There are many potential barriers to investing in an ICO, from local regulations to transaction fees. But I like the way that LocalCoinSwap has done away with one big obstacle: by accepting investments for their ICO not only in a diverse range of cryptocurrencies, but also in fiat money as well.
Whilst many startups sprinkle worlds like ‘inclusivity’ throughout their whitepapers and pitch-decks, the truth is that the world of cryptocurrency investments remains structurally inaccessible to many. One significant obstacle to the uninitiated is having to possess some cryptocurrency in the first place.
“We wanted to walk-the-talk when it comes to inclusivity, and when our peer to peer trading exchange opens in August, we will be the first of its kind to accept fiat transactions in any global currency”, indicated CTO Nathan Worsely.
“Right now though, we know that unless you possess some pretty mainstream global reserve money like USD or Sterling, it can be difficult even to find an exchange to buy some crypto in the first place. And then for anyone new to the idea, the additional steps of learning to use an ERC-20 compatible wallet and adding new tokens to it, every stage adds complexity to the learning curve - and as such makes it more challenging to get started with LocalCoinSwap.
“Because our LCS Cryptoshares are dividend tokens in their own right, which will yield a passive income in a basket of at least 17 different cryptocurrencies from 2019, we are concerned that the secondary marketplace will be highly restricted - any unsold tokens from the ICO will be burned, and our community is telling us they are buying to hold.
“So we were looking at ways to widen access to acquiring LCS Cryptoshares to as many potential investors as possible whilst the public sale remains open, and we decided that the best way to do this was to simply accept traditional fiat currencies as a direct investment. This opens to the door to the crypto-curious investor who wants to gain immediate exposure to a diverse and balanced portfolio of coins at ICO prices, without having to find their way through the multiple steps of purchasing on existing exchanges.”
This unusual approach to receiving ICO funds needs to be initiated on an individual basis, but anyone who wants to find out more needs to contact team@localcoinswap.com as soon as possible - the ICO ends on June 15th, and (a much-needed PSA for those of us more used to dealing with crypto) this kind of investment will be subject to traditional bank transfer times. I keep thinking of Andreas Antonopolous saying, "your kids will never use anything but crypto - and one day you will have to explain to them what '3 to 5 working days' even means"
Of course you can also invest the 'traditional ICO' way, with a range of cryptos! More info here https://www.localcoinswap.com/?utm_source=bsx13