ziftrCOIN enters the final few hours of a presale round that ends tonight at midnight GMT. The sale has raised US$860,000 from individual users and VC firms, including 10x Venture Partners. Within Ziftr's retailers network the new altcoin holds a guaranteed value of US$1/coin for up to 5% of purchases when ziftrCOINs trade on the open market for less than US$1/coin.
Making a strong attempt to bring stability to the altcoin world, ziftrCOIN provides a peg of US$1/coin within their retailer network. Ziftr uses the discounts they can achieve with retailers through their referral network to provide the savings needed to guarantee their altcoin’s minimum value. If the market price of a ziftrCOIN exceeds US$1, Ziftr removes the 5% purchase cap, and ziftrCOINs may then be used for the entirety of purchases.
With venture capital looking to be a strong trend in Bitcoin in 2015, and much talk currently about Coinbase's successful US$75 million Series C round of funding, the fact that Ziftr has attracted a VC firm to invest in their presale is promising. The firm, 10x Venture Partners, is known for their work as a seed-stage investment group, and their US$150,000 purchase of ziftrCOINs will bring them close to the heart of the venture.
According to the reward scheme level, 10x Venture Partners’ 650 BTC investment promises them an opportunity to “meet the Ziftr team and have a say in the future of Ziftr and ziftrCOIN.” They bringing the expertise of experienced startup-hardened investors, offering what could be a crucial factor in the potential success of ziftrCOIN. In the recent case of CoinBase, the quality of the investors buying into the US$75 million mega-round is a significant factor in how important the funding has been to the Bitcoin environment as a whole.
Value-guaranteed altcoins have had a troubled time of late, with PayCoin continuing to fail to meet a promised US$20 floor, causing disappointment among many early investors in the coin. PayBase relied on their PayCoin holding an inherent value, and more recently they offered a long-term buy-back option for individuals holding coins. Ziftr's approach uses a tangible value they already possess in their existing business to support their coin guarantee, making the option appear more solid.
Earlier this month we announced a chance for Cointelegraph readers to win a grand prize of 500 ziftrCOINs along with 0.5 BTC, or one of five prizes of 100 ziftrCOINs and 0.2 BTC. We're happy to announce we've extended the deadline to the February 6 giving you all a bit longer to grab your chance to win these coins. You can find more details on our competition page.
In the meantime, think of your best answer to the question: “What will it take for Bitcoin to gain mass acceptance?” Follow the instructions on the competition page, which tells how to provide your answer and enter the contest. We'll pick the winners soon. Good luck!
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