Coinme kicked off its Initial Coin Offering (ICO) today minus the presale that has become typical of tokenized crypto sales. UpToken went on sale as a new crypto asset designed to accelerate the deployment of the largest crypto ATM network in the world. Coinme reports the ICO was launched following a pre-registration initiative that saw more than $40 million in indications of interest. To boost token sales, Coinme is discounting early sales.
Coinme’s ATMs are said to currently handle about $100,000 in transactions per ATM per month so usage is still pretty small. Coinme stated it is ready to build a global network of crypto ATMs across both the developed and developing worlds.
Their UpToken is being pitched as a rewards-based offering that comes with the following benefits:
- 1% “cash back”. Each time a customer uses a Coinme ATM, Coinme will reward 1% of the ATM transaction to the customer, similar to a “cash back” rewards program.
- 30% discount. Customers will receive a 30% discount on ATM transaction fees if they opt to use their UpToken to cover the transaction fee.
- Voting protocol – Suggest the next cryptocurrency. Over time, Coinme will add new cryptocurrencies to the ATM network. Interested parties will use UpToken to vote for which ones should be added to the network.
Coinme says that for the first 12 hours of the sale, UpToken’s supply will be uncapped. After the first 12 hours, the amount of UpToken available for purchase will not exceed $100 million.
Additionally, UpToken has captured the interest of former NFL star Sidney Rice. Rice has been promoting the offer on Twitter for some days now. According to Geekwire, Rice is now an advisor to Coinme.
— Sidney Rice (@sidneyrice) October 15, 2017
The ICO closes on October 27th.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!