The FinTech industry is perhaps one of the fastest growing industries in the digital world. Just in 2017 alone, FinTech industries reportedly generated over $20 billion in revenue. There are over 5000 FinTech companies in the world currently, with about 50 of these companies having an individual net worth of over $1billion. Accordingly, there is an ever-increasing demand for FinTech personnel to tackle the needs of the booming industry. It is for this reason FinTech Fans was created.
Fintech Fans is a Netherlands based company that provides a decentralized platform for staffing the financial technology industries. The company is technically a job board that features job applications from FinTech companies so that freelance FinTech professionals seeking employment can be connected to companies on the job market.
There are currently over 3500 job openings offered by about 400 companies on the platform. Like a lot of new digitalized companies, FinTech Fans adopts the smart contract protocol of the blockchain technology to ensure that secured and unassailable link between freelance FinTech personnel and job offering companies on the platform.
Benefits of FinTech Fans
In addition to providing a decentralized marketplace where FinTech companies can hire FinTech personnel on both short and long-term basis, here are some of the additional benefits of FinTech Fans.
- FinTech Fans eliminates the role of contracting middle men/recruiters often used by companies to hire staffs. These middle men who act as recruiters run up prices and are usually secretive about the available personnel in their network to ensure that they are rewarded for placement by the hiring companies. This act often diminishes the quality of professionals available to the companies for selection.
- FinTech Fans provides a user-friendly platform that allows for a close and direct peer to peer interaction between professionals and companies on the platform.
- The blockchain technology used on the platform guarantees that not even the FinTech developers can meddle with the contracts drafted between professionals and companies.
- FinTech Fans is an innovative and effective way freelance FinTech personnel can use to source for jobs in the market.
- The FinTech platform has features and tools that allow users to make selections based on their specific requirements. Users can input specific keywords and location so that the system links them up directly with other users that fit the specifications.
- FinTech Fans doesn’t charge users fees for completed work or pay-outs. The only fees charged are at the point of advert placement. These fees are subsequently channeled back into the platform through rewards and burning of FinTech Coins.
Introduction to FinTech Coins
FinTech Coins commonly abbreviated to FINC is an Ethereum-based cryptocurrency unique to the FinTech Fans platform. The essence of FINC is to use a unique cryptocurrency on the platform that is not susceptible to the price value fluctuations of the market that most established cryptocurrencies are vulnerable to. FINC will be used on the platform to buy advertisement slots, make payments for job placement and pay for ‘premium attention’ to already placed job openings on the board.
Token sale of FinTech Coins (FINC)
Initial Coin Offering – ICO is a crowdfunding tool used to raise funds for cryptocurrency based start-up projects that require funding for the expansion of projects. During this sale, FinTech Fans will sell FINC in the form of tokens to investors in exchange for Ethereum cryptocurrency and euros (fiat currency). With a total supply of 12 million tokens, the company intends to raise a minimum of €800,000 to fund the expansion of their platform. The FinTech token sale is set in two stages; the pre-token sale and the public decentralized sale.
Pre token sale.
Here, the big time contributors and investors of the FinTech sector are approached and prompted to join in the fundraising. The pre token sale is not available to the general public and will be held over a period of 3 months, from the 29th of November 2017 till the 30th of March 2018.
Public decentralized token sale.
After the pre-sale exclusive to big investors, the token sale will then be opened for public contribution. Here, the rest of the coins not taken up in the pre-sale is offered for sale. The public token sale is scheduled to be held for 3 weeks, from the 9th of April through the 30th of April. In the public token sale, as much as 20% discounts will be available to early investors.
At the beginning of the sale, tokens will be offered at the price of 1 euro worth of Ethereum per token. Since the value of Ethereum fluctuates constantly in the market, there is no fixed exchange rate for the token sale. After 12 million tokens have been sold, the token sale will be officially closed. However, if 1 million tokens haven’t been sold by 11:00:00 UTC (Coordinated Universal Time) on April 30th when the public decentralized sale is set to end, the token sale will be ruled as a failure and all participants are liable to a refund of whatever they had invested in the sale prior to the ruling. On the other hand, if up to 1 million tokens are sold before the end of the token sale, the sale is considered a success and the FinTech developers can proceed with the project using the funds generated from the ICO.
FinTech Fans has the potential to be explored and it is a good investment option for your cryptocurrency. Participants interested in this company, either as investors or users (companies and FinTech personnel) can visit the FinTech website for a general overview of the company. FinTech personnel can also sign up for an account on the website to receive new job placements alerts based on entered keywords and location in their e-mail. The FinTech management has also published a 17-page whitepaper that provides a detailed breakdown of all components related to FinTech Fans and the FinTech Coins (FINC).