WesternCoin have just launched their ICO with the website already displaying sales of over 3.1 million coins.
What is WesternCoin
They're a new lending platform. Similar to bitconnect, regalcoin and a direct competitor to the hextracoin ICO.
Their website states that they'll be offering interest rates of up to 45% per month. They also have a staking option which says it will offer 7% per year.
How does it work
On the platform they state that they'll be paying out based on your initial lending amount and on the volatility of bitcoin, similar to how other bitcoin lending platforms such as bitconnect have been operating.
- Lending amount: $100-$499, volatility interest only with return of capital after 240 days.
- Lending amount: $500-$999, volatility interest plus 0.05% per day, return of capital after 210 days.
- Lending amount: $1000-$4999, volatility interest plus 0.1% per day, return of capital after 180 days.
- Lending amount: $5000-$9999, volatility interest plus 0.15% per day, return of capital after 150 days.
- Lending amount: $10,000-$49,999, volatility interest plus 0.2% per day, return of capital after 120 days.
- Lending amount: $50,000-$99,999, volatility interest plus 0.25% per day, return of capital after 90 days.
- Lending amount: $100,000 and above, volatility interest plus 0.3% per day, return of capital after 60 days.
The WesternCoin lending platform will go live when the ICO has finished, to lend to the platform you simply deposit with bitcoin, purchase their WNC coin and then select your lending option. They claim that interest will be paid daily and withdrawal from the website will be free.
Roadmap
Their website displays their roadmap which is basic to say the least:
- October: Coin ICO
- November: WNC exchange opens, lending plan begins, marketing campaign.
- December 2017: Listed on crypto currency exchange, listed on coinmarketcap, desktop wallet, android and IOS wallet.
- January 2018: Partnership with merchant payment processor.
Is WesternCoin a scam?
It could be so I wouldn't recommend investing more than you can afford to lose, the website doesn't display the owners details and they have no whitepaper.
Referral Program
As with most lending platforms like this, WesternCoin have their own referral program which pays 8% on the first level, 3% second level, 2% third level and then 1% decreasing all the way down to level 10. They also pay a 5% bonus on the first level on interest earned by users that you have referred to the platform.
How to sign up?You need to use a referral code to sign up to the platform.
WesternCoin ICO Details
- Total coin supply: 5,000,000
- Sale dates: Ends on the 31st of October but it looks like the coins may sell out before then.
- Price: Currently $1.00, rising to $1.05 soon.
Conclusion
As with all of these lending type platforms this is a very high risk investment, I wouldn't recommend investing more than you can afford to lose. However judging on how the past ICOs of Regalcoin and Bitconnect it may be worth the risk. Regalcoin was sold for less than $1 last month and is now trading above $12. Bitconnect was sold for around $0.2 and is now around $140 per coin with a market cap of nearly 1 billion dollars.
Website: https://westerncoin.co