It’s an exciting time for cryptocurrencies. Ripple just became the No. 3 coin, muscling bitcoin cash out of the way and boasting a market cap of USD 56 billion. Meanwhile, upcoming ICOs are similarly getting a warm response from investors. Moscow-based INS Ecosystem just reached its hard cap in its token sale of 60,000 ETH, and 50% of that was done in just four hours. They received interest from cryptocurrency investment funds as well as individuals. INS raised more than USD 40 million in the token sale, based on ETH prices.
Helping the INS Ecosystem ICO to reach its goal were Collinstar Capital and Blockchain Ventures, which contributed USD 1 million to the token sale across 2,000 ETH. The INS token is expected to be listed on several cryptocurrency exchanges, including HitBTC, which is the fifth largest cryptocurrency exchange, Livecoin, Mercatox and EtherDelta. They are also using their social media presence to get followers to help INS become listed on Kucoin, which is an international blockchain assets exchange.
Direct to Consumer Model
INS Ecosystem is using the blockchain to capitalize on the trend of online grocery shopping, which is the direction the industry is headed in many countries. They are looking to solve the problem of inefficiency and high costs associated with ineffective trade promotions that lead to higher prices. The INS platform connects consumers directly with food manufacturers to cut out the retail layer. They’re receiving growing interest both on the consumer and grocery manufacturer sides, all of which bodes well for participants in the INS ICO.
INS is taking a page out of the book of some leading industry players. Companies on and off the blockchain are increasingly selling directly to consumers, such as Apple, Nike and Tesla, to name a few. The INS Ecosystem incorporates the blockchain to create greater efficiency along the blockchain; for instance, so that products can be traced from farm to table. INS has signed about half a dozen food manufacturers on its platform across Europe.
The INS platform is scheduled for development throughout 2018 with an expected launch date of Q4 2018. That’s a long time for participants in the INS ICO to wait, which adds to the risk profile.