Everex ICO

One of the more interesting ICOs coming up in the next day or so is the Everex (EVX) ICO.

It's basically going to offer payday loans to the entire world, create a new currency called Cryptocash, has already a few other established products in the market and has an app ready to go.

Brilliant!

But what will I get if I end up with a truck load of EVX? Will it be time to pre-order next year's Mercedes Benz?

From the FAQS, the explanation of what EVX gets you is:

"EVX is the Everex CROWDSALE token to raise funds, bring returns to investors, and to further develop business and marketing. Funds will be spent on building technology and business infrastructure for cross-border microlending, remittances, p2p payments, and currency exchange, along with licensing blockchain payment technology to financial institutions. EVX token gives the right to receive up to 20% profits to investors by quarterly buybacks.

In addition investors may use EVX token as collateral to receive low interest loan in any available cryptocash currency of their choice by sending EVX tokens to EVXLEND smart contract. Once received, smart contract will send cryptocash to the borrower and keep EVX in escrow wallet. In case of loan default, token collateral will be sold on a market and profit assign to the next buy back event."

So 20% APR...

It all sounds great, but.....

That's right....constellation background alert....here we go again....

Every time you see that background, your due diligence requirements should automatically increase by 100%.

Another thing that gets me is that this is clearly going to be targeted by large investor groups and potentially be difficult to get into for even a single token. (I give it 5 minutes before all tokens are sold....seriously!...)

Putting aside these cheap jokes and petty intuition, it does look appealing.

I'd love to hear anyone else's thoughts on this one?

Please comment below if you'd like to discuss more.

One last thing. I have to mention that Steemit user Hive account@o-0 has created an awesome summary on this ICO (complete with ICO rating). I think it's only fair that I point out you can get some actual data based information instead of subjective ramblings.

Link to Hive account@o-0 review: https://steemit.com/bitcoin/@o-0/what-you-need-to-know-about-the-everex-ico