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Ratings SOFIN

Social Finance Network

SOFIN (Social Financial Network) — the international fiat P2P-lending online service based on blockchain. This marketplace platform, that brings creditors and borrowers together: Creditor — individuals, banks, microfinance organizations and funds; Borrower — individuals, entrepreneurs, and organizations. The foundation of our platform is the legal purity of the loan agreements. We will check the borrower through credit scoring and the full verification system (ergo contacting the borrower, the employer, etc.) and the request of credit histories from the credit bureaus. Depending on the responses received, each borrower will be given a certain ranking. When registering for the service, each client provides scanned copies of their identification documents (Passport, TIN, IIAN) and passes verification. We will also check the data that was provided to transfer the funds: for example, verify a credit card.

3.7
9 8 expert ratings
Benchy 3.7
KYC
Experts
3.5
3.7
3.7
Review: coming soon PRO
~$1,302,414
value of tokens sold in ICO

Ended
Token
SOFIN
Type
Price in ICO
0.4000 USD
Country
Whitelist/KYC
KYC & Whitelist
Restricted areas
USA, Singapore
preICO start
6th Nov 2017
preICO end
19th Nov 2017
ICO start
15th Jan 2018
ICO end
15th Jul 2018
Visit ICO website
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Ratings

All ratings published on ICObench serve informational purposes only. ICObench does not provide investment forecast, recommendations or any consulting for that matter. Thus, neither ICObench, nor the experts can be hold responsible for the visitors’ investment decisions. Read more
Igor Karavaev
Blockchain Enthusiast and Advisor
Rated on Apr 28, 2018
5
5
5
9%
This rating's weight is reduced by 50% as there is no review added.
Vladimir Nikitin

Rated on Apr 19, 2018
3
3
4
9%
This rating's weight is reduced by 50% as there is no review added.
Luca Cotta
Icodriver...expert launching ICOs, ICO Influencer, IT expert.
Rated on Oct 20, 2017
1
2
2
8%
This rating's weight is reduced by 50% as there is no review added.
Nikita LushpanovICO team member replied on 2 Apr 2018
Hello! Our project has changed a lot from the moment you had viewed. Please check the updates.
Nikolay Shkilev
PhD | Entrepreneur | CEO | ICO Advisor | Crypto enthusiast | Blockchain expert | Public speaker | Mentor
Rated on Apr 11, 2018
4
5
3
8%
This rating's weight is reduced by 50% as there is no review added.
Bogdan Fiedur
ICO and Blockchain Advisor. Full Stack and Ethereum/Solidity smart contract developer.
Rated on Apr 2, 2018
4
3
4
6%
This rating's weight is reduced by 50% as there is no review added.
Irina Nikitina
Lawyer
Rated on Apr 8, 2018
4
5
5
6%
This rating's weight is reduced by 50% as there is no review added.
Eugene Podkovyroff
Investor, Decentralized Economics Researcher, Crypto Visionary, FinTech Pro, Startup Mentor and Advisor
Rated on Apr 16, 2018
4
3
3
11%

Brief thoughts.

0. Idea and principles behind the SOFIN P2P loans is OK. These would work, been them developed and delivered in a full compliance with the modern AML, KYC and loan international regulations and industry requirements.
1. No Team KYC done.
2. Team doesn't show any adequate to the task international business connections.
3. Team has some very strong professionals, yet I can see how very important positions are
4. Seychelles domicile is a big no-no for far too many reasons, if you are going to be in any type of the retail financial business in any developed country. Cost of operations and compliance will sky rocket the very same moment, when some of your local partners/agents/operators will be regulated outside of Seychelles.
5. Costs for any international litigation is inadequately high for the majority of small and medium loans. It is unclear, to what degree the SOFIN team will support a creditor in a case of a loan default, yet it is clear, that it will cost a lot either to a SOFIN (hurting it's financials) or to a creditor (hurting SOFIN's reputation).
6. Borrowers verification with a credit card doesn't look good at all.
7. Tokenomics looks to be disadvantageous for later ICO investors.
8. This team has a micro financing business in Russia. Which is good in terms of experience. What is bad about it, is that microfinance institution charges 2% per day (which would be a up to 2700% annually with a daily compound interest). Sounds more like a loan shark business to me. I would argue, that it hurts more than it helps the community.

Overall feel is that this ICO campaign is poorly managed or simply neglected by the founders.

UPDATE 15.04.2018: given some updates of the project, rates have been just risen. Yet there are some unsolved issues on the surface.

Agree
0
Disagree
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Phillip Nunn
Entrepreneur | CEO | ICO Advisor | Cryptocurrency Evangelist | Global Speaker | Blockchain Influencer
Rated on Apr 25, 2018
3
4
4
3%
This rating's weight is reduced by 50% as there is no review added.
Benchy
ICO analyzer bot
3.7
40%

Experts are independently and voluntarily contributing to the community. If no expert has rated the ICO, only ICO analyzer's results are used. Always research before investing as these ratings should not be taken as an investing guide of any kind.

Ratings and ICO analyzer results are being updated (re-calculated) every few hours.

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ICO KYC Report
5 members invited
Andrey Tuchkov
Passed
Trofim Zhugastrov
Passed
Nikita Lushpanov
Passed
Vitaly Slobodin
Passed
Anton Kruchko
Passed
KYC procedure verifies selected/specific team members only. It does not guarantee ICO success nor is a call for investment.
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