TruePnL allows users to invest in on-chain trading strategies and DeFi products. Eventually launching on the Polkadot blockchain, TruePnL might be a solid investment to get in early on. Here’s all you need to know before TruePnL’s ICO (PNL) on May 18, 2021.
What is TruePnL?
TruePnL is an investment product platform featuring simple-to-adopt tokenized (on-chain) trading strategies and quant trading algorithms. That’s right, even trading strategies and portfolios can be put on the blockchain with a token!
TruePnL's core products Is a Robo-Trading Marketplace for “market-proven robo-strategies” They will also launch a platform for community created ETFs and social algorithmic trading down the line.
“Robo-strategies” might sound scary, but these algorithms analyze big data patterns and trends such as moving average crosses and pair trading to maximize profit on a macro scale. Quantitative research firms all across the world work on perfecting these algorithms and are currently in place at most major investment banks.
These algorithms execute trades automatically through a partnership with Binance, and have promising returns thus far. Below you'll find the suite of robo strategies that are currently available. You'll also see their market caps and returns over multiple time periods. Find out more on their site.
TruePnL ICO (PNL)
TruePnL focused on research and development in the first half of 2020. The later half of the year was spent developing and launching the core Robo-trading features. In 2021, the team designed the PnL token and began a seed sale.
Beginning on May 18th at 2p UTC, the PNL token will be released to the public for the first time. If you want to take part in the initial lottery offering via Ethereum, you’ll have to sign up for the whitelist before it closes on May 16th.
There will be 1,218,750 PNL tokens available for sale via a batch lottery on Ethereum for $0.08 per token. This accounts for roughly 3.4% of the total supply. Check out the full token allocation breakdown on the P&L onepager.
There are only 327 total seats available, so make sure to sign up soon. If your name is drawn in the lottery, you’ll want to have Ethereum ready to go to make your purchase. More information regarding the initial offering can be found on this medium post.
How to Buy Ethereum for the Initial Offering
Since the token sale is going live via the Ethereum blockchain, Ethereum will likely be your best bet for purchasing. You’ll need to have this Ethereum ready to go in a hot wallet (one that's connected to the internet), so you can purchase your PNL tokens should your name get drawn in the lottery. You can purchase Ethereum on centralized exchanges such as Crypto.com, Coinbase, Kraken and Gemini. But, if your IP address is U.S-based you’ll need to provide some personal information for tax purposes before you can start trading.
Best Crypto Exchanges
Here are some of our favorite Ethereum-offering exchanges that also give you access to send you Ethereum to a hot wallet. Access to your wallet is necessary if you want to be able to get your hands on PNL.
Best Ethereum Wallets
Your best bet for quick access to your Ethereum is the time-tested browser extension wallet MetaMask, or Coinbase Wallet. Either way, make sure you purchase extra Ether to cover the gas fees which are getting pretty expensive these days.
Is TruePnL a Good Investment?
While this investment is primarily speculative, getting in early on a project with solid fundamentals and momentum amidst a bull run may yield some impressive returns in a relatively short period of time. Especially considering the roadmap indicating plans to launch on centralized exchanges later this year, this could lead to a massive amount of new capital flowing into the project.
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