Ex-Telegram Employee Set To Launch a Trading Platform
Anton Rosenberg is set to launch a new digital currency trading platform named Mikado which aims to assist blockchain based start-ups in stabilizing their coin prices.
The former Telegram director of special projects has decided to provide help to businesses planning to launch an Initial Coin Offering (ICO).
This Tuesday, Rosenberg announced that it would guide start-ups that want to minimize the risk of price collapse when initial investors drop their tokens, and an open sale commences. He added, “Many companies who are doing ICOs are trying to get investors’ attention with big bonuses and discounts without a understanding how it will affect the price after the ICO.”
Traditional financial markets have the upper hand because of market makers and underwriters that guide companies to develop their IPOs. On the other hand, ICO markets do not enjoy assistance from mechanisms and institutions for planning release policies of liquid tokens. The former director claimed that Mikado would be the first to do the same job for crypto businesses.
The new crypto exchange will be issuing a derivative for tokens that are sealed like tokens and are dispersed among company’s employees to boost their work with tokens secured for early investors.
Investors will be receiving saleable derivative Mikado Tokens (MKT) after the locked tokens are transferred to a uniquely created escrow account. Finally, the holders of MKT tokens will be receiving their original tokens in an equal amount of their investment after the lock-up period gets completed.
Rosenberg further said, “Locking up coins is a convenient tool, but not very efficient. They can plan several lock-up periods, gradually release their tokens and control the trading volume.” The trading platform claims to establish a “stable commodity-based economy” in the crypto space.
Chief executive, Andrey Nayman, said that the company is not planning to launch its own Initial Coin Offering to avoid any chances of MKT being classified as a security. As of now, the firm has filed a license request for its distributed ledger technology (DLT) in Gibraltar. Afterward, the company has plans to enroll with the U.S. Securities and Trademark Commission.
About blockchain, Nayman said that the mainstream adoption of the technology is not possible until popular regulations are eliminated. He advised launch of proper regulations is necessary for any industry to survive and grow.
He continued that regulators are lacking discipline concerning the industry. Currently, no investor has any particular rights in blockchain projects. Regulators should be working to save the interests of investors and contributors. The CEO stated that America would be the deciding force in respect to the crypto and blockchain industry’s growth.
It is speculated that Mikado will be making a significant impact on the sector especially on new businesses that are waiting for someone to guide them. If the firm is successful in achieving its goal, then it will instantly become a necessity for start-ups and an inspiration for upcoming trading platforms.
But, the road to glory is not as easy as working with new companies and building their product can be very demanding and time-consuming. A failed project might become the end game for Nayman’s company.