Is The XTEMCoin Legit or a Scam? A Concise Analysis
It is visible to the blind that an increasing number of crypto project scams out to defraud unsuspecting investors. The major reason why there is a high proliferation of these projects is the booming crypto market. Many people want to have a share of the market, even if that means scamming people in the process. Therefore, investors and crypto traders need to analyze every new project before investing in the project.
XTEMCoin recently came into the limelight after its parent company, T.E Markets Ltd, announced its presale on June 28, 2021. Since then, people have been wondering whether the project is a scam or safe to invest in. When trying to find out if a crypto project, you have to look into the long-term mission of the project and whether there is an already existing parent company. Is the project out to solve a problem, and does it have an intrinsic value? If a project satisfies all these criteria, then it is more likely to be genuine than a scam.
Overview of the XTEMCoin Token
XTEMCoin is a BEP-20 utility token that runs on the Binance Smart Chain (BSC). As a utility token, it will be used for the settlement of transactions and payment of goods & services. Initially, the coin will be launched as a medium of exchange with other cryptos. In addition, XTEMCoin will also be used for staking in different company operations like real estate, payment gateway, mining, benefaction, exploration, and micro-finance. Ian Mvula, the founder of the crypto project, pointed out that XTEMCoin is not just a “naked” crypto coin. Ian said that the coin is synthetically indexed to stocks, forex, indices, commodities, and exchanges. Therefore, the coin will have an intrinsic value that will help boost investor confidence.
XTEMCoin is also backed by its parent company and its numerous projects. T.E Markets Ltd is currently building the first African Consolidated Exchange (ACEX), and XTEMCoin will be the utility and native token on the exchange. This shows that the team is out for the long term. Users can trade almost all tradable assets on the ACEX platform, and transaction fees will be paid using the TemCoin.
With over 21 years in the financial market, Ian Mvula said he noticed that there is no one-stop shop for trading farm products and other digital assets, especially in Africa. It is to offer a solution and bridge this gap that he and his partners launched the African Consolidated Exchange and XTEMCoin.
Practical applications and features of TemCoin
There are several use cases of the XTEMCoin, and they include the following:
\ Utility token for African Consolidated Exchange (ACEX)
XTEMCoin will be used as the native token of the ACEX platform, and users will pay for transaction fees using the coin. This will help improve the value of the token and make it more appealing for investors.
Serve as a reward for liquidity providers
TemCoin will be used to reward liquidity providers on the XTEMCoin staking pools. This will be a great way for token holders to earn passive income on their holding while providing liquidity for users.
A speculative asset
Crypto traders can speculate and trade the XTEMCoin token for profits. Traders can speculate on the price movement of the token for financial gains.
To control the circulating supply of the XTEMCoin token, the founding team adopted the deflationary tokenomics model. They will “burn” or remove a percentage of the total coin in circulation, thus making the coin scarce and increasing its value in the process.
From the analysis above, we can deduce that the XTEMCoin project ticks all the boxes of a legit project. From the project’s whitepaper, it is backed by an existing parent company, has intrinsic value, and has a long-term mission to bridge the gap and offer a one-stop-shop exchange for multiple assets.