INGOT Group confirms buying back INGOT Coin entirely.
Nov 5, 2018
. INGOT Coin to return all investments to the shareholders and become privately owned under the umbrella of INGOT Group . INGOT Coin has recently announced that there will be a major delay in listing the INGOT Community Coin (ICC). Furthermore, investors and shareholders were given the option to sell back their ICC and claim their investment. INGOT Coin decided to postpone listing because of multiple reasons. The main reason was the novelty and volatility of the Crypto markets. INGOT Coin studied different ICOs and market conditions over the previous couple of years. The result of the study and research indicated that it would both harm our shareholders’ as well as the project itself. The initial plan did not take into consideration the extreme volatility of the market and the increased inefficiency that built up over the last 5 months. The alternative approach that INGOT Coin’s team took was to wait to fully develop the ecosystem to a functional level then proceed to listing. After witnessing the negative effect of premature listing from many ICOs, it was obvious that it would be the wrong decision to do the same. In most cases listed coins took a huge dip in price after listing which caused all shareholders to cash in their investment. This further damaged different ICOs who already completed their crowdfunding phases and had exponential growth and utility potential. Some projects were pressured by investors and token holders to list as soon as possible to enable the latter to liquidate their investment. On the other hand, some ICOs developed their ecosystem and placed their tech development before even crowdfunding. In order to have sufficient value and purchase demand in the market the project needed a working module, therefore it only made sense to develop the latter’s ecosystems prior to crowdfunding and listing. This not only provided value prior to listing but also served to attract investors who wanted more than just to read a whitepaper. As INGOT Coin updated all members that it would postpone listing until the development of the ecosystem (which, depending on the market could take from 3 months to 1 year), and offered investors a chance to sell back ICC; many shareholders started claiming back their investment and selling back their ICC. In the first 2 weeks, only around 2 million USD were claimed by investors, which decreased total raised funds to a total of 38 million USD. Unfortunately, shortly after the latter amount was claimed, the majority shareholders also claimed back their investment and decided that they would not wait for INGOT Coin to develop before listing. On the 31st of October, 2 of INGOT Coin’s biggest Investors decided to claim back their investment. The total amount of their claim amounted up to 12,000,000 USD, and while they were not certain of their decision at the time, It was confirmed 2 days later with official written notice on the 2nd of November. Consequently a few other major shareholders followed the trail on the 4th of November with a total claimed amount of 4,467,800 USD. The total amount after all claims as of Sunday the 4th of November equaled 21,532,200 USD which is unfortunately way below the soft-cap initially approved upon and required capital to run the project. INGOT Group shareholders and board of directors held a digital joint meeting the same day over Skype to discuss the most viable and appropriate options for INGOT Coin. After thoroughly discussing all options and arguing on the best methods and approach, the group decided to buy back INGOT Coin as a whole. The shareholders came to agreement that in order to efficiently develop the ecosystem and gain maximum flexibility with important decisions, it only made sense to own the full project. INGOT Group will be extending the claim period until the end of the year for all investors to sell back their ICC and get their investment. It is reasonable for INGOT Coin’s Investors to want to claim back their investment since they will not be profiting until the listing. A couple of months ago, IC introduced INGOT Brokers to allow all members to utilize the company’s trading platform and allow investors to use their ICC and make profits. Some of the Investors have transferred their fund to INGOT Brokers, traded on financial instruments and made profit, however that was not the case for most INGOT Coin’s shareholders. The shareholders and board of directors considered buying back only the claimed Investments, however the remaining investors would be affected in any case that listing or development would be further postponed and extended. What is Next for INGOT Coin and Investors? INGOT Group will now work on refunding back all investors and buying the project. To guarantee the success of the all-inclusive ecosystem, the development itself is of top priority. The team will continue to view and study the market in order to grasp the right opportunity of entry. Once a functional ecosystem is created and the market conditions improves and becomes stable, INGOT Coin will effectively list and launch the full ecosystem. INGOT Coin will still be lunching the second phase crowdfunding for the Digitized commodity exchange in 2019. No further details on the amount or specific details have been publicized but it will majorly depend on the growth of Cryptocurrencies and its effect globally. To sell back ICC and claim your investment, kindly email us at : info@Ingotcoin.io