Let’s talk about our Crowdsale & KYC
Dear FintruX Community,
For the past few weeks, one of our main priorities has been to review and improve the current crowdsale model and ensure that it is fully compliant with the existing legal frameworks — our Team’s hard work and dedication has resulted in a few changes that will hopefully make our value proposition even more attractive to all of our supporters.
Sharing instead of Burning
Our initial plan was to burn any unsold tokens, but the more we thought about it, the clearer it became to us how unfair this would be.
Imagine an improbable, yet possible scenario where we only sell 20% of our FTX Tokens — if we were to burn the rest, the reserved portion for the Team, Advisors and Collateral Pool would represent substantially more than the 25% we had initially proposed and this is not our intended purpose.
The FTX utility tokens are meant to allow for participation and engagement in our ecosystem — we want them to be distributed far and wide.
What does that mean in practice?
In essence, we want to ensure that all 75 million FTX tokens are distributed to our crowdsale participants, regardless of whether we reach our hard cap or not. Using our previous example, if we were to sell 20% of all FTX Tokens, this would mean that the remaining 55% of our unsold tokens would be distributed to our loyal contributors.
With this in mind and in order to facilitate the proportional distribution of any unsold FTX Tokens, the FTX Token Distribution Event that will take place two weeks after the successful conclusion of our Crowdsale.
Crowdsale Schedule
In order to ensure that our crowdsale runs smoothly we have decided to divide it into two phases:
If we reach our soft cap in the pre-sale, the pre-sale phase will end 48 hours later and the main token sale will begin as scheduled. Our crowdsale will continue until either our hard cap of 75,000,000 FTX is reached, or we reach the end date of our sale on February 28. We have scheduled the FTX Token Distribution Event to occur 2 weeks after the end of the crowdsale.
In the unlikely scenario that we came short of our 5000 ETH soft cap, all contributed ETH would be marked for refund. Anyone who contributed, including those who purchased our tokens at pre-sale, will be able to withdraw their ETH from the sale contract.
FTX Price
When we first envisioned our project, the price of ETH was $325 and with that in mind, we set a goal of 77,000 ETH; aiming for about $25 million as our hard cap to complete all phases of the FintruX ecosystem.
However, the recent surge in the price of ETH has allowed us to lower the crowdsale price of our FTX token and still maintain our original hard cap.
Please see below for the new bonus structure:
Once we reach 25M USD in contributions, we will be stopping the sale early and forcefully kick in our FTX sharing mechanism — meaning that all contributors will get FTX proportional to their ETH, according to the exchange rate at the time. Thus, the ETH price will not affect our sale.
Know Your Customer (KYC)
Know your customer (KYC) is the process required for a business to identify and verify the identity of its clients. Our KYC procedure only needs to be performed once for all phases of our crowdsale. When accepted, you will be able to participate in either of the two pre-sale events or the main token sale event in February. You can find details about any current restrictions in our crowdsale document and on our sale page.
Our legal teams are working diligently to ensure that our crowdsale becomes as global as possible and shifts in the existing legally imposed limitations may occur during the different phases of the crowdsale.
Please note that the processing time for the KYC verification will vary from person to person and we are unable to specify the exact duration. The expected contribution defined during the KYC is not static and can also be increased during all phases of the crowdsale.
The list of accepted IDs for registration can be found in this spreadsheet.
Register now for the Pre-Sale!
We would like to take this opportunity to thank you all for your continuous support and engagement!
Sincerely,
The FintruX Team
About us: FintruX Network is the global P2P lending ecosystem powered by blockchain and no-code development. FintruX facilitates marketplace lending in a true peer-to-peer network to ease the cash-flow issues of SMEs that typically face challenges getting loan financing, such as startup companies.
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