ICO Review: Ankorus – Will it Cast Anchor?
This blockchain-based exchange platform for trading securities offers only a vague financial model.
Damian Chmiel | Innovation ( CryptoCurrency ) | Tuesday, 10/10/2017 | 14:08 GMT
ICO Review: Ankorus – Will it Cast Anchor?
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The ICO rush is upon us, with dozens of new initiatives popping up every day. And while some ICOs will be the next big thing, some are doomed to fail from the get go – telling who’s who is no easy task. This article is a part of a series of reviews created by the Finance Magnates Intelligence Department as a public service.
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Introduction
Ankorus offers an exchange platform through which traders can buy financial instruments (FX, commodities, stock, shares, bonds, ETF, etc.) using the advantages of blockchain technology, according to a company statement. Investors choose an asset to buy, pay with one of 60+ cryptocurrencies and in return receive anchored tokens tied to the original security which can be traded, transferred or redeemed.
Category – Asset-backed tokens
ICO Date – 25.11.2017 – 25.12.2017
Phases – Stage 1 (Jan – Jun 2018), Stage 2 (Jul – Dec 2018), Stage 3 (Jan – Mar 2019)
Total supply – 100 million ANKs (50% public, 24% Ankorus treasure, 15% Ankorus founders, 5% Ankorus advisors, 3% bounties, 3% marketers costs)
Maximum raise – 150,000 ETH
Available payments – ETH
Founded – Q4 2016, UK
Blockchain platform – Ethereum
Token standard – ERC20
Regulation – Ankorus is the only entity that can create or destroy its tokens (to maintain their exact pegged value)
Website – https://www.ankorus.org
Team
The core team is comprised of the five founders of the company, from the US, UK and South Africa.
John Cruz (CEO and Head of Trading) – independent financial trader and a member of seven exchanges (CME, CBOT, MID-AM, COMEX, MATIF, Eurex, and SGX).
Shawn McLean (CTO) – software engineer, worked for companies such as LucasArts and Electronic Arts. Worked as lead engineer at Zynga.
Haldane Marnoch (COO) – connected with Morgan Stanley’s FX trading desks and underlying tech systems in the past.
Craig Absiyeh-Eichmeier (Community Director) – independent financial trader, active in both the crypto/ICO sphere and the traditional investment world.
Martin Higgins (Media Director) – copywritier, editor and journalist with twenty years of experience in the commercial writing, connected with Crypto Insider.
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According to the company’s whitepaper, the project team has already finished the initial development of smart wallet and Reactive Portfolio Management (RPM), as well as a specialized general ledger. In the next three phases, which will be financed through the ICO, Ankorus wants to prepare a global custodian, further develop the smart wallets, register as a broker-dealer with the SIPC, FINRA and the FCA, and by the end of March 2019 plans to finish the development of the Anchor token exchange platform (AnchorNet) and register with the SEC as an ECN.
The main purpose of the platform is to enable cryptocurrency holders to buy real assets from the financial world. In exchange for one of the 60+ digital coins, the Ankorus platform will create and allocate tokens to their corresponding assets. Ankorus plays the role of trusted custiodan and holds the purchased assets in reserve. After buying tokens, holders may sell them on the exchange created for this purpose or redeem their value directly from Ankorus.
Review
Undoubtedly, the concept of connecting cryptocurrencies and traditional financial assets deserves attention. Ankorus claims that thanks to the AnchorNet platform, transaction times will be much faster. Connection to the cryptocurrency exchanges, as well as the license from a few different monetary authorities, should provide security. The whitepaper however only focuses on the technology and the general concept. There are no revenue forecasts, projected valuations of the tokens or calculation of the number of customers needed to maintain liquidity at a satisfactory level.
The AnchorNet platform will stipulate no minimum account size and act as a minimal commission securities broker. For that purpose, it is necessary to gather a sufficient number of interested parties. The offering focuses on cryptocurrency holders, who are still a minority.
Verdict
Ankorus was created by a team of experienced professionals, but it is always easier to judge working products than just a concepts, which possess greater risk to an investor. The lack of financial projections along with the potential user base size also can be treated as a disadvantage.
Team – 4/5
Legal – 3.5/5
Whitepaper – 3/5
Partners – 2/5
Financial Model – 3/5
Overall – 3.1
In conclusion, the attempt to create blockchain asset-backed tokens and an ecosystem connecting cryptocurrencies with financial instruments is worth attention. On the other hand, however, potential investors may be discouraged by the lack of financial details.