed. 

But what’s surprising is the correlation between the presence of an MVP and the failure of ICO projects. As much as 95% of failed companies did not possess an MVP during the launch of their token sale. 

So why is this so? In our research of thousands of Blockchain and crypto companies, we’ve noticed something. A startup adds value to the world by solving an existing problem through its product/ service but in the Blockchain and crypto space — blockchain technology is treated as a panacea for all problems without stopping to think “ Is this solution the best way to solve this problem?” 

To know more about why ICO fails, Check out our ICO research article.

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