Insights on HEROs listing strategy
Wow, that was a ride! You probably have not noticed, but over the last few weeks we have not only prepared the exchange listing we announced today, but we have also been handling dozens of regulatory topics that the first ICO in Austria brought with it and that had to be solved before getting listed on an exchange. Now let’s take a step back and look at our most recent development:
Coinbene is a great partner for our target market
We met the Coinbene team and were really impressed with how ambitious and determined they work on their project — just like we do. As you probably know, the core market for esports is Asia (with America and Europe quickly catching up). Since all of us benefit if our users can easily access our tokens it is crucial to bring our tokens to our target audience. We are convinced that an Asian exchange and especially Coinbene, with offices in Singapore, Malaysia and Beijing, is the perfect first exchange for PLAY.
Why? Let’s break it down to 3 points:
- Strong growth, little market share
My experience as a consultant has taught me one thing: Before you do any other analysis, check the BCG matrix. Most of the time it tells you all you need to know. A small but growing exchange (so evolving to be what is called a star in the matrix) allows us to always have the perfect volume for our current exchange. And the Asian market is just starting to open up for crypto again, so the potential is massive!
- Flexible adaption
HEROcoin is supposed to be a quickly revolving currency once the product hits the market: Play, win, exchange, play again. We need to have the exchange reflect what HEROcoin is evolving to. With Coinbene we found the willingness to adapt to our needs in the quick pace that we are about to set.
- Overhead costs vs. actually productive budget
Let’s face it: Everyone, including us, would love to see PLAY on Bittrex, Poloniex, HitBTC or maybe Kucoin. But: All of those either require very high trading volumes or charge exorbitantly high listing fees (800.000 USD, not kidding). Additionally none of them is small and flexible enough to adapt to the needs of HEROcoin. Of course we checked out if listings on those are interesting and possible. But we unanimously agreed that this is not beneficial for HEROcoin. And we hardly ever agree on anything unanimously. But this was an easy one: Every single Ether that we spent on listings and exchange maintenance is an Ether not directly spent on the development of the HERO project & vision. Point made.
As for Lykke we had to reevaluate our decision due to them being very early stage and put listing negotiations with them on hold proactively but still believe they will be a valuable business partner for the future.
Over the last weeks we onboarded highly motivated and talented new team members like very recently a UI/UX designer and front-end developer. We will introduce them in the following weeks.
Together with partners like Abios Gaming and experienced blockchain developers we set up the project structure to prepare for the big things to come! We will deliver a working product on the Ethereum blockchain in 2018. Not many ICO companies will be able to keep up with that pace and even less so while being an absolute pioneer regarding regulations on the topics of blockchain and betting.
In addition we were approached by other betting providers who are eager to understand how their systems can be onboarded to the HEROcoin ecosystem. Stay tuned for updates regarding that!
All the best from cold & wintry Vienna,