|Industry:||Precious Metals Trading Platform|
|ICO Timeframe:||2/12/18 – 05/01/18 (PreSale & ICO)|
|Token Supply:||21,000,000 MGM (70% Crowdsale)|
The Magma platform aims to be a blockchain-based universe for decentralized trading, investing and education in financial markets. Magma runs on a blockchain ledger and works through a digitized cryptoasset called MGM, whose cryptocurrency value is based on physical gold. The decentralized platform uses a special blockchain that helps gold owners trade, loan, invest in and, generally, use their commodities for profit… The company uses exchange traded funds (ETF) or physical gold (of 999 quality) as its security. Magma gold reserves equal or exceed its mined amounts of MGM.
PROS: Ability to use gold backed tokens (ie. MGM) to hedge volatility inherent in today’s cryptocurrency market.
CONS: Extremely sparse white paper which offers little details regarding the project as well as roadmap to “success”, team consists of only two “c-suite” executives and two advisors with little to no support staff, ability for team to deliver on project is highly speculative in its current form, Magma claims to be co-funded by a large multi-billion dollar company out of Dubai but fails to mention who it is.