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January 29, 2018, 03:00:54 PM |
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(Taken from an e-mail sent by GLOBCOIN this morning)
We listened intently to the thousands of voices forming part of our growing community and are in the process of revising our token sale structure, the particulars of which are enclosed. We appreciate your comments, reviews and participation which is essential to our mission: bringing tokenised currency baskets to the world.
Our mission is to disrupt multi-trillion dollar markets and create new economies on global scale.
The economics behind the Globcoin, GCP and GLX are unique and so is the disruption it will bring to currency markets. Therefore, we designed a token sale that incorporates a method of participation that is appropriate for the context.
But before we elaborate on the revised token sale structure, we want to elaborate on why we have decided to take this route. Please note some of the points we have been factoring in:
The rise in ETH price. When we decided to hold a token sale in early November, the price per unit was $290. We could not predict the price would 4x in the time frame we would carry out the sale. Our soft cap and hard cap had been hard wired into the smart contract, making it difficult to change.
The token sale period was too short and was seriously hampered even further due to significant dip in the cryptocurrency market earlier this year.
Issues with KYC process. We did not foresee our investors having issue with the KYC system we are using - YOTI. The software was unable to recognise and process many of the international passports and led to frustration amongst our community members. We also apologise for the lack of instructions and clarity for the process.
Finally, we want to point out, we had over 1000+ register on the whitelist with the intent to participate in our token sale since the start of the process. We have also been able to raise $1.5m USD in private placement.
This shows there is a strong demand and need for our product in the crypto world.
Revision to the token sale structure:
The only way to revise the sale period with an ERC20 token, is to close the current sale and open a new sale. As we need to close the current sale we've decided to do this now. Then we can open a new sale period from 12th February - 29 March 2018.
We will announce shortly the exact structure of the bonuses with a special incentive for current participants.
The hard cap will be determined in ETH terms at the deployment of the Smart Contract according to prevailing market conditions at the level of $12m USD. The soft cap has been already raised by private placement.
We can confirm the new token price will be 10,000 GCP per 1 ETH.
If you have already participated in the ICO, you will receive a follow up email shortly. We thank you for your support and patience.
Best Regards,
Helie d'Hautefort
CEO - globcoin.io
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