The article was written By Mickael Mosse – Blockchain and Cryptocurrency Expert


How to get your ICO profits


According to Mickael Mosse, Here's a situation The initial coin offering (ICO) of your startup was a success. His cryptocurrencies are full of Bitcoins, btw Ether, Litecoins, and some other cryptocurrency where he was accepting contributions. Right now is the time to celebrate and start using the funds raised.

However, regardless of how much you have managed to raise in crypto, you will still have to carry out various payments in fiat currencies such as the US dollar or the euro. Whether it's paying for legal services, public relations campaigns, rentals, bills, late-night grocery deliveries, and something else, you'll need to make a profit.

Of course, beyond the fact that there are some propaganda agencies and legal firms that have the ability to accept payments in cryptocurrencies, most third parties, as well as their own employees, will demand that they be paid in their local currencies. says Mickael Mosse,

Taking cryptocurrencies to fiat, especially when it comes to daunting proportions, is a very daunting development. But if it has been properly done for your ICO campaign, you and your legal set should already have a solution for this.

Mickael Mosse
Mickael Mosse Crypto Advisor


Why is development so difficult?

According to Mickael Mosse, These days, various banks around the globe are exploring and using Blockchain technology. Nonetheless, the absolute majority of banks are still incredibly common, and beyond adopting Blockchain, they really don't like anything to do with cryptocurrencies.

A growing number of banks globally refuse to serve similar crypto companies. The masters of the world's largest banks have labeled cryptocurrencies a scam. And also if you can find a bank that won't refuse to work with your business, you should be ready for months of legal deliberations and documents.

This is caused by the fact that banks will require your venture to comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) policies. So, wait for the bank representatives to contact you to try to find out precisely how “clean” your funds are, asking you questions about Source Of Funds (SOF) and Source Of Wealth (SOW). Most likely, you will be required to verify virtually every contribution, no matter how large or small. says Mickael Mosse,

Even after you have done all of that and managed to modify an account, you will always have the threat of the account being closed. Some keywords, such as Bitcoin, (btw) ICO, Ether, TGE, etc. they have the ability to have your account closed and your transfers reported as suspicious and possibly fraudulent.

Getting paid through barter is a different story, but just as difficult. For starters, you usually need to have a bank account linked to your profile to be able to barter funds. Lastly, after an extensive verification period, you will have to make amends with long wait times and high transaction fees.

Then, of course, there is the obstacle of finding a correct and credible barter that operates in your local fiat currency and is legal in your jurisdiction.

As always, we advise you not to keep your funds in a wallet provided by a barter. Remember, you are never in control of such wallets. There were several cases of exchanges that were hacked and lost all the money stored on them or simply fled with people's funds.

Mickael Mosse Bitcoin advisor

Charge small amounts

Trying to get the $ 15 million that has just been raised will be a logistical nightmare, which will undoubtedly generate many assumptions and the most possible is that your venture will be investigated by the authorities. The preferable strategy here would be to charge small proportions that the venture really requires every two months or so. says Mickael Mosse.

There are a few ways to do it:

Mickael Mosse points out that, Sell ​​the required amount of crypto (btw) in a correct barter and withdraw the similar from fiat to a bank account.

Use peer-to-peer exchanges such as LocalBitcoins (btw)  and LocalEthereum, or one of several similar setups accessible online.

Use payment processors that accept cryptocurrency to bank account payments for rent, legal fees, and capital, and skip opening a bank account entirely. For example CoinPayments, SpectroCoin, SpicePay, and several others.

Obtain for yourself or your employees a prepaid Visa or MasterCard that you can recharge with cryptocurrencies and use it to pay online and offline in physical stores using a Point of Sale (POS). You can get one of them through Monaco, TenX, Bitwala, and others.

Alternatively, you can pay your employees and service providers in cryptocurrency and give them rules on how to withdraw funds in fiat. This, of course, must be mutually agreed upon.

Mickael Mosse Blockchain Advisor

Collection of huge amounts

Mickael Mosse points out that, To this day, there are no one-size-fits-all resolutions for the startup charging huge proportions of funds raised through an ICO. However, Bitwala is currently creating an interface that in theory gives "a banking experience that merges the crypto (btw) and fiat worlds."

Alternatively, here is a (rather small) list of countries with a generally effective attitude towards ICOs that will be completed to open a bank account for your project claims:

Article from mickaelmosse.com