COSS, a one-stop solution venue for cryptocurrency adopters, has established a strategic partnership with FundYurselfNow (FYN), a blockchain-based crowdfunding platform.
The increasing interest in the concept of Smart Contracts as a Service (SCaaS) still unexplored yet forecasted to become the Fintech game-changer is driving many industry players to its early-stage implementation. The flexible core of COSS, a startup from Singapore that has put the development of various SCaaS applications on its map, allows adding many functional layers within this technological framework. Thus the company has elaborated an extensive strategy for enabling SCaaS as a segment of the platform with functions such as crowdfunding, P2P-funding, healthcare, insurance, voting, escrow and many more. The company is also developing a cooperation with ICOrating to enable the ICO-related services as 3rd-party plugins on its platform that will also be carried out by the smart contract system.
"Although the ICO hype is high right now, there aren't many people outside the community who have a notion about it. Listing an ICO or a crowdfunding campaign on COSS can increase the visibility of projects and companies looking for funding due to the platform's exposure to a much wider audience, the audience that comes from the outside, but is looking in with curiosity and like to keep an eye on the investment possibilities in there," - shared the COSS Visionary Officer, Rune Evensen.
Inspired by the potential of cryptocurrency crowdfunding as a new funding model that could empower project creators to raise funding from a global audience and bypass traditional fund raising avenues plagued with high transaction costs, Singaporean entrepreneurs Mr. Jack Ser and Mr. Kenneth Tan developed the FYN platform. The platform will increase the accessibility of virtual currency crowdfunding to the masses, and at the same time will allow the project creators to request help and funding for project, and reward backers. In exchange for being listed on the FYN platform, the smart contract system collects a fee from each project. In addition, the successful campaigns are put on a milestone-based funding system where the project funders can vote to delay, or to stop the further milestone payments in the event that the project's promises are not met. On the project creator side, they will need to reach their agreed milestone deliverables to get the further funding. Followed by the remaining 10 days left till the end of its ICO, the FYN team has scheduled a soft launch of the FYN platform in Q4 2017 and the official launch in Q1 2018. In support of the soft launch, the first batch of projects will be listed on the platform by October 2017.
To cement the strategic partnership between COSS and FYN, both companies have signed an MOU that will facilitate the integration of their services for the long-term synergies. As a start, COSS will list the FYN tokens once they are available for trading. Both companies will also use their digital platforms to help raise the awareness of the services provided by the partnering company. It is envisioned that the joined effort of the companies and the partnership will help to improve the accountability and the credibility of the ICO market.