Roadmap 2.0 and Token Sale Update
Most awaited details on CIN token sale as well as what we have in the pipeline next!
Hello Coinsbit Tigers!
We’re so thrilled to announce our upcoming plans for the next phase of our launch where we really head heels on and turn up the heat! There’s been a lot of anticipation, excitement, tears, pain, hope and faith for all of us including our team and our community and we appreciate everyone’s continuous support. In this article, please find important updates on what’s coming up for the CIN token sale and what timelines to expect.
Topics:
- Token Sale
- Roadmap 2.0
- Unforeseen delays
- 2022: The year of crypto in India
Token Sale
We are pleased to announce that we have officially started our Private Round led by Public Sale (IDO) and IEO which will be on our own exchange. This is a very exciting time for us as we are now in a unique position where we have bootstrapped our way to 1M+ KYC users, we have a great product to offer thanks to our partnership with Coinsbit Global and we have built a team of up to 80+ employees to support and scale the Indian Crypto community.
There have been immense enquiries about our token sale especially the listing date and private rounds however we have been reluctant to release exact listing dates because we have wanted to bring in key players from the global market to India and unfortunately lack of regulations and constant change towards passing it as a bill continues to create uncertainty in these groups. Submit your expression of interest for our Private Round here.
Our fundraise rounds will be as follows:
Private Sale: Aiming to close in mid-January however may take upto March as there is still back and forth on Crypto Bill and whether it’s being passed in this winter session or not.
Public Sale (IDO): Within 2–3 weeks of Private Sale closing
IEO: 1–2 weeks after IDO
We will be releasing Public Sale guidelines, listing prices, public sale rounds and IDO platforms in hopefully January itself however may take up to February. Please stay tuned! In the meantime, we invite our community to start using Coinsbit India platform and trading INR as low as Rs.100! We will also be hosting our first token burn event before the public sale and details will be released in the coming weeks.
Roadmap 2.0
Having completed the majority of our technical set up including integrations with banking systems and with multiple blockchains for easy user withdrawals, we have now celebrated a major milestone and launched our highly anticipated INR trading with 16 pairs.
This past year for us has been really about building our products, teams and overall bootstrapping our way through regulatory uncertainties. However, we are excited to bring in 2022 with the start of our Public Sale, robust products, highest liquidity (Superbook shared with Coinsbit Global) and 24/7 multilingual support. We have already kick-started our INR trading which was launched earlier this week and our team is currently working on releasing the Coinsbit India App in the next 10–14 days.
Simultaneously working on our Private and Public sale in Q1, we will also be organising our first Token Burn Event followed by IDO and IEO on our own launchpad. We will be kickstarting project listings, competitions and bounties to start delivering world-class trading services and opportunities to our community. Key products we will be releasing in the next quarter are:
- Staking pools of major cryptocurrencies
- Launchpad on our own platform
- OTC
Key products in the pipeline for 2022 are as follows:
- Deploying P2P
- Derivatives
- Spot Trading
- Margin Trading/Lending
- NFTs
- CIN Smart Chain
- Payment gateway licenses
- Crypto hedge fund license
Unforeseen Delays
We started the airdrop with a bang this year and quickly grew a huge user base. With this amazing surge also came the strong demand for the immediate CIN listing from our community. Our plans were always to launch with speed and deliver the basics done really well first. We’re talking instant support, robust platform, highest liquidity and security while trading. These are the main key areas we have been working towards.
Uncertainties in Regulations Creating Panic
Given the hopes of regulations coming in a few times and then turning tables in the media a number of times, we ourselves experienced a lot of delays and back and forth when dealing with financial institutions. Whether it was delayed in us receiving API keys from banks to banks refusing to work with new Crypto exchanges after agreeing to give API keys in the first place to delays in key partnerships and global players who were waiting for regulations to come in before they could participate in the Indian Crypto startups or market seriously. There has been a continuous cycle of change of plans from the government which has caused a lot of uncertainty in the Indian market. We are trying to build a powerful Crypto ecosystem and drive participation from the global Crypto market to bring economic opportunities to India as well as create job opportunities within India.
Token Sale
One of the major reasons for the delay in our token sale has been again due to uncertainties in regulatory frameworks. Our main goal is to work in the interest of our community and our long term token hodlers, which means doing the fundraising properly including private sales with credible backers. Lack of movement towards legal framework has turned away a lot of investors from entering or investing in the Indian crypto market. With recent positive announcements in Lok Sabha Bulletin II about the potential passing of the Cryptocurrency bill in the winter session, we have started our fundraising rounds with hopes the Indian Government continues to work towards regulating this industry and bringing more certainty to the market.
There have also been internal delays on the technical side in our early days during the KYC automation phase where our initial integration had a few bugs which resulted in KYC automation being delayed by additional few weeks.
A huge shout out to our community and CIN token holders who have been so patient and supportive at times when we have faced unforeseen delays and continued to promote Coinsbit India, whether on social channels or in-person with their peers. We understand at times the repetitive answers from our support may have caused some frustration amongst the users but please be assured that we didn’t want to make promises if there were uncertainties.
However, on the first sign of positive announcements towards Crypto regulation recently, we have swiftly picked up speed and launched our Private Round. Whether the regulations come in or not until then, we will remain flexible and continue to work in the best interest of our community to ensure we don’t take quick actions which may hinder the long term growth of our community and token economy. This means continuing to work towards doing our fundraising and token sale launch and being transparent with our community when we face issues.
2022 is the year of crypto in India!
Given the huge surge of Crypto holdings in India from $923 million in 2020 to $6.6 billion in 2021, it’s no surprise that India is a huge growth and adoption market for Cryptocurrencies. We’re hopeful the regulatory frameworks will come in to help foster this new booming industry with jobs and wealth creation opportunities for the people of India.
Some of the key differentiator factors that we will be advocating and bringing to the community strongly next year will be our robust technology with a full suite of trading products, highest liquidity, instant 24/7 multilingual support on all socials, inbound channels and telephone support as well as project launches and continuously unlocking benefits for the CIN token holders. We will be creating a Superbook with Coinsbit Global in hopes to tackle the lack of liquidity challenges in India to ensure we maximise powerful opportunities for the Indian Crypto community.
We will be holding an AMA on this in a few days and invite you to join us and ask us questions. We believe now is the time to get together and create a dialogue on how our Indian economy and community can benefit from this emerging and booming new industry!
We’re now taking enquiries about the Private Sale Round. Please submit your expression of interest here.
About Coinsbit India
Coinsbit India is a peer-to-peer crypto trading platform connecting buyers with sellers which are powered by Europe’s largest and award-winning cryptocurrency exchange. Coinsbit.in aims to bring a professional, smooth, easy, and highly liquid Crypto platform in India delivering a superior user experience.
