KuBitX Token Generation Event (TGE) Breakdown
Dear KuBitan
As usual, thanks for your continued support and belief in our project.
On the back of the recently concluded Token Generation Event, we would like to give you a report of the exercise as simply as possible.
We commenced fund raising with a seed round which was later followed by a “Pre-Public” round after which we conducted our final and public round. As a reminder, the sequence was as follows:
- Seed Round (Pre July 2018)
- Pre-Public Round (16 July 2018 — 31 August 2018)
- Public Round; including extension (20 Nov 2018–31 Jan 2019)
The general situation and bearish sentiment of the crypto market resulted into little money being raised at the public round despite positive ratings of our project by different pools and experts.
The amounts raised in these rounds are as follows:
We also break down our token distribution as follows:
As mentioned during our campaign, unsold tokens will be burnt. Here is what the distribution will look like after the burning event.
Only about 63.77 million KBX tokens will be in circulation initially. Some tokens will remain locked till the expiration of their vesting periods after which they will then be eased into circulation. The vesting period for the locked tokens are as follows:
- 85% of the team tokens are locked for 2 years.
- KuBitX Investment fund is locked for 6 months
- Bonus tokens are locked for 180 days
- Advisor tokens are locked for 6 months
The locked periods start counting from 20 December, 2018; the day the Exchange was launched.
Now it is worth mentioning that while we didn’t meet our hard cap of $7.57m via the TGE, we are in promising talks with a number of VCs to raise and inject more funds into our operations which have commenced in ernest. Some of our mainstream meetings and partnerships (to be announced) have helped us position ourselves as not just an Exchange or Hybrid Wallet provider but a very important player in the Blockchain and Fin-tech space in Africa — a market place valued at billions of dollars. We are committed to cementing our place in tech history as far as Africa and other emerging markets is concerned. We will have more interesting news and announcements to share in the coming months as we cross the“T”s and dot the“I”s of these partnerships.
My KBX tokens
You may be wondering: what to do with my tokens at the moment? We advise that for now you keep them safely stored in an ERC20 wallet that you have access to. Remember that owning your private keys is what gives you total control of your tokens. Now we mentioned en passant in one of our emails about our planned migration to the Stellar network. This process is undergoing the last stages of testing and fine tuning. Once that is done, we will guide you on how to claim your tokens as long as you have passed KYC and do not come from any of the restricted countries. We expect this process to commence by or before the last week of February 2019, we will announce more specific dates later.
Updates worth mentioning
The exchange is getting a few more pages to deal with our learning and education needs, as well as a better sign up process. We think you will like the new pages when they go live later this month.
Our KuBitX Payments Remittance & OTC Wallet (KuBitX PROW) is being improved daily as we speak and is due for public beta release by or before the last week of February 2019.
We have successfully tested instantaneous intra Africa remittance using stable coins. We have also successfully tested paying for airtime and other bills from over 3000 merchants in Nigeria using stable (pegged) coins and even XLM.
We know you have questions. So let us plan to join our Ask Me Anything (AMA) session scheduled for 28 February, 2019 on Telegram. It will be an opportunity to ask burning questions from the team.
Strap yourselves in for a very exciting ride.
Regards
The KuBitX Team
