Featured Article 02 Oct 2017

Making cryptocurrencies accessible is the main mission for Mingo. Image: r.classen/Shutterstock

The pace of change in the cryptocurrency space is lightning-fast, with even the most well-informed people often struggling to keep up with exactly what is going on. Irish start-up Mingo wants to use a messaging app to help your average person learn about and possibly get involved in cryptocurrency.

Mingo and messaging
It’s called MingoMessenger, and is usable across platforms like Slack or Facebook, all from one single app.

The messaging app – which has seen more than 50,000 downloads – has been in development for two years, and Mingo explained why it chose to work on this element of the project first: “Most internet users are not crypto-savvy. The fastest and easiest way to introduce cryptocurrency to the rest of the world is through the familiar interface of a messaging app.”

Crypto-wallet element
As well as the messenger app element allowing users to make cryptocurrency transactions from a hub, Mingo is also launching a digital wallet for multiple cryptocurrencies. This would enable users to carry out cross-currency transactions through the Interledger Protocol. The wallet will also have a rewards-based crypto tutor built in.

Mingo hopes that the combination of the messenger and wallet elements will make cryptocurrency exchange a clearer and more intuitive experience for the average user.

“Mingo introduces new users to cryptocurrency by providing a tool they would use with or without cryptocurrency: an app with inherent and separate value making cryptocurrency as simple as sending a text message,” they explained.

A token pre-sale launch before ICO
Mingo launched a token pre-sale on 25 September for its own cryptocurrency, MingoCoin, a standard ERC-20 ethereum token. The team is hoping to raise €2m with the initial coin offering (ICO) set to start in the first quarter of next year. With the ICO, Mingo aims to fund long-term product development and add more popular messaging channels to its app.

Mark Atterbury, regional development executive at Enterprise Ireland, discussed the interest in Mingo after it won a regional fund: “Winning the Enterprise Ireland Competitive Feasibility Fund is a reflection of the potential we see with Mingo to fulfill a market need that is currently being underserved and undervalued.

“Our expectations with fund winners such as [Mingo] are demanding. To see the company grow rapidly through export revenue and job creation is the ultimate goal, and this feasibility fund helps support the business to achieve an investment-ready offering. We look forward to supporting [Mingo] on their journey to success.”

Co-founded by Deirdre Arthur and Joe Arthur, it will be fascinating to see an Irish crypto start-up enter the fray of such a turbulent and relatively new space.

Ellen Tannam

This article originally appeared on www.siliconrepublic.com and can be found at:
https://www.siliconrepublic.com/start-ups/mingo-irish-crypto
 

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