Crypto Mining Mobile App Phoneum launched its ICO this week, while the Discon 1 Crypto conference meets in Boulder. Last week, Coinbase cleared itself of bitcoin cash insider trading investigation and the head of the CFTC said the federal agency can’t keep up with blockchain.

Phoneum Launches ICO, Smartphone Mining App

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Phoneum, which launched its ICO on Monday, has developed a mobile app it says will let users with no technical skills or high-tech equipment mine and earn its phoneum (PHM) coins. The idea behind the app is to widen participation in cryptocurrency by making it accessible to anyone with a mobile phone.

The ICO earned high trust marks from rating site ICOMarks.com, which gives it a 9.2 out of 10, and CoinSchedule, which gives it a Trust Score of B. Phoneum recently announced crypto exchange LAtoken will offer its tokens for sale.

Phoneum allocated 2.5 billion PHM coins to the ICO, which ends Sept. 30. Total supply will be 20 billion. Most of the remaining coins will be allocated to mining, according to its white paper.

Initially launching on Ethereum, coins will later be converted to Phoneum when the company launches its blockchain. The company will use 70 percent of funds raised for product development and support and 20 percent for business development and marketing.

Currently available in test form on Google Play or iTunes, Phoneum’s official app is expected to launch in the fourth quarter of 2018, according to the company’s white paper.

Founder and lead developer Ivan Likov expects Phoneum’s revenue to come from merchant transaction fees. In addition to functioning as a crypto wallet, Phoneum plans to offer access to a marketplace where merchants accept PHM coins as payment. Read more here.