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Tokia is a new Scam?

Tokia ico token is a scam?

Tokia, a crypto currency exchange platform, is conducting an initial coin offering (ICO) to fund its development. According to the white paper, Tokia “aims to make Bitcoin payments direct and easy for everyone, everywhere.” The project is a crypto currency exchange platform which would allow users to convert their crypto assets into major fiat currencies. This piece is an analysis of the facts available about the Tokia ICO sale. It should not be read as offering any advice or a recommendation. ICOs may have quickly become a popular tool for funding new projects but the ICO is high-risk for token purchasers. ICOs currently have an unclear legal and financial status. Additionally, token buyers may find that their purchase does not offer them any security or equity in the start-up or project because the ICO is more like a crowdfunding initiative than a traditional IPO. As such, any investor who plans to buy tokens during any ICO needs to obtain all relevant independent advice and carry out their own appropriate due diligence.

Project overview

Tokia plans to offer users crypto currency services including:
  • an online crypto currency exchange platform, a mobile app based wallet and exchange platform, a debit card that allows users to make purchases using crypto currency and cold storage facilities
The platform plans to accommodate all major crypto currencies and allow users to convert assets held in their blockchain wallets into other crypto currencies or international fiat currencies using a fast, simple and secure process. Users could also earn interest on their crypto holdings by lending their assets to others as part of a peer to peer lending system. Like other fintech start-ups, Tokia appears to want to use blockchain based technology to increase efficiency and reduce costs. The idea appears to be that these services would help users to integrate their crypto assets into their normal financial activities. The white paper outlines a longer term ambition to provide crypto currency services within developing economies. Tokia was registered with Companies House in the United Kingdom in December 2017.

ICO facts

ICO coin came: Tokia Token (Tok) Token standard: ERC 20 (Ethereum) Soft Cap: 1,500,000 Total token supply: 50,000,000 Public ICO sale supply: 50,000,000 Initial token rate: 1Tok/ 1USD The Tok token is a utility token and does not offer any equity in the business to purchasers. Instead, the token would have a number of functions within the platform. The ICO pre-sale opened on 4 December 2017 and will continue until 30 December 2017. After this, the public ICO is due to start on 31 December 2017. According to the website, the ICO will be arranged as a series of funding rounds with separate hard caps for each stage. The final round is scheduled to finish on 15 March 2018 when unsold tokens will be burnt.

The team

The website lists four team leaders who have expertise in private banking, finance, business development and social media marketing. There are four advisors listed who bring additional experience in fintech, blockchain and crowdfunding.

Minimum viable product

The Tokia platform is in development with testing taking place during 2018. According to the roadmap, Tokia is currently in negotiations with payment service providers. The company plans to launch the exchange platform and mobile app for public use during the third quarter of 2018 with the debit card and cold storage available from 2019. From src

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