OK Jumpstart Launches ‘Crowdfunding 2.0’ Blockchain Project on Seventh IEO

OK Jumpstart, the initial exchange offering (IEO) platform of leading cryptoasset exchange OKEx, has launched a crowdfunding blockchain platform called Pledgecamp (PLG) on its seventh IEO.

OKEx noted the launch came merely a week after its sixth token sale of Echoin (EC), which opened trading at around 3.5x the listing price it had on OK Jumpstart, at 0.04 USDK. On the cryptocurrency exchange, EC is currently trading at 0.06 USDK.

Pledgecamp is reportedly a “crowdfunding 2.0’ blockchain project,” that’s set to combine a decentralized crowdfunding system with the benefits of blockchain technology. OKEx’s post notes it “launched the crowdfunding industry’s first smart contract escrow system,” which protects investors during the process and rewards them with PLG tokens.

Andy Cheung, OKEx’s head of operations, was quoted as saying:

Pledgecamp is a great project in the way that it connects companies and communities, and shares with everyone in the world an opportunity to become an entrepreneur. Such aspiration deserves a good place in the market.

Cheung added the blockchain space has been “growing at lightning speed,” and as such it’s important for the firm to explore different sectors. The token sale saw OKEx’s users purchase PLG tokens in two subscription sessions using the exchange’s OKB token, with the minimum subscription amount being of 200,000 PLG, each priced at $0.0025.

On social media, OKEx has noted Pledgecamp’s tokens opened trading at 0.005 USDK, at double the price they were sold.

The post adds that OK Jumpstart was launched only five months ago, and has already launched seven projects. Its goal, it says, is to incubate high-quality blockchain projects that are cherrypicked through its COMPASS model.

The model assesses the potential growth of potential projects in  seven major aspects: creativity, operational competence, marketing competence, progress, activeness of community, sustainability, as well as scalability.” The exchange details a total of 105 factors are evaluated.

The Coronavirus Outbreak Is Delaying China’s Digital Currency Research

China’s research into the launch of its own digital currency has reportedly been delayed over the coronavirus outbreak, which according to recent data has infected over 81,000 people worldwide and claimed the lives of 2,765.

According to the Global Times, an anonymous source close to the matter has detailed that the outbreak forced several government institutions to slow down. The source was quoted as saying:

The coronavirus outbreak has led to postponed work resumption in government institutions, including the People's Bank of China (PBC). Policymakers and research staff involved in the DCEP project are no exception, which weighs on the development process.

Commenting on the case the CEO of a Shenzhen-based blockchain firm involved in the launch of the digital currency, Shentu Qingchun, noted the People’s Bank of China, the country’s central bank, was expected to make an important announcement during Q1 of this year.

Qingchun added, however, there’s only a month left and as such “chances that the announcement could be made on time are slim.” The currency, called Digital Currency Electronic Payment (DCEP), is still being developed and officials are discussing scenarios in which it could circulate as cash.

The source noted that the digital currency could still be launched on time as the central bank has “abundant talent” that can help it deal with the delay in research. Per Shentu, since the DCEP is a digital currency it would help reduce hand-to-hand contact among individuals, which has helped the coronavirus outbreak spread. As such, policymakers could give the DCEP more attention.

The Global Times’ source added that research into the DCEP has “achieved fruitful results” and that it’s close to an end. The central bank’s research institute, per the report, has applied for 65 patents involving digital currencies, while its institute of printing science and technology has applied for 22.

Featured image by Floriane Vita on Unsplash.