Singapore: P2P lender Crowd Genie targets raising up to $31.6m via ICO

Bitcoin, cryptocurrency & electronic finance

Singapore-based P2P lending solutions provider Crowd Genie plans to conduct an initial coin offering (ICO) of its CGCOIN currency, aiming to raise up to ETHB100,000 ($31.69 million).

Crowd Genie is among P2P (peer-to-peer) marketplace lending platforms licensed to operate in the city-state by the Monetary Authority of Singapore (MAS). It focuses on facilitating easier capital access for borrowers, primarily small and medium enterprises (SMEs) looking to grow their business.

Founded by Akshay Mehra and Bikash Saha, the P2P lender commenced operations in 2016. Crowd Genie aims to use the proceeds to develop an end-to-end pan-Asian tokenised lending platform that streamlines capital flows between lenders and borrowers.

CGCOIN token holders will be able to invest in businesses listed on Crowd Genie’s platform. The lender plans to couple this with a digital passport to hold verified information of each stakeholder and asset.

It also plans to add a utility to its tokens by helping SMEs build their credit histories by incentivising on-time payments, and real-time data sharing, by adding CGCOIN credits to borrowers with strong credit profiles.

In a statement, Mehra said, “We are looking at building a blockchain-based lending exchange for the Asian market that could dramatically improve the flow of capital, while continuing to be compliant with the regulations. We believe think that the efficiencies of blockchain fit very well with our target of the underbanked population of SMEs in Singapore and in the region more broadly.”

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.