The founders of CoinFi cryptocurrency are selling it as the first decentralized market intelligence platform for cryptocurrency investors. The crypto whose ticker symbol is COFI uses ERC20 standard and is Ethereum-based. The project will offer crowd-sourced, professionally curated research and trading algorithms and much more. Ideally, the project aims to democratize the Wall Street. The team behind the project aims to achieve this by bringing real-time market intelligence to online cryptocurrency traders in several ways.
The CoinFi team wants to create an all-in-one platform for crypto investors. The platform will provide analysis, signals, catalysts and trading tools. The platform will also aid the users with a collection of tools for choosing strong investments and it will also afford users a chance to build a reputation for their analysis. CoinFi will provide a crowdsource and curated real-time database. It will enable users to identify abnormal market conditions as well as the best places to purchase coins. All this will be done electronically.
Understanding CoinFi cryptocurrency
CoinFi is one of the ICOs done in January 2018. The public sale of the tokens was done in Feb. At the time of the ICO, investors were getting 7,500 COFI tokens for every 1 ETH. It is worth noting that the sale of the crypto is restricted in the Cayman Islands, Canada, the USA, China and Hong Kong.
COFI tokens can be used in several ways. The users of the platform will be required to lock and stake their tokens in order to get access to the platform. Thereafter, people who provide useful and high-quality content will get rewarded with tokens. Traders can get involved in auctions for high-quality content that can only be allocated to a small number of users. The COFI tokens will be used in the auctions. The project is designed to incentivize all users using the COFI currency.
The team behind the CoinFi project
The key members of the CoinFi team include Timothy Tam who is also the co-founder. He is said to have more than 15 years of experience in equities trading and hedge funds. He formerly worked at Goldman Sachs. There is Han Chang who is also a co-founder. He has an M.S in Computer Science from Boston University. He also has close to two decades of experience in developing webapps which serve more than 10 million users. There is also Nate Tsang who is also a co-founder of the CoinFi project. He has more than 7 years of experience in growth-hacking media start-ups. In total, the team has 12 members. Among the advisors of the team include Roger Lim who was appointed in January this year. He also serves on the advisory boards of Bluzelle, SelfKey, and The Key.
Performance of the COFI token
When the token was launched in January, it attracted a price of $0.36 but after several days it dropped to a low of $0.080 on Feb 6th. This was the day when Bitcoin hit a new year-low of $6,000. Even though the crypto gained a bit, its value dropped further to trade below $0.04 on April 7thand the days that followed. The token has since climbed to close at $0.096 on May 6th. It was trading at $0.090 in the early morning hours of Monday, May 7th.
Not much of a change has been seen in the market cap of this crypto. On Feb 28th, the figure stood at $14 million and it was $11 million on May 6th. At the same time, the market cap of the COFI was averaging $15 million. The traded volume was $3.4 million up from $204,000 on May 5th.
Should you invest in it?
Even though the team behind the project touts it to be the first decentralized market intelligence platform, there are other players such as CoinDash and Enigma in the market. The CoinFi is up against already established cryptos which have more than $100 million in market cap. Still, the crypto is unique and there is a lot of potential in the market. With a better flow of information, the crypto market is expected to improve with time. COFI crypto being a trading platform is expected to attract the attention of institutional investors. It might be a good crypto to look into if you are looking for long-term holding.