Utility token Lynchpin( LYN) collaborates with PureGold.sg to come out with fully redeemable physical gold assurance for its 2 million tokens in circulation
The Lynchpin Token project is taking another step forward with the launch of its one of a kind, fully redeemable physical gold assurance for its 2 million tokens in circulation; an assurance which token holders can redeem for 1g of gold anytime for the next one and a half years if they feel that the project has not moved forward. All gold bars are held in custodian with Lynchpin’s trust, Puregold.sg and Loomis International.
Project lead, Az-Zahari, argues that it is important for the team to take this next step forward in order to build trust with token holders where it would have been easier for big-scale ICOs like Binance to achieve. Az Zahari also mentions that:
“In the past 8 months, team trust has been our mantra. We were asked many, many times questions like Will you guys be like the other ICOs which took our money and didn’t fulfill what was promised in your whitepaper?. As a consequence, we decide to stop the 3rd phase of our ICO - which, by the way, compromised 90% of our fundraising, to fully focus on developing the unique technology that we promised to build in our whitepaper with their slogan Making digital assets spendable.”
Building trust has always been on the mind of the Lynchpin Token’s team. Az-Zahari also added that he doesn’t blame anyone for not believing in a crypto project, particularly since more than 80% of ICOs failed to produce a final end product and many investors were left with worthless cryptocurrencies. Only 8% reached an exchange, and market sentiment kept dropping throughout the year. Whether we like it or not, the golden days of ICOs are gone. We, at Lynchpin Token, have succeeded to stand above the crowd on a sinking market with a project that has achieved a lot since inception.
What we’ve done so far
It’s been 10 months since the Linchpin Token team stopped the 3rd phase of their ICO. Today, they are proud to announce the launch of their beta test wallet where users will be able to spend with cryptocurrencies such as Bitcoin, Ethereum and Usdt using their QR code wallet in e-commerce websites such as Gobuybid.com, merchants, such as Aspirasi and on vending machines located in Singapore.
After successful beta testing for 1-2 months, they will be ready to scale for worldwide adoption. The collaboration with Puregold.sg is meant to anticipate their upcoming IEO in the 1st quarter of 2020 and will most likely commence on the 1st April 2020, and it will last for one month. “We have high hopes that our new strategy will build a rock-solid, unquestionable trust system for our LYN token holders, which makes all parties happy”, Az-Zahari concluded. .
In spite of the turmoil, we have successfully completed most of our scheduled milestones for 2019, including:
Our new approach - we’re partnering with PureGold.sg & IEO launch!
We’re not backing down from our ultimate mission to make digital assets spendable. In fact, we aim to make LYN token one of the industry’s most wildly adopted cryptocurrency. To make that happen, the team at Lynchpin Token has decided to launch an Initial Exchange Offering (IEO). As opposed to an ICO, an appointed cryptocurrency exchange or crypto trading platform (to be decided) will administer the IEO on our behalf.
That being said, our aim is to raise USD 10 million with USD 10 million worth of 1g retail gold as an assurance or collateral. To make that happen, we’ve partnered with PureGold.sg to help us create a safe haven for Lynchpin Token holders and cryptocurrency enthusiasts. Established in 2010, Pure Gold is an e-commerce store that sells value-added gold and silver medallions and bars.
Our decision to partner up with PureGold.sg came after affirming the importance of assured cryptocurrency. With physical gold, we can ensure our project supporters a safety net; at the same time, we leverage the power of one of the world’s most liquid, yet scarce asset to add more value to the Lynchpin Token project, thus giving complete peace of mind to our token holders.
We’re still putting all the pieces together as we finalize our strategy for the upcoming IEO. In the initial phase, 2 million tokens will be placed in circulation for an estimated period of 18 months. New LYN Token buyers will be able to exchange/redeem LYN tokens for gold during the first 18 months from purchasing the tokens.
We believe that 1.5 years is enough for the Lynchpin Token project to develop a strong ecosystem around our mission to build intrinsic value for our LYN tokens and make digital assets spendable. All the gold will be safely stored with PureGold’s third-party trusted secured storage vault (Loomis International), to ensure its safety, while also giving assurance to investors.
To enable everyone to participate in our IEO, 1g of gold will be our medium of exchange, which is also the smallest grammage we can get for gold, and we want to make it easier and affordable for everyone to redeem should they want to do so. As a consequence, Lynchpin Token (LYN) will be the only utility token to have such gold-backed assurance.
Since the announcement, Az-Zahari’s phone has been ringing non-stop from affiliates after pictures of the 1g gold bar were posted on social media. This fact alone shows that the idea was well-taken by the general public and LYN supporters. With the price of crypto being a supply and demand asset, make sure to read the Lynchpin Token whitepaper, version 3.0, to understand how the project keeps the supply low and demand high to make its LYN token worth investing in.