Know More About BananaCoin ICO

Know More About BananaCoin ICO
Know More About BananaCoin ICO

Bananacoin is an ethereum based token being offered in an initial coin offering by a team of Russian entrepreneurs. They intend to use funds raised to enlarge their banana production facility in the Vientiane state of Laos.

Each bananacoin is worth $0.50 and is pegged to the export price of a single kilogram of bananas. The token presale period started on November 29, 2016 and expanded to February 28, 2017. The initial million Bananacoins were offered at a 50% discount. The project’s backers plan to market a total of 14 million exemptions to the general public. In monetary terms, that translates to $7 million.

The job has a soft cap of 5 million tokens (or $2.5 million roughly), if it fails to reach its objective. Investors in the Bananacoin project can redeem their own tokens for products (in this instance, bananas) or monetary settlement after 18 months in July 2019.

BREAKING DOWN ‘Bananacoin’

In their white paper, the project’s backers made their case by pointing to the growing urge for bananas in China. Production of this fruit has improved over the past few years in the nation, but it doesn’t have enough arable land perfect for banana cultivation. The increase in Chinese demand has paralleled a rise in banana exports in Laos.

The Bananacoin project plans to make the most of this dynamic and boost its share of the Chinese marketplace to 360 percent by boosting the farming area of their business.

In the brief term, the program calls for an increase to 360 hectares cultivated region. In the long term, that amount goes up to 1,000 hectares. An effective implementation of their strategy will push sales volume and, therefore, double the worth of Bananacoin tokens, the entrepreneurs behind the project claim.

Bananas, surprisingly, are a good investment from a technical analysis perspective. Within the last 7 years, the international price of a single kilogram of bananas has increased by between 4% and 10 percent every year, making bananas a relatively stable investment.

The Bananacoin Token

Bananacoin, or BCO, is an Ethereum based token, which can be kept in almost any Ethereum wallet. The price of the BCO is going to be tied into the global price of one kilogram of bananas. Banancoins will not merely be a tradable asset, but also provide owners with project share in the Bananacoin project implementation.

The Banancoin team is lead by a group of Russian entrepreneurs, and supported by a comprehensive and detailed white paper. The Banancoin token pre-sale has already reasoned, successfully promoting one million tokens. A private sale, that is currently underway, may be combined with the platform website.

BananaCoin Verdict

Even though the core premise of Banancoin may seem strange, it is backed by solid financial planning and intentions to corner a current and profitable sector. If you are considering ICOs that intention to destabilize real-world product industries, the Banancoin ICO is definitely worth a look.

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