Finchcoin – Analysis
Finchcoin is faced with too many problems – duplicate domain extension and transparency which has made us believe that finchcoin has no future in the crypto market.
- Lack of verifiable information.
- There is no clarity on the structure of its community/ecosystem, nature of supply of token (finite or infinite supply).
- Its claim that the coin is currently trading on two major exchanges (Poloniex and Coinexchange) is not verifiable.
- Their promotional videos look more like adverts for a ponzi scheme than an advert for a credible business proposition Watch Youtube and this also youtube. This information resolves the mystery behind who owns and backs the project.
- No coin value
Founder(s): Emmanuel Dabi, Cyril Edem Nyarku, Richard Mensah, Mrugesh Pawar, Dr. Shilpa Pawar
Launch Date: 2016
Amount raised at ICO: NA (unconfirmed)
Status: Not Trading
Platform: No platform
Total Supply: NA
Current Market Capitalization: NA
All time peak: NA
There is some confusion as to who owns the Finchcoin cryptocurrency project. This is because of the duplicity of the Finch coin domain name with various extensions – finchcoin.info and finchcoin.africa. While the .info extension seems to be a UK based entity (whois search confirms it was registered via British Virgin Islands), the .africa extension explicitly states that it was founded and currently based in Ghana. However, the website theme, logo and other associations are the same and suggests that it is owned by same group of persons. The UK originated Finchcoin does not reveal the names of the founders, but the Ghana version lists the following persons as founders (their profiles reveal that they are mainly traders dealing in stocks, forex, and commodities): Emmanuel Dabi, Cyril Edem Nyarku, Richard Mensah, Mrugesh Pawar, Dr. Shilpa Pawar .
According to Finchcoin’s Director of Business Development William Asamoah Jnr.”Finchcoin is a project based on funding coin which would be used for smart-green infrastructure developments such as Project Designing, Development and Management, Development of Green Energy Solution, Health and Educational Services, Bills payments, Trading among others.” He also stated that in the foreseeable future, Finchcoin will expand its activities to cover the “value chain of crypto currencies including a crypto bank, crypto bond, crypto exchange, crypto mining, crypto training and advisory services, green projects, shopping malls, payment cards etc.” From a business use case perspective, this is rather vague, too broad and does not seem to be realistic or achievable as stated here Adomonline.
From information available on their website, the project was kicked off in the first quarter of 2016. However, the official launch of ICO (phase one) was done in December 2017, the ICO was rolled out in five phases which spanned from fourth quarter 2017 to second quarter 2018. Based on our analysis, one major challenge observed with the Finchcoin project is the lack of verifiable information, there is no clarity on the structure of its community/ecosystem, nature of supply of token (finite or infinite supply), and its claim that the coin is currently trading on two major exchanges (Poloniex.com and Coinexchange.io) is not verifiable.
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