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An upcoming Blockchain network which allows financial trades to be completed within seconds is promoting a new utility token ahead of launch.
TradeConnect aims to eliminate delays in global markets that currently mean it can take days to settle a transaction. The platform will use a specially created token known as ThinkCoin, which can easily be converted into other cryptocurrencies and fiat money through exchanges.
At first, the trading network’s users will be given the chance to trade forex and contracts for difference (CfD for short.) The parent company of TradeConnect, the ThinkMarkets Group, says it already has established a track record in offering these services to thousands of investors.
TradeConnect has bold plans to allow its international user base to eventually trade across any financial asset they please – with bonds, futures, equities and commodities among the services it wants to start offering in the months after launch.
The development resources, intellectual property and trading infrastructure will be licensed to ThinkCoin by ThinkMarkets.
A shake-up for global markets?
The company firmly believes that its Blockchain network brings an opportunity to stop the world’s biggest banking institutions from dominating the markets. According to TradeConnect, the clients of some of these financial clients face unreasonable charges when they perform a trade, with poor transparency enabling some firms to skew asset prices.
Through this new platform, TradeConnect hopes that a trader’s dependence on brokers and other middlemen would be diminished, meaning they remain in control of their funds at all times and commence trades with other individuals at will. In what the company describes as the most significant development for the industry since electronic trading was introduced in the 1980s, smart contracts would fulfill trades automatically using independent data.
In an attempt to differentiate itself from rivals, TradeConnect says investors on lower budgets will be able to buy a fraction of a full share in a company through a system known as “micro shares.”
The company’s white paper claims its technology could significantly reduce the risk of a trader losing their capital because a financial institution has gone under. This is because of how settlements are completed almost immediately using ThinkCoin.
Smaller commission fees promised
At first, TradeConnect plans to offer a wallet which supports seven cryptocurrencies – including ThinkCoin (TCO) which is the only token an investor can use to make trades through the platform. Once the company’s ICO has drawn to a close, traders will be able to purchase TCO with cryptocurrencies and fiat on numerous exchanges.
Like other trading platforms, TradeConnect will charge a commission at the conclusion of every trade, which is known as a Connect Fee. One major difference from competitors is that three quarters of this commission will be given back to active “Market Takers” and “Market Makers” on the network in the form of a rebate. Overall, the company is hopeful of reducing the expenses associated with trading.
Beta version of TradeConnect planned for August
The ThinkMarkets Group says it intends to use data it has amassed on thousands of investors who use its current trading networks to make TradeConnect a success, with ThinkCoin’s listing on crypto exchanges set to take place in May.
TradeConnect is going to launch in beta during the summer, and investors will be able to start making CfD and forex trades by the autumn. Come the start of 2019, functionality for a plethora of other financial assets will be made available.
At the moment, a pre-ICO for ThinkCoin is under way, with the first phase ending on April 23 and the second phase concluding on May 14. The full initial coin offering begins the next day and wraps up on May 25, with the company intending to use proceeds for attracting new traders and expanding the features of its network.