Estimated reading time: 5 minutes, 18 seconds
Does Crypto Rule Everything Around You? Then I’ve got some good news! Welcome back to the another edition of ICO or NO! Jeremy is here to break down one of the newer cryptocurrencies out there, the CREAM Coin, CREAM Capital’s cryptocurrency, launched by Wu Tang’s very own Ghostface Killah.
Of course were going to have some fun while reviewing this ICO, but we won’t abandon our usual format. We’ll go over the four questions we ask ourselves every time we evaluate a new ICO. So sit back, relax, and get ready to get those dolla dolla bills y’all!
What is CREAM Capital & what problem do they hope to solve?
One question that consistently comes up whenever teaching someone about bitcoin is,
“How do I turn my cryptocurrency into actual, spendable cash?”
There are several ways convert your crypto to cash, such as through exchanges or private sales, but these methods are difficult to use or set up. Exchanges require you to give up your data and verify your identity, and that’s kind of a hustle, I mean hassle, if you need cash quick.
That’s why I save the most convenient option for last. Cryptocurrency ATMs. You may have not heard about these, but they definitely exist. Mainly restricted to major metropolitan areas, they are an extremely quick and easy to use way to convert tokens into your country’s fiat currency. The only downside, there are usually very, very high fees. We’re talking like 15-20% fees, which is simply ridiculous.
Additionally, people are wary of the volatility of the cryptomarkets, and that may deter them from investing.
Cream Cash ($CREAM) stated goal is to solve the fundamental problems surrounding widespread adoption of cryptocurrencies within the general public. They believe that by increasing the amount of cryptocurrency ATMs, they can provide greater access and awareness of cryptocurrency.
But Cream Capital isn’t stopping there. Supporting this token are Cream Debit payment systems that allow token holders to synchronize their wallets with a debit card. In plain terms, you can use your Cream Cash anywhere where credit cards are accepted. Cardholders receive a percentage of money back in the form of Cream Tokens to incentivize and encourage widespread use, just like credit card companies do now.
Cream tokens are not mined. When money enters the market, the token supply is updated and tokens are then generated and deposited into the user wallet. When the funds are spent, those tokens are destroyed. Cream Cash has an uncapped, fluctuating token supply. Depositing one dollar with Cream Capital will result in one CREAM CASH token being issued. When converting tokens back to fiat, the tokens in question are then destroyed. In doing so, the number of tokens always reflects the number of dollars currently in the market and ensures the value of tokens remains in 1:1 synchronization with US dollars. Tokens are generated by purchasing them on-location at Cream ATMs across the United States or online through the Cream Digital Asset Exchange.
What are the market conditions facing the project?
The project has the Wu Tang name and we’ve seen some gimicky cryptos create with no real function (hello Dogecoin), but please don’t confuse this for some crappy altcoin. They have a full, reputable team and have actually been granted a trademark on the phrase “crypto rules everything around me.” You might be asking, how could they trademark a term that was clearly heavily influenced by the Wu Tang Clan. Well, it helps when your chief branding officer WAS a member of the legendary Wu Tang Clan. Ghostface Killah himself, yes original member of the Wu Tang Clan, is on CREAM Coin’s board.
Having a celebrity name this recognizable in charge of branding could propel CREAM ICO to a level of popularity we haven’t seen yet. Media attention received by Kin with KIK was huge, but with the CREAM ICO is still a month away I’m seeing outlets like Bloomberg and CNBC are already covering the ICO.
There is definitely a demand in the market for cryptocurrency ATMS, and for lower fees too. So if CREAM Capital can get those fees down, they are undercutting their competition while still making a lot of money.
Who is behind CREAM Capital?
We’ve already talked about Ghostface Killah, the Chief Branding Officer for CREAM Capital, but he also has a great team and board backing him up as well. The project is pretty clear that Ghostface is involved in their day-to-day operations. The fact that they are able to use some of Wu Tang’s intellectual property certainly helps. But the non-Ghostface members of the team are accomplished as well. It’s important to note that this ICO will be conducted in the United States, which means that CREAM Capital will have to comply with all securities laws. With the level of transparency and the legal representation they are consulting, this shouldn’t be a problem. Actually, the fact that they have to comply with the SEC should actually give investors greater confidence.
What is the design of the ICO?
The crowdsale is stated to start on November 11, 2017, and will be capped at $30 million. A nice thing about investing in CREAM Capital’s project? They are extremely transparent in how they are spending those funds.
- $10 million goes to ATMs in America,
- $10 million for global ATMs,
- $1.5 million for legal funds,
- $2.5 million for exchange development,
- $3 million for debit card integration, and
- the last $3 million for liquid funds supporting ATM and debit card network.
They hope to prove CREAM Coin ain’t nothing to fuck with, but only time will tell. The wider adoption of crypto is naturally going to increase the demand for easy conversion from crypto to fiat, and ATMs only seem like a natural way to solve this problem and accommodate new users who want to seamlessly and quickly change their digital tokens into cold hard cash.
So if you’re interested in purchasing some CREAM Coin for A BETTER TOMORROW this may be the way to go.
ICO or NO covers some of the hottest tokens sales from the coolest projects! Jeremy, though his patented Four Question System*, dissects each project to help you better understand the token sale! Check out more of our ICO or NO episodes here, and subscribe to our YouTube channel for future ones!
*Patent Maybe Pending