MMM: Platform set to launch its own cryptocurrency

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Mavrodi Mondial Movement (MMM)

The Mavro is touted as the world’s first decentralized multi-level marketing structure based on the ethereum blockchain.

Just when we thought they would give up, MMM is back and this time with cryptocurrency.

News reports have revealed that all helpers and receivers can use local currency, bitcoin, litecoin, ethereum and bitcoin cash to transact on the platform.

That's not all.

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Konbini reports that MMM will soon be joining the over 1400 cryptocurrencies in existence.

The founder of the platform, Sergei Mavrodi reportedly revealed via the coin’s website that it was scheduled to launch the coin, called The Mavro, on December 29.

The Mavro is touted as the world’s first decentralized multi-level marketing structure based on the ethereum blockchain.

According to the reports, the platform initially prelaunched MMM coin, which Sergei said will be bigger than the original cryptocurrency, Bitcoin.

He also added that it wouldn't be fully launched till he had 10 million users in the system. He had plans to do this before his 63rd Birthday on August 11, 2018.

However, Sergei is now offering to replace MMM coin with The Mavro.

Investors are now being encouraged to trade in their old coins for The Mavro which is currently trading at 750 satoshis on Yobit.

The satoshi represents one hundred millionth of a bitcoin.

According to Konbini, small denominations make bitcoin transactions easier to conduct transactions with.

Each unit of bitcoin, or 0.00000001 bitcoin, is reportedly called a satoshi.

Sergei Mavrodi, Vyacheslav Mavrodi, and Olga Melnikova founded MMM (Mavrodi Mundial Moneybox) in Russia back in 1989. It in 1994 and was shut down by authorities.

It later moved to South Africa and several other countries before starting operations in Nigeria in January 2016.

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Participants were promised a monthly return of 30%, however, MMM abruptly shut down in December 2016, with an estimated 3 million Nigerians losing their funds.

Seeing the terrible history Nigerians have with MMM, it's hard to tell if we would be patronising the platform on a coin basis.