SUMMARY

TigerCash (Ticker: TCH) is the native cryptocurrency of the CoinTiger Exchange, which handles spot trading for over 85 different coins. Currently based out of Singapore, this centralized trading platform has risen to prominence over the last few weeks following the TCH listing on CoinMarketCap even though trading has been active since December of 2017 [1]. Priding themselves on high security for users, the CoinTiger team has put their focus on delivering one of the most trustworthy platforms to date. In doing so they have secured a top 30 spot on CoinMarketCap’s exchange rankings by volume, coming in at a respectable 26th in adjusted volume and 33rd in reported volume at the time of writing [2]. TigerCash was developed as a way to increase interest in the exchange and bring users into the action. The ERC-20 based TCH token runs on the Ethereum blockchain, helping to facilitate disbursement of holder dividends. TigerCash holders reportedly don’t receive discounts on trading fees but they do receive 50% of the company’s annual profits in proportion to TCH held [3].

Team

TigerCash was officially launched on November 15, 2017 with public trading on the CoinTiger platform coming in December of later that year [4]. The platform was registered and developed by Singapore TAI-E Cyber-Tech PTE, a company that was registered a month prior on October 10 of 2017 in Singapore. It is rumored that development was run in cooperation with Skymoons, a popular Korean gaming development company, but they were just recently bought out by IQiyi. That being said, Crunchbase does note one seed investment round funded by a Chinese venture capital company. Node Capital reportedly participated in an initial seed round, funding CoinTiger with $1 Million on November 1 of 2017 [5].

The platform was founded by Frank Ling, the current CEO & Founder of Chinese Global Investment Community called Leverag.Network as well as the former marketing director of the Beijing Financial Services company called FDT. Linkedin lists seventeen other team members, mostly comprising marketing or ambassador roles [4]. Other team members of note at CoinTiger are Listing Director Will Sun and Marketing Director Michelle Zhang. Sun was previously Product Director at Teleinfo, receiving his degree from Beijing University of Posts and Telecommunication [6]. Zhang was notably the former Chief Marketing Officer of Chouma Investor Community as well as the former marketing director at BlueSkyFall, receiving a bachelor’s degree in mathematics from The Capital Normal University [4]. Operations seem to lean on Ling, Sun, Zhang, and possibly a few other team members but going forward it will become multi-centralized. This means that there will be public contributors along with some team contributions, as CoinTiger is moving to an 11-person board comprised of TCH shareholders and community members. This is allowed by voting through holding TigerCash, allowing the community to have equity in the company effectively turning TCH tokens into company shares.

Sentiment analysis

Open Source: No (Centralized Exchange) [7]

Github Repositories: 9 Total (All for API) [8]

Github Commits: 299 Total [8]

Telegram: 19,303 Members [9]

Twitter: 23,300 Followers [10] (19,944 Real or 93% [11])

Facebook: 637 Followers [12]

Reddit: 518 Community Members [13]

Steem: N/A

Weibo: 80,710 Fans/Followers [14]

Medium: 498 Followers [15]

Blog: High Activity (1+ Post/Week) [15]

Utility and Incentives

At this time, CoinTiger needs the TigerCash token as a means to control company equity and incentivize users to join their platform. Going forward, TCH will be transferred into CoinTiger shares that can be used as a basis for voting or to receive dividends [16]. Much like a premium stock, TigerCash offers dividends to holders that receive 50% of company profits in proportion to their TCH holdings. The 1,000,000,000 total TCH are held on the Ethereum blockchain and use smart contracts in order to quickly and accurately distribute dividends as well as voting rights. The team hopes to enable a POW (Proof of Work) type system surrounding TCH, allowing users to gain more stake in the company depending on their contribution to the platform [17].

Tokenomics

Foregoing the traditional approach of many cryptocurrency start-ups of 2017, CoinTiger decided against a public ICO and instead raised their funding via private rounds. This accounts for 20% of the total supply of TCH which was originally distributed at a rate of 1 Bitcoin = 150,000 TigerCash in November of 2017 [16]. The only listed investment is from Node Capital so it is unclear if they account for the aforementioned 20% or if there are additional contributors. A portion of the minted tokens were allocated to airdrops/giveaways in order to draw in more users. The token distribution is depicted in the following breakdown [16]:

Picture2.png

In terms of rankings by coin market cap, TigerCash is ranked quite low but that it because the circulating supply is currently unregistered in CoinMarketCap. CoinTiger.com reports the circulating supply as being near 650 million TCH, and at the current average trading price of $0.025 then the total cap would be around $16,250,000 [1]. Although TigerCash is only traded against BTC and BitCNY pairs on the CoinTiger platform, said market cap would put TCH at a ranking of #235 on CoinMarketCap. It is important to note that the remaining locked tokens are held by team members and private investors, besides the foundation amount. This could have an effect on the price moving forward. That being said, there are a large number of holders which signals good decentralization. Etherscan reports over 8000 active holding addresses, but much of the total amount is held on the exchange, as evident by the following breakdown of top holders [18]:

Picture1.png

Market Opportunity

Having been public since late 2017, CoinTiger wasn’t surrounded by the same buzz as companies such as Binance and Kucoin but they have wedged their way into being considered an upper-echelon exchange. It is clear by their Weibo following that they have a large Asian community base, but their security as well as liquidity have allowed them to trend upwards in terms of site traffic and overall users. They now boast over 1.3 million users, allowing them to transact over $400 Million in 24-hour volume on their platform. A look at their volume over the last year shows nearly a 1000% increase from $40 million in July of 2018 to the $440 million at the time of writing [19]. This has allowed them to gain a larger portion of the overall exchange market share, propelled by the increase of interest in TCH from the switch to a dividend model [16].

Moving forward, the road to success will not be as easy with the implementation of a new community and shareholder run board. That being said, the founding team will remain at the core of developments and users will holders will receive 50% of profits meaning we could see interest possibly remain stable or even increase in using the platform [16]. It wasn’t until just a month ago that TigerCash was listed unto CoinMarketCap, signaling the possibility of more upside to come as the exchange is exposed to a wider audience [20].

The CoinTiger hopes that taking these steps will help them to overcome the giants of the industry (Binance, Bit-Z, Coinbase Pro, Kucoin, Huobi, amongst others) going forward. That being said, cryptocurrency trading accounts for over $44,000,000,000 in daily trading (at the time of writing) [1]. This gives CoinTiger a legitimate opportunity to turn a profit even with established companies already taking up large sums of the industry.

 

Current Status and Adoption Analysis

Having run their initial funding privately, the roadmap and whitepaper were not widely publicized. That being said, the CoinTiger team has completed a series of milestones to date that have helped them reach a user base covering over 1.3 million people [17]. These include the development and release of a mobile app on both iOS and Android, the implementation of a blockchain incubator program, successful ROI on their private trading fund, as well as the announcement that the community would now be serving a larger role in their future endeavors. Over the past year the exchange turned over $1.6 million in profits, most of which came from daily volume that averaged below $100 Million until December of last year [19]. After continuing to show a steady rise, as well as a peak over $1 Billion in 24-hour volume last month, the CoinTiger team hopes the last two years have helped them overcome their adoption hurdles. They fell behind other exchanges that got off to popular starts, but after continuing to add trading pairs and features they have exponentially increased interest amongst the cryptocurrency community. Consistent trading competitions, as well as airdrops, have helped CoinTiger to gain a larger portion of their market share even in a bear trading environment [20]. TigerCash is a simple ERC-20 token that merely need to be held in the platform wallet to gain dividends and other benefits, giving users reason to be on the exchange longer. The recent switch to a dividend model has revitalized CoinTiger, resulting in a cryptocurrency with viable use cases and a growing exchange behind it.

 

References

[1] https://www.cointiger.com/

[2] https://coinmarketcap.com/currencies/tigercash/

[3] https://www.cointelligence.com/exchanges_list/cointiger/

[4] https://www.linkedin.com/company/cointiger/

[5] https://www.crunchbase.com/funding_round/cointiger-seed--8d4d9a33#section-overview

[6] https://www.linkedin.com/in/will-sun-b76b2a150/

[7] https://github.com/cointiger

[8] https://github.com/CoinTiger?tab=repositories

[9] https://t.me/Cointiger_en

[10] https://twitter.com/CoinTigerEX

[11] https://www.twitteraudit.com/cointigerex

[12] https://www.facebook.com/CoinTigerEX

[13] https://www.reddit.com/r/CoinTigerExchange

[14] https://www.weibo.com/CoinTiger?is_hot=1

[15] https://medium.com/@cointiger

[16] https://www.cointiger.com/en-us/#/symbol_detail/tch

[17] htts://support.cointiger.one/hc/en-us/articles/360010817533-CoinTiger-Equity-Granted-to-TigerCash-TCH-Holders

[18] https://etherscan.io/token/0xfb54c2a6b2a4fc3af9b781585215da8ee6bce363#balances

[19] https://www.coingecko.com/en/exchanges/cointiger

[20] https://medium.com/cointiger/tigercash-tch-is-now-listed-on-coinmarketcap-cmc-bb13f432f9dc