More information on Launch Promotion, ICONFi Products & Services, and Launch Date
Hello from ICONFi,
A couple of weeks ago, we announced the upcoming launch of ICONFi. We were overwhelmed by the response from the community with over $25 million in capital commitment to date. Amazing! We received some great questions and feedback, so we wanted to take the opportunity to address them today. Your trust is important to us and we want to make every effort to build the best product and service for you.
We had the most number of questions on the Launch Promotion, and understandably so. The purpose for the Launch Promotion is to reward ICONFi’s earliest adopters for testing out our product and service first-hand. We want to make this promotion fair and beneficial for you because our goal is to learn from you.
- Only pre-launch sign up users are eligible to receive our Launch Promotion’s 20% APR rate. Users who sign up after the ICONFi launch will not receive this rate.
- Launch Promotion 20% APR rate is a 7-day Fixed Interest product. Eligible users cannot withdraw the accrued interest and principal amount until maturity (7 days). After maturity, users have the option to keep the interest and principal in the Flexible Interest account, or subscribe to our normal Fixed Interest product offerings, which will still have competitive interest rates.
- Launch Promotion is for our Earn product only, which will initially include BTC, ETH, and USDT deposits. ICX is not included. This is because ICX is a Staking product and we offer the same ICX staking rewards as self-custody wallets (e.g. ICONex). On ICONFi, ICX deposits benefit from auto re-staking.
- Max deposit amounts are 0.5 BTC, 15 ETH, and 10,000 USDT. Eligible users can subscribe to all 3 digital assets offerings at once to gain the full benefit.
- Launch Promotion expires after 30 days from ICONFi launch date. Eligible users must deposit BTC, ETH, and/or USDT within 30 days of ICONFi launch to receive the Launch Promotion rate.
ICONFi Product & Service
ICONFi is not launched, but we’re already receiving some great questions and suggestions from the community. They provide us with valuable information on what our users are looking for when considering our service. As mentioned, we want to make every effort to build the best product and service for you.
- Know Your Customer (KYC) verification is required to withdraw funds. In accordance with anti-money laundering regulations, we are required to conduct KYC verification. We appreciate your understanding in advance.
- For our Flexible Interest product, the users can withdraw accrued interest and principal amount at any time. Please note that it may take up to 24 hours for the withdrawal request to be processed.
- For our Fixed Interest product, the interest and principal is locked during the product term and will automatically be deposited into the user’s Flexible Interest account at maturity. For now, we built the product this way because accidental withdraws negatively affect compounding effect on interest.
- Interest is compounded every 4 hours, or 6 times a day, for both Flexible and Fixed Interest products.
- ICX auto re-staking occurs once (1) a day for wallets with an I-Score above 1,000 (equivalent to 1 ICX) to optimize user returns against network transaction fees. At current ICX reward rate, approximately 3,000 ICX needs to be staked for daily re-staking to occur.
- We will consider various additional features as we identify high-priority needs of the ICONFi users on an ongoing basis.
After much consideration, we have decided to move the launch date to January 2021. We’ll provide the exact date of the launch after app store approvals. Both Android and iOS versions are fully developed and currently in the testing phase and expected to be receive app store approvals in December.
There are a few reasons why we decided to push back the launch date:
- Due to the recent surge of COVID cases in South Korea, the business registration process has been taking longer than expected. We still expect this to be completed in December, but there is uncertainty.
- Many of our community members have expressed disappointment because their crypto assets are locked in other wallet/savings services and need more time to mature to be able to transfer. We would like to accommodate these experienced users who we believe can help improve our product and services in the long run.
- As much as we are excited to share ICONFi with you as soon as possible, we believe it would be best for the team to start 2021 fully refreshed after the holidays for the launch.
For our latest updates:
Thank you for your patience and understanding.