A blockchain platform designed as a digital piggy bank for families has won first place in an international ICO competition; and has been awarded a listing on the cryptocurrency exchange Bitfinex – as well as more than a half million dollars in investment.
Pigzbe, which allows families to easily transfer money safely and instantaneously, beat 19 other projects in the international ICO Race held in Switzerland. Pigzbe has been given $600,000 to grow, and the platform’s ‘Wollo’ token will now be listed on Bitfinex.
To participate in the ICO race, which took place in Lugano, Switzerland, projects needed to stump up an initial 2,500 CHF, approximately the same in dollars, before an additional 12,000 CHF to compete in the final round.
They were first screened by an internal team. The four top projects then pitched their idea to a panel of judges and industry experts, including the Bitfinex CTO and the CEO of Eidoo, a multicurrency asset manager.
[bs-quote quote=”One of the most difficult steps for an ICO is securing listing on a top exchange. Securing a listing on Bitfinex is arguably more important than the dollar investment itself.” style=”default” align=”left” author_name=”Fillipo Yacob” author_job=”Founder & CEO, Pigzbe”][/bs-quote]
The London-based team has said that the prize-money will be used to accelerate development and has said that it now plans a public-sale for its token for some time in July.
ICO Publicity: The Sine Qua Non
It’s not news to say the cryptocurrency space is rapidly becoming overcrowded. New projects claiming to disrupt society and promising a billion loyal users by next Wednesday, seem to be popping up almost daily.
Projects that are at the very onset of development are desperately trying to find means to gain airtime and most are very aware of the effect that correct branding can have as a means to draw new users into the sphere.
Of course, winning a tournament highlights the viability of a project and secures much-needed funds and opportunities, but it also gives them the best opportunity for ICO publicity with potential investors and with the wider crypto community. And as illustrated above, the exchange listing is considered more valuable than the prize money.
A listing on a popular exchange is virtually a necessity for a smaller ICO to survive – it offers their token holders liquidity, and if guaranteed in advance it can be a huge selling point as the project pitches to investors.
Having to pay a total sum of nearly $15,000 just to compete with no guarantee of reward or success is a gamble, but a gamble projects are rapidly accepting as the battle for recognition heats up.
For the sixteen unsuccessful projects (the second and third place also win prizes), the ICO race was a bad bet: one that could possibly leave them in a precarious financial position.
“Publicity can be terrible”, said the late American actress Jane Russell. “But only if you don’t have any.”
Disclaimer: The author is not invested in any cryptocurrency or token mentioned in this article, but holds investments in other digital assets.