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The purpose of CHANGE is to become a full-service cryptographic bank, offering payments using cryptocurrency, and also a fully integrated FinTechs market.

CHANGE plans for the development of several products:

Crypto-wallet – facilitates the storage of all major crypto tokens, simple management of cryptographic portfolios, simple money transfers between peers and other functions.

What does the company/project do?

Change Card is a crypto-debit card that allows users to spend their cryptocurrencies in online and offline branches around the world. Marketplace is a platform for all-in-one financial services. Users can use their cryptocurrency for investment in stocks, P2P loans, real estate, travel purchase or car insurance or a loan in a cryptocurrency.

CHANGE is also related to the e-residence initiative of the Estonian government. e-Residency provides users with digital identification in the European Union – it can be used to start a company, open a bank account, file taxes, sign documents, etc. without a physical presence in the EU.

How advanced is the project?

CHANGE was founded in early 2016 in Singapore. He received support from angel investors with more than 200,000 US dollars at the beginning of the investment. Subsequently, other FinTech start-ups in the region also joined Change.

The beta version was released in the second quarter of 2017. The mobile application allows you to store, spend and move currency fiat, and also to integrate API with Smartly and Danabijak, start-ups created by Change partners.

By 2018, Change plans to launch the global market FinTech, which allows users to view and purchase all types of financial services using cryptocurrencies.

How can owners of tokens make money?

There are several applications of CAG tokens.

Use of the market

Third-party service providers (TPSPs) divide 20% of their revenues from Change Change users. This 20% is distributed between the Marketplace investors and Change coin holders in a ratio of 1: 5. From 16.67% are investors in the market and 83.33% are distributed among CAG owners.

Edit map

0.5% of the volume of all payments will be distributed to CAG owners.

Currency for TPSP

CAG will be an intermediary in any transactions, except for costs (excluding the time period at the beginning, where other cryptocurrencies are allowed).

Since the CAG tokens are used (1) as the currency on the Change platform, (2) to receive a portion of the revenue from purchases in the TPSP and (3) to receive a portion of the transaction volume from the change card, the greater use In the case of a removable platform, more valuable CAG tokens should be.


Kristjan Kangro

CEO at Change

Artur Luhaäär

CEO at Smartly; Partner at Change

Gustav Liblik

CEO at First Meta; Partner at Change

Edgars Simanovskis

CTO at Change; Blockchain developer

Nakul Pant

CTO at Smartly

Henry Kehlmann

Blockchain developer

Dragos Giugula

Blockchain expert

Karl Vään

CEO at BitOfProperty; Partner at Change

Kenneth Loh


Francisco Bernardo


The Change team consists of 10 people, most of whom have worked / worked with other FinTech start-ups.

Kristjan Kangro, CEO – Serial Entrepreneur. Previously, he worked as Financial Director of Expara and as Director General of SwingBy.

Arthur Luhara, Partner – Serial Entrepreneur. The current CEO of Smartly and former analyst of the investment firm.

Gustav Liblik, Partner – Serial Entrepreneur. The current CEO of Catapult, former CEO of Wastescanner.

Edgar Simanovskis, technical director is also the current technical director of Danabijak. Previously, the developer of iOS for various companies.

Change has a strong team of consultants, including Roger Crook, ex-CEO of DHL Global Forwarding, Rob Findley, the founder of Next Money, and Miguel Soriano, a professor at the National University of Singapore.


Change has a strong team with experience in Fintech companies. He also has a number of legitimate consultants, including the former CEO of DHL Global Forwarding.

Although this is not beneficial for the Change business, Change has an official partnership with the sovereign government of Estonia. This will confirm the Change concept and put it a step ahead of many other blockchain projects.

Change has a very ambitious goal – to provide virtually all services provided by a traditional bank. If successful, the business growth potential and the token can be significant. It also allows you to pay for many financial services using cryptocurrency.


Here is the description of the change on the frequently asked questions page: ” Change is a cryptocurrency offering a wide range of financial services, including a bank card, investment opportunities in the global market, crypto contributions, insurance and much more.”

Probably, there are many local rules that will be applied, especially in the insurance and investment space. This will slow the development of change.

Сhanges indicated that the rules do not apply to them, because “Change” is simply the merger of various FinTech companies (which are properly licensed) into one market. In addition, if they were to obtain a banking license, this would only add legitimacy and not be of vital importance to its business.

However, we believe that the rules should be applied in many jurisdictions. For example, an insurance agent must have a license to sell insurance products offered by different companies (which in themselves have the appropriate license). For example, the personnel launch of Zenefits was fined in several states in the United States due to violations of insurance licenses.

If “Change” offers only referrals, they act as a branch, which receives income by referring to companies. They cannot be objective when it comes to the services they call. Users can get a higher rating elsewhere or directly by going directly to these companies. In addition, if Change simply acts as a partner, they cannot accept payments from users directly, which is not consistent with the Change business model.

Most team members work on changes and other startups at the same time, that is, they do not work in the full modification mode. It is unclear how they are going to allocate their time between different enterprises.

CAG signs are not necessary for purchases in the Change Marketplace, at least at the beginning. Users can use all major crypto conversions. This will reduce the need to use CAG as a token of the utility.

Competition – there are a number of block-hewn projects in a similar space, such as Change

Debit card – Tenx, Monaco, Tokencard, Xapo, Mobi, Centra.

Wallet – Metal, Status, Everex, Omise GO, Post.

The roadmap is vague. In the White Paper, the only milestone after the ICO is “delivery of the first exchangeable cryptographic cards; beta for the market. ” This may indicate a lack of detailed planning for the team in terms of implementing and implementing a game plan for the project.


In general, we are neutral both for ICO and in the long term. Our thoughts on buying tokens for sale and investment in the long term are as follows:

For overturning

Neutral. On the one hand, the project is well aware of the partnership with the Estonian government and a strong team of consultants.

On the other hand, pre-sale stops at about 30 000 ETH. With a minimum contribution of only 10 ETH is not so much to prevent the participation of small participants, so pre-sale is, in fact, a public crowd. It seems to us that the project does not have enough demand to fill a rigid cover, especially in this market environment.

For a long-term

Neutral. We believe that the team underestimates the problems with legal and regulatory issues. Due to the lack of details in the white paper, we are not sure about the possibility of executing the team.

Most likely, it will happen that Change will understand that there are many more legal obstacles than they originally thought. They will need to develop slowly, country by country after receiving all the relevant licenses in each jurisdiction. Therefore, understanding the team’s vision may take a long time.

Change also has a very ambitious goal – to provide many different types of services in one structure. As a general rule, the more ambitious the project has, the more likely it will fail. Therefore, we believe that change is more a game with a high level of risk.

  • ICO

Start of ICO: September 16, 2017

Symbol of the token: CAG


Technical documentation:

Max.: 200 000 ETH (ICO depositors own 40% of the total number of tokens)

Min.: no

Price of the token: 1 ETH = 500 CAG

Maximum market capitalization in ICO: $ 150 million

Bonus structure: Preliminary sale – 25% / first 24 hours – 20% / 1st week – 15% / 2nd week – 10%

ERC20 marker: yes

Date of distribution of the token: tokens will be distributed immediately after the deposit and traded after the end of the ICO

Purchase methods: BTC and ETH

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