meet the crypto project aiming to change the game of investing
BACKED. I’m sure that almost everyone who regularly invests in public companies has, at some point, found a private company they can’t invest in. This happened to me recently. I wanted to invest in MoneyBox, as I think they are a great small company that will grow significantly. However, they’re not public and had recently closed their fund-raising. I know there's a strong chance that MoneyBox will grow significantly over the next 5/10 years, yet I can’t support them OR watch my investment grow as they grow. I had no way to invest in them…until BACKED.
BACKED is a new cryptocurrency, that has launched this week, that allows anyone to ‘back’ a company, through the purchase of ‘CompanyCoins’. The BACKED token, of which only 6 million have been minted, sits on the Binance Smart Chain network. In their initial launch, only 5 million of these tokens will be available for purchase.
On the BACKED platform, there are a plethora of non-public companies listed. Each company has its own page, where you can find out who the founding team is, estimated revenue, company location, and links to their socials. You can also see the current price of that company’s ‘CompanyCoin’, and how many of those ‘CompanyCoins’ are in circulation.
The price of a ‘CompanyCoin’ is directly correlated to how popular that company is on the BACKED platform. For example, the demand to own Twitch’s CompanyCoin may be quite high, meaning lots of BACKED users are purchasing the Twitch coin. This pushes the price of the Twitch CompanyCoin higher.
Although the investment has no association with Twitch, 10% of every transaction that is made on a company's coin is reserved for the owner(s) of that company. Eventually, the companies listed on the platform may take ownership of their accounts, simply to claim the cash they have waiting. Also, they’ll have access to everyone that purchased their CompanyCoin, giving them a list of highly engaged followers they can use for marketing purposes.
The 10% ‘supporter’ fee also gives an incentive for private company Founders to list their company on the BACKED platform.
New companies are consistently being added, giving users the chance to invest in ‘CompanyCoins’ early, something that will yield the highest returns as that company grows in popularity on the platform.
On the other side of the coin, BACKED users have the incentive of investing in companies they want to support, while also seeing their investment grow as the popularity of that company increases. Once they’ve seen a healthy return, they can simply exchange their CompanyCoin back to BACKED.
Although owning a CompanyCoin doesn't mean you technically own any of that company, 10% of your purchase will always be reserved for that company. This means your purchase will have a positive impact on that company once they claim their profile on BACKED.
After using the BACKED platform for the last couple of weeks, it’s smooth, intuitive, and easy to use.
Cryptocurrencies have erupted over the last couple of years in popularity. Lots of these projects have offered early adopters a high % return on their investment. Many of these projects have also been scams, where the founding team has simply done a ‘rug pull’ — the crypto developers abandon their project and run away with investors’ fund.
BACKED, in my opinion, offers a genuine use case as a cryptocurrency. You’re buying into the BACKED token to have the ability to then invest and support companies that you simply can’t support elsewhere (unless they are fund-raising).
It’s a project that seems pretty fascinating. Although it’s in its early stages, I’m backing BACKED all the way.
Ps — as they have launched this week, they are giving away $100 of their token through an AIRDROP. Use this form to claim: https://docs.google.com/forms/d/e/1FAIpQLScfQluq8Eh5d817_-zC5Qq7wV0iAsP3l62NhpEgkKj77bmzqw/viewform
