Libra Credit ICO Review - Great ICO or Lending and Borrowing Scam?

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The next project I want to talk about is the Libra Credit ICO which starts in about two weeks.

If you are looking at Libra make sure you do your due diligence.

Remember I am not a financial advisor and I’m only giving you my opinion.

So lets take a look at Libra Credit ICO and what I found shall we?

Libra Credit – ICO Review

So what this project is trying to do is create a medium of exchange for lending and borrowing.

Users will leverage their holdings as collateral for cash loans. Sound familiar?

I don’t want to start off negative but a lot of these ICOs are coming out with the same ideas. It gets a bit old.

It’s not often an ICO comes out with something completely different. Something that creates a feeding frenzy in the crypto world and beyond.

So does Libra Credit have what it takes to be the next big ICO?

Lets start with the Pros first shall we?

Libra Credit – The Good

First I want to begin by looking at the pros for this project.

We can see that Libra Credit gives blockchain asset holders access to liquidity without them having to sell their tokens.

The Libra team does have sufficient experience in technology, payment and banking. This does make Libra Credit executable in my opinion. If all these people are in fact involved with Libra then it’s a very solid team.

However I do want to point out I could not confirm all the team members. I did reach out to all team member and only a few got back to me. That is something to bear in mind.

Libra Credit – The Bad

Well we already spoke not being able to confirm all team members. For me this is a big check against them. It’s something you certainly want to be aware of.

With the competition you have companies like SALT Lending and they wanted to do the same thing as Libra.

SALT did have a world class team and strong partnerships. Yet the SALT platform failed thus far to garner enough support and attention.

Then you have the Libra ICO hard cap relevant to the competition. Their hard cap is sitting at about $26 million USD.

They don’t have an MVP (Minimum Viable Product) and the market is heavily saturated.

Libra Credit competitor Lending Blocks had a hard cap of only $10 million USD. So Libra Credits ICO seems a bit overvalued.

Second Worse Performing ICOs

Not only that but ICOs in the finanicial category have been the second worse perfoming so far in 2018.

So Libra Credit faces competition from Ethland, Celsius Network and a host of other rivals.

I do feel for them to really standout they need to do something similar to Lending Block which is to target instituional investors. Those who want to rebalance their portfolios with margin trading and shorting.

I believe that would make the Libra Platform far more resistant to their rivals who are targeting plane old retail investors.

Libra Credit – My Conclusion

Searching around the net nobody really knows about the Libra Credit project. So I can’t give it a big score in this category.

The team looks good however I can’t confirm they actually work with Libra Credit. So that is a big red flag for me. It’s possible I could be completely wrong and this is the next big ICO. This is just my opinion after doing my research.

Like All ICOs do your research and make your own decisions.

Personally I won’t be investing in the Libra project for a few reasons. Number one being I will not invest in a financial ICO no matter how good a project looks on paper. So it will be a pass for me with the Libra Credit ICO.