The Korea Institute of Virtual Asset Valuation has released its first report evaluating the investment outlook for seven South Korean cryptocurrencies. KiVAV founder Park Jae-kyung said some domestic token issuers may be looking for quick money instead of developing their tokens long term.
Fast facts
- KiVAV’s report, released yesterday, gave only the Mass Vehicle Ledger (MVL) coin a rating of 5.36 on a 10-point scale on which 10 represented the best outlook. The other six received ratings below 4, and Pixel (PXL) scored the lowest, with 1.8.
- KiVAV evaluated the MVL coin positively for its business prospects, combining the mobility industry with blockchain, but ultimately marked the token as “average” since its mainnet release had been delayed. PXL received the lowest score for not having disclosed a business expansion “action plan” to investors.
- Park told Forkast.News it was difficult to fully evaluate a virtual currency based on its white paper alone. “Many good ideas that a virtual currency has on paper are not followed by technological or business developments,” Park said. “This can be seen as a situation where [token issuers] focus on earning money through a quick rise in price instead of developing the business [for the long term].
- “Although the first issue highlighted the disappointing aspects of domestic tokens, we are planning to make more positive evaluations in the future. KiVAV will continue publishing quarterly reports to ensure objective data for crypto investors.” Park added.