Tigereum is developing a better way for sending crypto to your friends, even to non-crypto friends. This is a unique feature, because previously you had to exchange your crypto to fiat to accomplish this. Big bonus, your non-crypto friends don’t need to create a digital wallet. Tigereum plans to start with developing their crypto instant messaging idea for Messenger. Soon they will start with other messaging tools like WhatsApp, Snapchat, PayPal, and WeChat. Tigereum aims to become the middlemen for making the adoption of crypto easier.
“Our primary aim is to provide a viable alternative in the market for crypto holders to message crypto to their friends and family, so that they do not have to convert to fiat simply to message funds easily and efficiently. “
Darren Olney-Fraser, CEO of Tigereum: “We have been working on the Tigereum project for about 6 months. The idea emerged from our group’s work in fintech. We have a fintech business in London which developed the Aero Prepaid MasterCard (a web & app-based virtual MasterCard which we developed with a German bank partner). We are also developing a remittance bot on social media. This work led us to ask the question: what about doing these things for crypto? When we looked into it further, we realised the huge opportunity to deliver the type of smooth customer interfaces we are working on in fintech & social media to the crypto world, as crypto becomes more mainstream.”
Token Sale and Usage
Tigereum wants to engage the crypto community by giving them a financial interest. Besides that, they have ideas about how their tokens can be the internal cryptocurrency of their solution. For now, they just want to get started with a token in the market.
The token will also become the revenue model for Tigereum. According to the whitepaper, crypto exchanges charge 1% to 2% for transfers, and up to 5% for fiat. Tigereum expects revenues through its AI chatbot to attract gross margins in the range of 2% to 5%.
The team of Tigereum will receive 2% of the funds. The founders are allocated 17% and 1% is reserved for the bounty program. This leaves 80% to be sold in their so called ‘token swap’.
It is good to know that all Tigereum Tokens will be fully insured by a syndicate of insurers through Lloyd’s of London (other clients are: Airbnb & Tokenbase). In case of a breach or employee theft, this insurance policy will cover any losses.
Tigereum has performed a competitor analysis. They found no direct competitors that want to provide instant messaging AI chatbots to send crypto to friends and family. They have identified some indirect competitors whose mission is to provide a good customer interface to crypto holders, and help them use their crypto in a predominantly fiat world.
As pointed out in their whitepaper, there are no real competitors. However, I think we cannot underestimate the assumption that all big instant messaging providers are working on or experimenting with introducing the transaction of fiat or crypto into their chats.
Team Formation and Culture
Most of the core team are involved in their Aero/fintech projects.
They have brought a few specialists onto the Advisory Board who have blockchain, crypto & ICO expertise to help guide them in their journey bridging fintech to crypto.
Tigereum brings together a team of developers who love to produce smooth customer interfaces for financial products. Our culture is to incorporate into our work the best of old banking, new web/app/bot innovation and emerging social media and AI bot interfaces.
The Challenge of Tigereum
“Our biggest challenge/opportunity is getting this Token Sale away successfully,” says Darren. “This is going well so far. We received about US$250,000 in presale funding to support the Token Sale campaign. We have built good momentum, and are now consistently getting new website registrations for the Token Sale by the hour. Our main struggles have been meeting (uncertain) regulatory requirements for the Token Sale, and to cut through the noise of all the other (inferior) ICOs in the market.”
Another problem that has been addressed is overcoming the difficult problem of securely getting funds into and out of people’s digital wallets without customers having to enter wallet addresses, private keys, QR codes or passwords each time. They are building a prototype which still requires this manual input. The next step will be to find a solution to tackle this problem.
Tigereum has a very small first prototype ready which is a Messenger bot which can understand the basics of creating the transaction. The bot starts with asking which cryptocurrency you want to transfer, and next it asks the amount. Screenshot of prototype, test it here.
- Prototype ready
- Trying to close the gap between crypto and non-crypto people
- Mass adoption of Tigereum and crypto through Instant Messaging
- Non-crypto people don’t need to have a digital wallet
- Experienced team in bringing best UX to user
- Very minimal prototype (just interacting with Facebook Messenger bot)
- Possible direct competition from Facebook, WhatsApp, PayPal, WeChat, …
- No roadmap can be found
The Tigereum project is a badly needed project. Instant Messaging (IM) is widely used, an introduction to crypto through IM can mean the mass adoption of crypto. Tigereum has the first mover advantage, however we cannot underestimate the possibility that IM platforms are working on this idea themselves. We admit that we like the idea of sending small amounts of crypto through Facebook Messenger for example. Besides, it’s very cool that a non-crypto friend doesn’t need a digital wallet for storing those crypto assets. We are very curious about how they will actually implement and accomplish this.
Technical Details and more info
Start ‘Token Swap’: December 8, 2017 – December 18, 2017