CrescoFin is the Swiss company behind the famous $wCRES token. It is a very interesting project that aims to replace banks with code. It is a difficult task but it is seen by many as feasible and ambitious. CrescoFin has come at just the right time, seeing that lately we’ve read hundreds of articles about banks that have started to apply negative interest rates to their customers’ accounts (so you are paying the bank to hold your funds). CrescoFin solves this problem with 3% interest!
To succeed in this challenging task, CrescoFin decided to create their own cryptocurrency and allow anyone to buy these tokens, which will then be exchangeable for real shares of the company, receiving dividends in the future. The currency is called wCRES (wrapped Cres) and has a MAX supply of 12M, of which 10M have already been created while the remaining 2 will be generated in the future for external collaborations. A part of these tokens have been offered for sale in a somewhat new and uncommon way: IDO (Initial DEX Offering).
According to the company, this was the best method to give everyone a fair price without charging 30-40 times more for the tokens to those who buy last. The IDO was managed by Balancer and DODO Exchange, two projects that offer special pools able to keep the price low even when the buying pressure is strong. If the same pool had been added on Uniswap, the price would have skyrocketed already in the first days. Instead, on Balancer and DODO the price has always remained low, allowing about 1,400 people to become wCres token holders.
The initial price of the wCRES tokens was $1, but very few people were able to buy at such a low price seeing that in a few hours the price stabilized between 2 and 3 dollars, and then rose in the $5-7 range. A truly respectable launch like few seen so far. It is worth noting that the project avoided VC and private sale, so there was no one ready to dump their tokens bought at super-discounted prices, as often happens in the crypto space (especially in the DeFi world).
To end on a high note, the token was also listed yesterday (officially) on Uniswap, thanks to the 2M + USD of liquidity added by the team. In this way, wCRES-ETH has become one of the most liquid pairs ever on Uniswap. So much liquidity usually helps to keep the price more stable, avoiding pumps and dumps every time there are strong sales or purchases. Finally I would like to add: This is how it’s done! Congratulations!
The strengths of CrescoFin and wCres:
wCres – Cres: wCRES tokens can be traded for CRES shares, which are shares in the company CrescoFIN which will pay dividends. (It’s like owning shares of Nestle, Coca Cola and so on).
Fully Regulated: Unlike many DeFi projects, CrescoFin operates under Swiss licenses and complies with all Swiss laws. You can do a quick check by going to the Finma or Arfa website.
First Class Advisors: Among the advisors of the project there are important names such as: Stani Kulechov (the Founder of ETHLEND, now known as AAVE), The Crypto Dog (famous crypto influencer on Twitter), Diane Dai (Founder of DODO Exchange), Ryan Sean Adams and David Hoffman (Co-founders of Bankless, a newsletter dedicated to DeFi) and many others!
Public Team: A rare thing in DeFi projects! The founders are Derek Mayne and Robert Sharratt, two experienced figures in their respective fields who will be able to guide CrescoFin to guaranteed success.
Respectable whitepaper: I must be honest, I invested in this project too after reading their wonderful whitepaper. It’s a 93-page PDF document that covers the entire industry with neat data and charts as well as future predictions that bring the company’s valuation to around 1 billion. I recommend reading it before investing in wCRES.
An already high TVL: Although we cannot talk about TVL yet because the investments are not on-chain, it is worth mentioning that CrescoFin is an already active company that manages institutional money for amounts higher than 100 million dollars. In the future, this money will be managed on-chain, so it will be possible to see the data in real-time on portals like DeFiPulse.
The team is always ready to answer any questions and concerns, thanks to the multiple social media channels already launched and active. Follow CrescoFin on these official social channels: