Skraps Launch Their ICO

Skraps is a micro-investment platform which enables users to make investments by rounding off their transactions in cryptocurrencies. Whatever change remains from an investment, it will be put in a portfolio of cryptocurrencies chosen by the users according to their risk tolerance. These portfolios are developed by professional crypto managers to guarantee the best returns on investments.

The SKRAPS token (SKRP)

The SKRAPS token is used to pay transaction fees in the Skraps platform and the professional fees for portfolio managers.

The Skraps team will focus on first creating a desktop app for the Skraps platform by April 2018. Then once the desktop app is stable, a mobile version of the app will be developed and released publicly by June 2018.

After the app for both desktop and mobile devices will be released, the project will be available for open source software development by the online community.

Team

The team backing up Skraps is made up of blockchain and marketing experts that have years of experience in their fields.

One of the co-founders is Kal Mokhtar, who has a bachelor in Business Administration and has founded other projects. Mohamed Effat, the second co-founder is a financial analyst that has worked in multiple companies in the financial sector.

ICO structure

The funds that will result from the ICO will be used for the further development of the platform, marketing and PR.

A total amount of 110 mm SKRAPS tokens will be created. 66 mm of these tokens will be available as part of the token sale, 11 mm will be reserved for founders and advisors/team, 5.5 mm tokens will be allocated to Marketing and Bounty programs and 16.5 mm tokens will not be issued at the start of the ICO as they will be used in future token issue. All tokens that are left unsold will be burned.

So far, Skraps has managed to raise its softcap of $1 m in just a few hours of opening sale. The hardcap is $21,450,000.

Tokens can be bought by using BTC, LTC, ETH, Dash, Ripple and Bitcoin Cash. Due to cryptocurrency volatility, the prices have been set to USD as follows:

Week 1: $0.30

Week 2: $0.35

Week 3: $0.40

Week 4: $0.45

Distribution, initial rate, and token exchange

Conclusion

Skraps is a project that wishes to make cryptocurrency investing simple for everyone, and this ICO will be used to help the growth and development of this platform.