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Each year businesses send about $150 to $300 trillion for payment across national borders. Fees for those transactions average around 10%, and the money transfer takes about two to five business days. Similarly discouraging, financial institutions currently spend about $500 million just to keep up with KYC and AML regulations.

For the past couple of years, there has been an extraordinary amount of hype around the potential of the blockchain or distributed ledger technology (DLT) to transform the banking industry. The reason for this hype is DLT has given us the opportunity to profoundly transform the financial industry.

The Traxion project aims to be a better bank enabling its community to load, send, save, spend, lend, borrow and even more using a secure, simplified yet compliant application. It is an environment where profit targeted sectors meet non-profit sectors.

Traxion plans to offer traditional financial products in a blockchain-driven environment, eventually becoming crypto-economy for payments, peer-to-peer lending, remittances, savings, insurance, investments, and philanthropy.

The Traxion platform uses the latest IBM Hyperledger Fabric technology to create a permission-based distributed ledger. This new technology allows for easy, frictionless yet enterprise-grade solutions for industries that need to comply with data protection regulations.

To date, Traxion has built four of the six elements in the proposed ecosystem: Payment Platform, Wallet, Personal Finance Platform and Fundraising Platform. These four platforms will soon be on TraxChain – connecting people to effectively conduct payments, lower the cost of peer-to-peer lending and remittance, transparently account for philanthropic activities of non-profit organizations and enable insurance and investments processed more efficiently using smart contracts. Moreover, an integration with Master Card Service Provider is planned, that will enable a user to store or transfer money to any card in the world. The sender and the receiver will transact in the local currency and there will no need for any awareness of cryptocurrencies or blockchain technology behind. The whole project goal is to bridge the gap between the new difficult to use cryptocurrency technologies and traditional finance systems.

Traxion is well on their way to providing a complete new banking solution for everyone. The Traxion ecosystem is also a party to the Seamanpreneurs Consumers Cooperative, an organization that promotes financial literacy and business activities among its Filipino seafarers community that totals up to one million. Traxion will provide the SeaPay Wallet which is exclusively developed for the benefit of the cooperative. It gives its users simplified yet secured access to financial services.

Further to this, Traxion project entered into partnership with the Union Bank of the Philippines and the digital platform provider GlobalLinker to help local micro, small and medium enterprises make online transactions. The Traxion project onboarded flexible healthcare (BayaniHealth) and life insurance (Azurrance) service providers as partners to further aid this mission.

The Traxion Token (TXN) will be issued on the blockchain operated by a smart contract. The TXN ICO Pre-Sale is set to open on May 1, 2018, with 250M tokens being offered for crowdsale that will start on June 15, 2018. From this amount, 10M tokens are allocated for private sale with maximum 50% discount and 40M tokens will be available on pre-sale. TXN is a token that will allow users to access the service provided by the TraxionChain platform. The TXN token does not have the legal qualification of a security since it does not give any rights to dividends or interests.

Funds raised will be given as a grant to GavaGives Foundation Inc., a foundation situated in Southeast Asia to facilitate the development of Traxion’s ecosystem.

After the ICO, the Traxion project is going to move to various countries within Southeast Asia and replicate the partnerships made in the Philippines. Emerging countries with high percentage of unbanked population will be prioritized, then the rest of the world.

This is really a challenging project. The idea to pull together traditional financial products, blockchain technology and cryptocurrency is understandable. There is a clearly defined and understood business idea - to develop a platform where profit businesses meet non-profit organizations into one whole crypto economy mutually benefitting borderless and frictionless financial transactions.

The WP does a good job of transmitting the main concept across and there is a lot of background information to provide a backdrop to the reasoning behind this project. It is properly structured with a well-divided index and a classic format. It is not exaggeratedly long neither is it oversimplified. However I found some discrepancies in it, e.g. in the token sale table there is a target ICO amount of 94M USD, whereas on the following page the WP says that the Hard Cap is 60M USD. The website has a simple structure and a menu of options that allows everyone to keep investigating about this ICO. Unfortunately, it is offered just in English. The website contains a lot of facts and information, much like the WP. These illustrate the case at hand and why a solution is needed. There is a roadmap in the website and WP, explained in a clear way and it has detailed information. The website lists a professional core team and advisors of 23 persons with security, blockchain, legal, finance, marketing and commercial expertise. A brief bio is displayed with every photograph but not all persons have a link to LinkedIn profiles. This is really important for knowing who is behind the ICO. Nowadays any blockchain project can succeed only when it is supported by a sufficient number of people. The number of participants in the Telegram chat - 42 members, Twitter - 419 followers, Facebook - 519 followers. This ICO does have a presence on Reddit and GitHub. These figures are inadequate, therefore the team should spend time thinking about Social Media and how to expand the company’s reach through as many outlets as possible.

I think Traxion is an amazing project that really stands out among ICOs. As long as the market sentiment is strong, Traxion platform should do well out of the gate.

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