Electroneum (ETN) for those that don’t know is a company that aims to bring cryptocurrency to the masses through the use of its simulated mining app. CEO Richard Ells explains that by giving cryptocurrency to people it generates interest but more importantly it has to be easy. So how easy is it? “Download the app, press a button, you’ve got some cryptocurrency.” Now obviously the non technical users will want to spend it without the hassle of joining an exchange and trading and this is where the many agreements with airtime providers comes in.
Early on several agreements were put into place that would allow users to spend ETN with airtime providers to offset the cost of their monthly bills. The company have also announced that there are many more deals of this nature in the pipeline some of which will be announced soon. To further this Richard recently flew to Barcelona with some of the team to exhibit at the GSMA world congress, a conference that is attended by some of the world’s biggest names in mobile technology. Now while we don’t yet know the full outcome, we do know that Richard was seen chatting to some big names and came away saying that off the back of the event its reach had been extended further.
Considering this you would think that the company is positioned well for the future, but why then is the current coin price performing so badly? When first launched ETN was traded on cryptopia a small exchange which many traders dislike. Since then it has been added to a handful of other even smaller exchanges which have very little volume. Its this lack of volume that is causing the drop in price but to make matters worse cryptopia has been having technical issues that resulted in its ETN wallet system being put into maintenance.
Make or Break Time
Thankfully Next.Exchange is due to open to the public on Wednesday 14th March where ETN can be traded and while not a major exchange should help to bring the price up a little. Electroneum informed its users over the weekend that it had been assured by two big exchanges that its listing are “imminent” and that now was the time to ramp up further listings by applying to any exchange that they are not yet in discussions with. This indeed is good news for its users, something they have been asking for for some time now, but while there may be an initial jump in volume which would see a price rise the price could also fall as interest wains.
Now part of the company strategy in mass adoption was to use a 2 decimal place system to mimick that of a fiat currency. If the currency is to be truly easy enough for anyone with a phone to understand then we would expect that each coin would value that of a pound or dollar and with the company soon to begin its marketing then surely it would make sense to have this value in place so that users understand and adopt from the onset.
This being the case then driving the price to the required level will require a steady flow of good news interspersed with the announcement of new exchanges. However to put this into perspective if the assumed target price of $1 is hit shortly then this would rank Electroneum around 6th place based on market cap ranking, bringing with it a whole world of attention for the UK’s first crypto coin and no doubt a much easier path to mass adoption.
You can trade ETN via Qryptos.
