Progress in the compensation of funds

04/09/2020

I would like to share a new official statement to let the entire 2gether community know about the latest information and progress regarding the compensation of funds.

Funding round and crowdfunding

Since the attack (31/07/2020), we have been working on a funding round to strengthen the company and replace the subtracted funds. This round will end with a crowdfunding that we will carry out with the help of Fellow Funders, a platform to invest in Spanish startups licensed by the CNMV (Spanish financial regulator)

Considering the expected pace of funding acquisition prior to crowdfunding and the necessary developments to offer you all access to it through the 2gether app, we expect to be able to launch this crowdfunding campaign in October. Based on the investment rate, the crowdfunding will last a few days, a few weeks, or a maximum of two months.

Equity crowdfunding is an alternative financing system in which anyone can invest in any project that excites them, in which they trust, or in which they directly have expectations of obtaining a medium and long term profitability, through the purchase of shares.

Fellow Funders is a leading platform that brings many investors together and has been very successful in financing many projects. You can see a couple of examples below:

Wygers, first eSports club to close an “equity crowdfunding” round

Connected Life and Mooevo, two projects with ESG criteria that succeed with their respective funding rounds

The cyberattack has been a stone in our path, but it will also open the possibility to all Founders, 2gether users, and anyone else who wishes, to participate in the company at a very attractive valuation. The round will be for €1.2M and may be extended to €1.5M, at a pre-money valuation of €6.5M.

Additionally, affected users who wish to compensate their losses with company shares or 2GT tokens will be able to do so with a simple process in the 2gether app that will be uploaded in two weeks (the week of September 14th).

All affected users will receive a specific communication with instructions to proceed as soon as the process is active in the app.

The success of this round is very important to all of us. After a previous analysis, we estimate that the €1.5M goal could allow us to replace all, or a large part of the subtracted funds, depending on certain variables and allocating a necessary part of the round to continue strengthening the company.

Should we not obtain the necessary funds to replace all the losses, we will replace the maximum possible in the fairest way we consider and will continue working on replacing every last stolen cryptocurrency, or on compensating the affected users with solutions that may be even more attractive.

We keep moving forward

Your support and trust in the project has always been the most important thing for 2gether. Now you can help us close this hard chapter for everyone with a happy ending. Therefore, I want to thank you for your trust and support and reaffirm our commitment to continue working to make 2gether the fairest and most profitable financial alternative for all, and to accelerate all the decentralized and tokenized economy solutions that are to come.

Next week we will resume our usual communications by sending a new CEO email, in which we will complement this information with the company’s progress from a business, product development, and security point of view.