Crypto International (CRI) is a native currency of COSMETA INC., the startup that was established in 2021 to create blockchain-based innovative products. COSMETA is a blockchain-oriented Human Resources (HR) company located in Middletown, Delaware. Other key services of the company include finance, trade, legal services, and accounting.
The platform targets, primarily, the Korean segment where people face many problems during relocation to other countries including Korean students who study abroad. For that, the project concluded partnerships with different Korean student unions. Korean immigrants use CRI as the official currency of Korean communities in the United States. For instance, this is the case for the Mihas community, which is the largest community of Korean students in the US.
The company develops various blockchain-based tools to create the potential for positive global changes. It is also equipped with highly-qualified specialists who can design and implement various solutions making financial life safer thanks to such inherent aspects of blockchain as full transparency. Thus, the company offers new opportunities to its users and improves their quality of life.
The CRI project was created in the first place to relieve the burden of international transfer fees and provide its users with an ultra-fast tool for exchanging cryptocurrencies. Therefore, the company tries to create appropriate infrastructure to deliver services of superb quality to its customers without compromising security. The platform collaborates with numerous brands from different countries and industries to reach this goal.
CRI enables provides its users with access to its infrastructure and a settlement environment for all migrants throughout the world. The opportunities of the network increase as more partners join to support it. The members of the ecosystem help each other and can always get help from others. In addition, the platform develops HR services to help businesses and job seekers connect with each other and help the migrants feel more protected as they get help with adapting to foreign environments. Besides, the company has extensive goals related to the expansion of the CRI ecosystem. It plans to add its own stablecoins and NFT products to its assortment of services.
The Composite CRI System offers a wide range of different products and services such as CRI wallet app, a payment platform, public and private blockchains, NFT platform, HR service, swapping, staking of tokens, etc. The system employs PoS (proof-of-stake) consensus for its work and provides HR services based on the blockchain. In addition, the project relies on the native asset, the CRI token, for the encryption of end-users’ data such as resumes and other types of HR-related contents.
As the project has been developing at a good pace since its start, it already has a few milestones worth mentioning. Thus, the international team standing behind Cosmeta released the platform in April 2021, and by August 2021, it developed an optimal business model for the company. Simultaneously, the company started building CRI token code. In October 2021, the facility developed a product for hedging of mining hardware. In November 2021, the team started working over the CRI wallet app and CRI token contract on the mainnet. In February 2022, the developers started testing the wallet app. At the time of writing, the team wants to launch the stablecoin by May 2023, while the blockchain-based HR platform is set to be released in 2024. The finalized Cosmeta ecosystem is going to be completed by May 2025.
Mutual help is available for users of the platform within the frames of the Manitou project. As people entering the ecosystem form groups for help, they can also get higher rewards when contributing CRI to the system.
The CRI token and other financial details
The CRI token was released in March 2022, during the IDO. In a few months’ time, the token was already listed on a few platforms such as Dex-Trade and Coinsbit. CRI was created on the basis of the ERC-20 standard, therefore, it can be stored on any Ethereum-compatible wallet such as Metamask, Electrum, or Exodus.
The token distribution was performed as follows. 67% of tokens are allocated to the community that is going to participate in the governance processes of the platform. 22% of tokens go to reserved funding for the arbitrary forces to control the violations related to price manipulations. One of the methods to control the token price introduced by the company is connected with a 3-year lockup period of the tokens distributed to the community and members of the team who received 5% of tokens along with the founders of the platform.
Furthermore, 3% of tokens were allocated for partnerships with companies and advisors who deliver guidance, resources, and capital and thus contribute to the development of a fully functional product. Also, 1.5% of tokens were allocated for the creation of the ecosystem and its infrastructure itself. Finally, the remaining 1.5% was distributed to the public via the CRI Wallet app and exchanges.
As for the raised funds, the soft-cap budget allocation includes 38% assigned for product development, 30% for marketing, partnerships, and sales, and 20% is spent on the development of operations. The remaining 7 and 5% are allocated for management and investment, correspondingly.
At the time of writing, the LinkedIn account of the company states that there are only 2-10 employees working on the project. Users can see many other members of the team on a dedicated page on the official website. The key figures include, for instance, Philip S.Na, CEO of Cosmeta, a graduate of the University of Wisconsin-Madison, together with Nicolas Li, CTO of Cosmeta, Minjae Kim, V-President of COSMETA US, a graduate of Purdue University, Indiana; Justin Kim, CFO of the platform, who studied at the University of Missouri, Grace Byun, COO, who graduated from the University of California, Davis, and Seok Hyun Hong, CMO, a graduate of the University of Southern California.