Stellar-Based Repo Coin Hits 1,437% Growth on as REPO/XLM Soars
Repo Coin (REPO) underwent a radical recovery in the three weeks from the winter market low, climbing to 1,437% growth since December 15th. The entirety of trade action came straight from the Stellar Network’s decentralized exchange – Stellar DEX, via the REPO/XLM pair.
The token, launched on the Stellar Network, surged into the top seventy-odd coins by market cap in the last few weeks. So what is Repo Coin and where did it come from?
What is Repo Coin?
The term ‘Repo’ is not a fanciful attempt at a unique, catchy brand name, but rather describes the simple and clear use-case foreseen for this token. That would be the repossession business, and specifically the auto-repossession business.
The project’s whitepaper starts off with the assertion that the $1 billion-valued auto-repossession industry is on the rise thanks to a sudden increase in new, subprime auto loans (which people can’t afford).
Unfortunately, despite the increase in opportunity, the repo business doesn’t stand to take advantage of the bountiful increase due to outdated and inefficient methodologies. That’s where Repo Coin inserts itself.
Blockchain Steps In
The project’s one-pager posits that the use of blockchain technology and smart contracts would stand to revolutionize the auto-repo industry. It also proposes other features such as license plate-scanners, decentralized tracking of ‘delinquent’ drivers, and an online store where REPO tokens can be spent:
“…we aim to grow a large community of users to assist in locating delinquent vehicles on the road faster than has ever before been possible. We will do this by offering license plate scanning and recognition software through the Repo Coin mobile app, which will decentralize the process of locating assets that need to be recovered.”
An industry-breaking concept? Or something closer to the recently reviewed Buggyra Coin Zero (BCZERO)? Well, one thing that probably can’t be argued is the one-pager’s claim that Repo Coin has a first mover advantage in the crypto-based repo space. More from the document:
“When a user scans a license plate it will be matched against our real-time database of delinquent vehicles. Our users will be incentivized by Repo tokens, which can be used to purchase goods and services on our website.”
Without being too cynical, many recent posts on the project’s Bitcointalk forum page have been vaguely enthusiastic comments from first-time posters. That’s a suspicious sign, given how easy it is to buy forum comments online – but not totally damning.
REPO Price – REPO/XLM
All of REPO’s $25,000 volume was split between the Stellar DEX and the Stellarport wallet on Saturday, all via the only trading pair listed for the token – REPO/XLM.
The dollar value of REPO jumped 70% in the past twenty-four hours, rising from the $0.34 to $0.58 range, before a pullback to $0.45. This compounds a fruitful three weeks for the token in which it grew 1,437% in value, rising from a low of $0.037863 on December 15th.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.