A New Cryptocurrency Has Everyone Buzzing in Mongolia – 10 Million USD Within 30 Seconds
24 September 2021 - 8:22PM
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“Decentralized finance is the future. Cryptocurrency helps people
live in a community without the traditional middleman expenses. It
provides equal opportunities for everyone.” – Ider-Od, co-founder
of IHC. Mongolia is a landlocked developing country, sandwiched
between two giant neighbors – China and Russia, located in the
center of the Asian continent, far away from seas, oceans, and most
importantly, from international trading networks. It is also the
17th largest country by its territory, with a land richly endowed
with natural resources. Nevertheless, its unfavorable geographical
position has prevented the country from becoming an export-oriented
economy and achieving sustainable economic growth. Moreover,
Mongolia’s economy, which is the 132nd largest based on its gross
domestic product, has experienced the worst setback since its
economic transition in the early 1990s due to the strict COVID-19
restrictions imposed by the government over the past two years.
Five entrepreneurs, Ider-Od Bat-Erdene, Erkhembayar Byarsaikhan,
Gantig Bayarmagnai, Munkhjin Otgonbaatar, and Munkh-Erdene
Burenjargal, are seeking innovative solutions for achieving
economic growth and alleviating poverty by making cryptocurrency
the main driving force for generating and bringing wealth into the
country. “Cryptocurrency is borderless. It is the key solution for
countries like Mongolia for tackling economic issues. We want to
empower the powerless by keeping big money, government, and federal
banks in check to provide equal opportunities for everyone.” –
Gantig, co-founder of IHC. With over 100 billion token orders
fulfilled after its launch at 11 a.m. on August 25, the Inflation
Hedging Coin (IHC), a new cryptocurrency created by tech-savvy
entrepreneurs, broke the internet. Within just 30 seconds,
thousands of enthusiasts invested 10 million USD in the newly
created tokens, making it one of the fastest-selling
cryptocurrencies in the world. IHC released 100 billion tokens with
25 billion equally placed on four different cryptocurrency
exchanges: coinhub.mn, trade.mn, complex.mn, and dax.mn. IHC has a
total supply of one trillion coins, of which 100 billion are now
publicly owned. It took only 11 seconds on DAX, 43 seconds on
Coinhub, 1 hour on Complex, and Trade for people to buy up all the
available tokens, with two of the platforms crashing and
overwhelmed by over 100 thousand visitors. Based on blockchain
technology, Inflation Hedging Coin aims to introduce an ecosystem
of financial services, including seamless transactions. IHC
founders share a vision for creating a decentralized solution to
combating inflation. Image
by jorono from Pixabay
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