Minecoin Completes First Stage of ICO Ahead of Schedule

MinexSystems, creator of Minecoin cryptocurrency has announced the completion of ICO’s first stage much before the scheduled date.

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Minecoin Completes First Stage of ICO Ahead of Schedule

MinexSystems, creator of Minecoin cryptocurrency has announced the completion of ICO’s first stage much before the scheduled date.

December 16, 2016, Kyiv, UkraineMinexSystems has successfully completed the first stage of its ICO, thanks to a commercial bank that acquired rest of the minecoin cryptocurrency. The bank’s participation has allowed MinexSystems to complete the ICO ahead of schedule.

During the talks between MinexSystems and commercial banks’ representatives, which were conducted within the last 2 months (according to the terms of the agreement, MS can not disclose the bank’s name before the transaction completion), MinexSystems have reached an accord regarding cooperation between MinexBank and one of the leading European banks. To acquire a share in the nominal capital of Minex Bank, the partner bank shall acquire the remaining coins. Therefore, all the unsold coins, that is 1095275.5 MNC are frozen, and currently minecoins can not be bought.

Partner bank buys 1095275.5 MNC, which weren’t sold during the subscription for 1705.44 BTC .

According to the results of voting, which was held on October 12 and was aimed at determining the bank’s model, a lot of participants has given their votes for a hybrid model, making the following arguments:

  • «Although I believe 100% in mathematics and perfection, it seems that some you run must be controlled by a human mind, the mind of its creators. best regards»
  • «If the algorithm has a big error, the human bin can correct it at least»
  • «For me it has to be human intelligence to adapt the system to the different scenarios as they arise. Human intelligence can discover new problems.”
  • «Nothing is flawless so every system needs a screening control»
  • «It feels a lot safer for me if some functions are regulated by humans»

According to the agreement, the partner bank shall close the deal before March 15, 2017, that is why MinexSystems is rescheduling the second stage of ICO for the early spring.

For those investors, who have already purchased coins and want to realize them, the developers have activated the function of coin transfer, opening in such a way, the OTC market, since there are no coins for sale.

For safety reasons, developers recommend everybody who have already bought minecoins, to change password and activate two-factor authorization in their personal accounts, in the ‘Settings’ tab.

In addition, on its official blog MS summarizes the results of its work since the beginning of the first ICO stage:

Results of the first stage (subscription)

Participation in the Blockchain conference

“During the participation in the international blockchain conference, we have presented our idea to a wide audience from different countries. It gave us an opportunity to attract investment to the project, invite professionals of the field to join our team, get feedbacks and recommendations from blockchain industry experts. And the most important thing was to take acknowledgement of the idea efficiency and market demand in this project”.

Blockchain Hackathon

“During participation in this competition, the essence of which was to create a useful blockchain-based product in a short period of time, the members of MinexSystems team became the winners, proving the fact that they can see the existing market demands and create efficient solutions.”

MinexExchange

“During this period, we have developed a platform for crypto assets trade. On October 29 there was a beta testing of the product, during which a beta version of MinexExchange was presented. Within the beta testing, developers received feedbacks and recommendations that should be applied to make the exchange more functional and user-friendly.”

Negotiations with bank

“During the negotiations with a commercial bank, we have agreed that the Partner bank will buy the remaining coins as part of acquiring a share in the nominal capital of MinexBank. In order to promote the growth of MinexBank, we are ready to work with a group of banks, and not just with one of them. Therefore, we intend to increase the number of banks that will be co-founders of MinexBank, adopting their experience regarding operation on the credit markets and making MB more decentralized.”

Fundraising

“Summing up the result of the subscription stage, it can be said that during the first stage of ICO we have collected 1176.56 Bitcoins. We thank all those who shared the idea and supported the development of the project by buying minecoins when the idea was at an early conceptualization stage only.Thus, we can say that we have achieved a lot during the short period of time. With each passing day we are becoming more experienced, our team is growing, and the number of those supporting the idea is increasing exponentially. We are confident that 2017 will be the year of MineCoin. Subscribe to our newsletter and social networks on the main page and stay informed about the development of the project.”

About Minex Systems

MinexSystems is a Ukrainian company that develops blockchain-based applications.

MinexSystems target is to make blockchain technology to serve society through the creation of targeted applications where this technology (blockchain) has practical applications.

Products of the company: MineCoin, Minex Bank, MinexPlatform, MinexExchange, MinexMarket.

Learn more about Minex Ecosystem here.

Media Contact

Contact Person: Daniel Shulyaev

Contact Email: danielshulyaev@minecoin.org

Location: Kyiv, Ukraine

MinexSystem is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.