TruePnL allows users to invest in on-chain trading strategies and DeFi products. Eventually launching on the Polkadot blockchain, TruePnL might be a solid investment to get in early on. Here’s all you need to know before TruePnL’s ICO (PNL) on May 18, 2021.
What is TruePnL?
TruePnL is an investment product platform featuring simple-to-adopt tokenized (on-chain) trading strategies and quant trading algorithms. That’s right, even trading strategies and portfolios can be put on the blockchain with a token!
TruePnL’s core products Is a Robo-Trading Marketplace for “market-proven robo-strategies” They will also launch a platform for community created ETFs and social algorithmic trading down the line.
“Robo-strategies” might sound scary, but these algorithms analyze big data patterns and trends such as moving average crosses and pair trading to maximize profit on a macro scale. Quantitative research firms all across the world work on perfecting these algorithms and are currently in place at most major investment banks.
These algorithms execute trades automatically through a partnership with Binance, and have promising returns thus far. Below you’ll find the suite of robo strategies that are currently available. You’ll also see their market caps and returns over multiple time periods. Find out more on their site.
TruePnL ICO (PNL)
TruePnL focused on research and development in the first half of 2020. The later half of the year was spent developing and launching the core Robo-trading features. In 2021, the team designed the PnL token and began a seed sale.
Beginning on May 18th at 2p UTC, the PNL token will be released to the public for the first time. If you want to take part in the initial lottery offering via Ethereum, you’ll have to sign up for the whitelist before it closes on May 16th.
There will be 1,218,750 PNL tokens available for sale via a batch lottery on Ethereum for $0.08 per token. This accounts for roughly 3.4% of the total supply. Check out the full token allocation breakdown on the P&L onepager.
There are only 327 total seats available, so make sure to sign up soon. If your name is drawn in the lottery, you’ll want to have Ethereum ready to go to make your purchase. More information regarding the initial offering can be found on this medium post.
How to Buy Ethereum for the Initial Offering
Since the token sale is going live via the Ethereum blockchain, Ethereum will likely be your best bet for purchasing. You’ll need to have this Ethereum ready to go in a hot wallet (one that’s connected to the internet), so you can purchase your PNL tokens should your name get drawn in the lottery. You can purchase Ethereum on centralized exchanges such as Crypto.com, Coinbase, Kraken and Gemini. But, if your IP address is U.S-based you’ll need to provide some personal information for tax purposes before you can start trading.
Best Crypto Exchanges
Here are some of our favorite Ethereum-offering exchanges that also give you access to send you Ethereum to a hot wallet. Access to your wallet is necessary if you want to be able to get your hands on PNL.
Coinbase is one of the Internet’s largest cryptocurrency trading platforms. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally simple to buy and sell major cryptocurrency pairs.
You can even earn cryptocurrency rewards through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality.
Though Coinbase doesn’t offer the most affordable pricing or the lowest fees, its simple platform is easy enough for complete beginners to master in as little as a single trade.
Best For
- New cryptocurrency traders
- Cryptocurrency traders interested in major pairs
- Cryptocurrency traders interested in a simple platform
- Simple platform is easy to operate
- Comprehensive mobile app mirrors desktop functionality
- Coinbase Earn feature rewards you with crypto for learning about available coins
- Higher fees than competitors
Crypto.com strives to make cryptocurrency a part of everyday life by offering a full suite of services for crypto users. The company offers a Crypto.com App, Exchange, Visa Card, DeFi swap, DeFi Wallet, DeFi Earn, Crypto.com Price, staking, crypto lending, and many other services. What really sets them apart, however, is the combination of super low fees and incredibly generous rewards programs for their users.
Best For
- Traders who want access to a secure, low-cost cryptocurrency exchange
- Passive investors who want to earn interest on their balance without frequent trading
- Mobile investors who prefer to handle all their crypto needs via their phone or tablet
- Low fees
- High security
- One-stop shop for all your crypto needs (wallet, trading, spending, and more)
- Lots of ways to earn interest, rewards, and rebates
- Low privacy
- Customer service response time could be improved
Crypto futures traders
Kraken is a cryptocurrency that offers access to more than 50 supported coins and tokens, staking capabilities, futures trading and more. Kraken offers a variable maker-taker fee schedule, which often results in lower fees compared to flat-rate brokerages.
In addition to a wide range of crypto choices, Kraken offers customizable ordering platforms and mobile apps that you can use to fully refine your trading experience. There’s plenty to love about trading on Kraken. It appeals to both seasoned professionals and new investors looking to learn more about the market.
Best For
- Cryptocurrency investors looking for a wide selection of supported assets
- Crypto futures traders
- Beginner investors looking for maximum account security
- Wide selection of supported tradable assets
- Straightforward platform is easy for new users to master
- 24/7 customer service available via live chat
- Maker-taker fee schedule may confuse some users
- No option for phone or email customer service
Gemini is a cryptocurrency exchange and custodian that offers investors access to 26 coins and tokens. Founded in the US, Gemini is expanding globally, in particular into Europe and Asia. Offerings include both major cryptocurrency projects like Bitcoin and Ethereum, and smaller altcoins like Orchid and 0x.
Gemini is 1 of the only brokers with multiple platform options based on skill level. New investors will love the streamlined interface of Gemini’s mobile and web apps, while advanced investors might appreciate all the tools that come with ActiveTrader.
In addition to a host of platform choices, Gemini users also have access to insured hot wallets to store tokens without worrying about digital asset theft. Learn more about what Gemini can do for you in our review.
Best For
- New investors looking for a simple mobile and web app
- Experienced investors who need a more advanced platform with more tools
- Users looking for a 1-stop-shop to buy, sell and store all of their coins
- Easy and quick signups — can get started in as little as a few minutes
- Multitude of platforms to accommodate traders of all skill levels
- Hot wallets include insurance to protect your from theft and hacking attempts
- Charges both a commission and a convenience fee for users buying and selling through the desktop or mobile app
Best Ethereum Wallets
Your best bet for quick access to your Ethereum is the time-tested browser extension wallet MetaMask, or Coinbase Wallet. Either way, make sure you purchase extra Ether to cover the gas fees which are getting pretty expensive these days.
Is TruePnL a Good Investment?
While this investment is primarily speculative, getting in early on a project with solid fundamentals and momentum amidst a bull run may yield some impressive returns in a relatively short period of time. Especially considering the roadmap indicating plans to launch on centralized exchanges later this year, this could lead to a massive amount of new capital flowing into the project.
Benzinga crafted a specific methodology to rank cryptocurrency exchanges and tools. We prioritized platforms based on offerings, pricing and promotions, customer service, mobile app, user experience and benefits, and security. To see a comprehensive breakdown of our methodology, please visit see our Cryptocurrency Methodology page.
Gemini builds crypto products to help you buy, sell, and store your bitcoin and cryptocurrency. You can buy bitcoin and crypto instantly and access all the tools you need to understand the crypto market and start investing, all through one clear, attractive interface. Gemini Crypto Platform offers excellent account management options. You can manage your account at a glance, view your account balance 24-hour changes and percent changes. Get started with Gemini now.
