Do you want to launch a successful ICO? Not sure where to start? Don’t worry, Fast Offshore has been helping crypto-preneurs realise their visions for years. In this article, we will share some of our know-how and invite you to reach out to find out more.
What is an ICO?
An initial coin offering is the cryptocurrency markets equivalent of an Initial Public Offering. It raises funds, creates awareness and provides the foundations for launching a new company, service, or in this case, coin. Those interested in the project can buy into the offering, receiving a cryptocurrency token that is issued by the company. This token may have some use as a utility in the product the company is offering, or it may just represent a stake.
If you are a startup, particularly in blockchain or crypto, an ICO is usually the best way to get the capital you need to launch.
How to launch a successful ICO?
First of all, you need to decide whether an ICO is suitable for your business. You must evaluate this by considering whether a digital token can be integrated meaningfully into your business model. If the only use for the coin is trading on an exchange, it is unlikely to be successful. You need to create a demand for your coin due to it having use of exchange for a real-world utility.
Creating a product is one of the key steps of the process. You need to create a robust, solid, secure and scalable product that works on the blockchain. Then you need to tell people how it has the power to change the world. It takes money to make money and you need to invest in your product before you embark on an ICO. If you don’t have a product, you don’t have a useful token.
You then need to create the token and assign it a value. This could be loyalty points, certificates, IOUs, in-game items, bonuses, or just currency. Before you create it, you need to decide how much money you want to raise and how many tokens you will issue/retain for the team. You can create a token via Ethereum or Waves, without having to create a blockchain to support it.
Then you should get solid legal and business advice. When dealing with other people’s money, you need to make sure you are covered. You also need to ensure that your token isn’t considered as a security. This means it could be subject to additional, complex legislation. Decide where you’ll launch the ICO and make sure you’re in line with the legal rules of that jurisdiction.
Next up is the whitepaper. This document lays out all the technical aspects of the project, including the problem and how you will solve it. It provides information on the team, the token, and the way it will be distributed. This is your pitch to investors, a marketing plan, and a business plan. It needs to be well-written, flawless and concise.
Once you’ve ticked all these off your list, you need to create some hype around your ICO. It’s no good launching a token sale if no one knows about it! You need to make waves in investment communities including Bitcointalk, Reddit, Coinlist, CoinGecko, Qora, Coinschedule, and ICO calendars. You should also promote the ICO on Twitter, Facebook, LinkedIn while harnessing influencer marketing.
Lastly, before launching, you need to approach cryptocurrency exchanges to get them to include your coin on their platforms. You should present the name, symbol, description, logo, launch date, github link, compliance fee, and a review of your source code, conducted by a trusted third-party.
These are just some of the steps you need to take before launching your ICO. Sounds like a lot? Don’t worry.
Working with Fast Offshore
While we cannot come up with a winning idea that is guaranteed to succeed, we can help you through the setup process. Fast Offshore can provide regulatory advice, whitepaper writing and review, corporate services and general advice on your ICO. We can also help with general blockchain advice, tokenonmics and ensuring you are in-line with your AML requirements.
Through our network of international partners, we’ve helped a number of ICOs come to successful fruition and we are here to do the same for you. There hasn’t been a better time to get started so contact us today!