In this review we have a look at Edgecoin and Gradecoin, and all the things that don’t make sense about them.
What is Edgecoin
Edgecoin is said to be the “world’s first educational stable coin”. It is a cryptocurrency that supposedly provides an open payment system for educational institutions.
Since it is a stable coin, it’s value is pegged to the US dollar. The price of edgecoin should always be 1 USD.
Then there is gradecoin, which is a second crypto token created by this project. Its price is not stable, it fluctuates with the market. And you receive gradecoin as a reward for holding edgecoin. If you hold at least one year, you will receive 29% in gradecoin.
Sometimes we review projects that we can’t label directly as scams, but they still raise several red flags that make us recommending staying away from them. As is the case with Edgecoin. See why.
Dubious use case
A lot of projects are based around use cases that are dubious to say the least. When you look at them, you feel they are almost destined to fail because the use case does not make sense. And you wonder how much aware of this fact are the founders.
First of all, there are tons of stable coins, so making a new one just for students and educational institutions makes no sense. You don’t want one coin to pay for your books, another coin to pay for your meals, another coin to pay the rent etc.
Edgecoin does not show any real partnership, anything that would suggest that its coin has a chance to be really adopted and used.
Why would anybody use edgecoin over for example XRP that is way more established and already accepted by numerous merchants etc.?
It is very easy to generate a cryptocurrency and say for example that it is designed for payments for trips to Mars. But does anybody care, will anybody even notice its existence?
Edgecoin is trying to solve this by throwing another token in the mix – gradecoin. But what is it?
What is gradecoin. Seriously, what is it?
Gradecoin is the reward coin for holding/staking edgecoin. But gradecoin is not listed on any crypto exchange.
The token address for gradecoin provided by Edgecoin seems to be alive only on Binance Smart Chain. Which is strange, edgecoin is a coin on the Stellar blockchain and Binance Smart Chain and gradecoin only on Binance Smart Chain. How does this all make any sense?
Plus, there are very few token movements on these contracts. Having edgecoin on two blockchains only creates confusion for payments. Edgecoin has no whitepaper on its website, so we couldn’t find any explanation for this. At one place they even state it is an Ethereum token. Go figure…
So you are supposed to invest your money in edgecoin and gradecoin and hope that gradecoin, which is a dubious token not traded on any exchange, will earn you money. Hmmm…
When you read through Edgecoin’s official website, you will see that the whole concept is being sold as a money-making machine. They literally say you can expect to 10x your investment short time with the potential to 100x in the long term.
Selling cryptocurrencies this way is shady, because nobody can predict what happens to the price in the future. In many countries it is illegal to advertise the expectation of profits this way if you can’t back it up with a guarantee, which nobody can with cryptocurrencies.
A stable coin that is supposed to be used for payments by students and universities is marketed as a tool for the public to make money. Where would the profits come from? Why would gradecoin increase in value? Red flag.
Who is behind?
When you try to find out who is behind Edgecoin, you will have an interesting time. Yes, there is a bunch of LinkedIn profiles, they could be real, they could be fake, it does not prove anything.
The official website provides an address 132 Bloomsbury Street, London, UK. But the Edge Coin Payment company registered in the UK has a different address. However, the two officers registered with this company have the 32 Bloomsbury Street address.
So let’s assume Edge Coin is a British company. In this case we believe the Financial Conduct Authority will have something to say about how this project is marketed with the promise of returns on investment. If you are considering Edgecoin, we recommend asking the FCA about it first.
Already failed plans
In its roadmap Edgecoin says that in Q4 it will get partnerships with several hedge funds to increase expansion to raise the price of gradecoin. But we see no signs of these partnership, and more importantly, we don’t see signs of any gradecoin trading on real exchanges.
So these plans have already failed.
For 2022 Edgecoin promises that demand for Gradecoin will increase, and therefore its price too. Which again is something that no serious crypto project can put in its roadmap.
Or statements like “Edgecoin becomes the gold standard for global, secure educational payments” or “Gradecoin becomes the premium coin in the DeFi market due to mass adoption globally”.
Promises like this are a huge red flag. Not even Google or Apple could promise anything like this if they decided to launch a similar cryptocurrency.
Not to mention other oversteps by Edgecoin, like calling “partners” entities that really are not partners (Coinmarketcap, Coingecko etc.).
Edgecoin review – conclusion
Edgecoin raises a lot of red flags, it is being advertised as a sure way of making money, even though its use case is very dubious.
To us Edgecoin is a shady project that we would stay away from.
One more thing to say: the app t exchange and/or make payment using edge coins was scheduled to be released by the end of December last year 2021.
I see that this information is no longer on the roadmap, anymore. Think about it folks.
The project is a blatant scam.
Invested $50k and lost all my savings. Founder doesn’t reply to any messages.
Faked volume on coingecko and no liquidity or real volumes.
AVOID THE COIN AT ALL COSTS.
I know this is a blatant scam. I know the guy who is scamming, ive done all i can to out him, including asking the legendary tbbob to investigate and this is what he came up with. Sorry for your losses, i hope that scum loses his Cambridgeshire mansion and cars bought with stolen money, he deserves to spend a few years rotting in jail…