Sunday, May 28, 2017

ZenGold blows away Dubai's OneGram during their respective ICO's last Friday

On May 26, two gold backed cryptocurrencies commenced their Initial Coin Offerings (ICO), with differing results for each after the first day of trading.  ZenGold, which is cryptocurrency model based on the sale and distribution of 100 million tokens that are each backed by physical gold bullion. sold out its complete offering of 63 million coins in a single day.  And one of the biggest reasons for the incredible success might have been the fact that ZenGold was allowing the use of cryptocurrencies such as Bitcoin and Ether to be used in purchasing the tokens.


In the meantime, Dubai's gold backed OneGram cryptocurrency had a much less successful beginning as their ICO started on the eve of Ramadan, and is set to continue all the way through the duration of the Islamic holiday (June 24).

And as of the end of Friday OneGram had sold only $430,000 worth of a $500 million offering.
OneGram announced at Consenus this week the world’s first Sharia-compliant, gold-backed digital currency. The company also announced details for its “OGC” token crowdsale which will begin at the onset of Ramadan. The Initial Coin Offer (ICO) will continue for 120 days. OneGram seeks to raise an astounding $500 million by selling more than 12+ million OGC tokens. As of today, over $430,000 has been deposited, according to the OGC ICO page. - Crowdfund Insider
Interestingly, there might have actually been a parallel to Bitcoin's $800-900 drop in price on Friday, as it is very possible that Asian investors either sold their Bitcoin to get into ZenGold's ICO, or used their Bitcoins directly in purchasing the new gold backed cryptocurrency.
Friday May 26, 2017 ZenGold launched a cryptocurrency backed by physical gold. Bitcoin and Etherum cryptocurrencies began moving violently in the market place on Friday May 26. ZenGold accepts Bitcoin and Ethereum as currency for the “tokens” of ZenGold.
Would it make sense the drop in both Bitcoin and Ethereum as being related to people moving their cryptocurrencies into ZenGold? Asians love gold and with a gold backed cryptocurrency coming online that accepts the two most popular cryptocurrencies it makes to me that some of what we have seen over the past 48 hours is directly related to the launch of ZenGold. - The Daily Coin

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