Relaunching of TWQ Token
After more than a year, the team at iP2P Global Ltd has decided to relaunch the iP2PGlobal P2P Crypto Financing Platform and its native TWQ Token. The IEO of TWQ Token will take placed on the 18th November 2019 on Exmarkets Launchpad.
- The previous Tawarruq Token (“TWQ”) ICO (Feb 2018 — July 2018)
The previous TWQ’s ICO was launched in Feb 2018 and went on until July 2018. Looking at hindsight its probably the worst time to launch an ICO, since it coincided with the cryptocurrency bear market !!. During this first ICO campaign, only 17% of the available TWQ were subscribed, therefore in July 2018, the management of iP2P Global Ltd decided to suspend the ICO campaign and returned all the ETH they have received backed to the subscribers.
2. Why is iP2P Global Ltd relaunching the project ?
After the earlier ICO campaign ended in July 2018, the management team have been closely monitoring the state of the P2P crypto loan industry. Based on their observation, 2 conclusions were made:
i) There is still NO unsecured crypto lending products, although the number of crypto loan platforms have increased, and
ii) there is still NO Shariah compliant P2P crypto loan platform to appeal to the 2.18 billion Muslim population.
3. Is there still a role for iP2PGlobal?
Therefore the management believe that there is still a role for iP2PGlobal to play in the every expanding cryptocurrency markets, and to enhance the product the management is making new changes to the old product such as :
i) changing the utility of TWQ Token to a ‘staking’ token where borrowers will have to stake TWQ Token to apply for a loan,
ii) simplifying the loan auction & bidding processes by adopting existing practices used by other P2P operators,
iii) all loans will now be in US$ pegged stable coins to encourage real world usage.
4. Why iP2P Global has chosen to go with Exmarkets ?
The emergence of the IEO markets was another main reason why the management decided that it is now the best time to relaunch the iP2PGlobal P2P project and TWQ token. Since the heavy lifting will be done by Exmarkets it will lessened the numerous efforts that are needed in doing an ICO by the company and allow the company to concentrate in it’s other core business.
iP2P Global has chosen ExMarkets LaunchPad because it is one of the more active players in the IEO markets and has successfully helped the most promising blockchain and cryptocurrency projects to raise the funds. Exmarkets also belongs to the CoinStruction, a crypto liquidity provider that aggregates trade order placement from the world’s top cryptocurrency exchanges and just recently CoinStruction was granted a license from the Estonian regulator to operate fiat-to-crypto gateway and custodian services.
The TWQ Token’s IEO campaign will be launched on Exmarkets Launchpad (https://exmarkets.com/launchpad/twq-btc) , in 3 rounds starting with the 1st round on 18th November 2019 GMT 00:00.
5. Treatment of existing Tawarruq Token holders
At the end of the ICO campaign on 4th July 2018, 129,421.28 TWQ tokens were issued to 2525 individuals who participated in the various bounty & rewards programs during the ICO campaign.
For this new IEO, IP2PGlobal has minted a new token called ‘TWQ Token’, and just before the start of the IEO campaign, iP2PGlobal intends to burn the ‘Old’ TWQ tokens that it holds under the 5 internal wallets. Each current holder of the ‘Old’ TWQ tokens will be sent new TWQ tokens based on a 1:1 basis on the issuance date of the ‘New’ TWQ tokens, they are then required to send back the ‘Old’ TWQ tokens to a wallet which will be provided by iP2PGlobal, this will be ‘burnt’ by iP2PGlobal.
