The cryptocurrency market has plummeted in recent days, losing about $ 70 billion full capitalization. FOIN Coin, a fairly recent project, is among the many victims, down more than 12 percent despite the recent change of CEO.
The FOIN coin also bleeds
Currently trading at $ 737.85, FOIN Coin is down more than 12 percent in the last 24 hours according to CoinMarketCap data. While cryptocurrency is having a good 2018 so far, recent events have definitely postponed it a lot.
The decreasing price comes despite the recent company ad over it Twitter, about a change of leadership.
We are pleased to announce our new CEO, Mr. Ruslan Salatov. With more than 5 years' experience in medium and large blockchain projects, with an active experience leading a team of over 100 employees, we believe that Salatov is a great addition to the international FOIN team.
We are pleased to announce our new CEO, Mr. Ruslan Salatov. With more than 5 years' experience in medium and large blockchain projects, with an active experience leading a team of over 100 employees, we believe that Salatov is a great addition to the international FOIN team. pic.twitter.com/dwJxatDwad
– FOIN (@ foinio1) November 7, 2018
It is worth noting, however, that the LinkedIn profile of Salatov does not seem to be updated yet and that the company has no other social media channels, confirming the announcement.
A bridge between individuals and the financial world
According to the project's whitepaper, the main purpose of FOIN is to connect individuals and financial service providers in some way, creating an ecosystem to support this relationship.
The project involves the creation of a blockchain network based on the consensus mechanism of the PoS, which will presumably generate profits for token holders.
The white paper also denies the statement that the project involves the integration of artificial intelligence (AI), which will deliberate on some key modules, including fraud prevention, risk analysis and portfolio recommendations.
Presumably, holders of FOIN coins can use their cryptocurrency to invest in several financial services providers that are registered in advance. In addition, the document states that coin holders will be examined by the AI risk assessment module, which will then make the necessary recommendations.
What do you think of the FOIN currency and its recent price decline? Do not hesitate to let us know in the comments below!
Images and media courtesy of Shutterstock, Twitter (@ foinio1).