INGOT Group announced the establishment of INGOT Coin legal entity which form the basis for establishing the first decentralized commodity exchange that is based on the distributed ledger technology.
The legal entity will be responsible for INGOT Coin (IC) initiation which was established in Estonia and is considered one of the best regulatory blockchain environments in the world.
INGOT Group has finally published The INGOT Coin initiation whitepaper created by INGOT Group’s team. INGOT Coin aims to create a new full-fledge Ecosystem that will conveniently bridge the gap between the crypto world and the current financial markets.
INGOT coin ecosystem components are: IC Digital Bank, IC Exchange, IC Wallet, IC brokerage, IC Accelerator, and IC Crypto Certifier.
All these components will be integrated through an innovative blockchain technology that facilitates trading between the traditional stock market and cryptocurrency. On the other side, it will offer cryptocurrency traders unlimited access to all the essential trading instruments such as shares, ETFs, and commodities.
In statements, Iman Mutlaq, the director at INGOT Group, said "This ecosystem will be the cornerstone for the upcoming period; through establishing the first decentralized commodity exchange that is based on the distributed ledger technology. The aim of this phase is to increase productivity of small farmers by providing them with a transparent price discovery mechanism."
The fundraising will start with a Pre-ICO on May 1 until the end of the ICO in mid-August. The project aims to raise $ 90 million in the first phase, and is considered the first of its kind having both custodians, which are the IC Wallet and the IC Bank.
Meanwhile, Ali Shibib, the CEO of INGOT Coin, said that “With one account application the user of the ecosystem will have a bank, wallet, exchange, and a brokerage account. This will encourage the user to use Crypto in their day to day activities."
Ali Faqih, CFO of INGOT Coin, expounded that “The IC Digital Bank and the IC Wallet will act as custodians in the Ecosystem. We believe that our all inclusive ecosystem, will set a precedent in the region and will act as an incubator to all future ICOs”.
IC Digital Bank will be established in Europe - Germany. As for the IC Crypto Certifier it will be established in the Gulf Cooperation Council (GCC) starting with Dubai.
For his part, Zeid Madbak, the CRO of INGOT Coin, said “The exchange is a pivotal component in the ecosystem. It will provide the users with a graphical user friendly interface (GUI) offering unlimited number of tradable instruments offered by INGOT ecosystem”.
Telegram Group: https://t.me/INGOTCoin