Helbiz — Monday Update

This week’s update will focus on the current state of the product and an update on the buyback program.

The team is currently working on testing the Helbiz hardware to be installed in all cars on the platform. Significant amounts of testing are required to ensure functionality in all situations, it is not one single test but a series of tests. We are testing the device and lock mechanism in all circumstances, situations, weather, locations, models, cars, and will be carefully tested for reliability, durability, security, safety, synchronization and connection to servers, apps, cars and fleet management. We are dealing with the private property of our users and need to ensure everything has been carefully tested and optimized in worst case scenarios as well before allowing other users to unlock and drive the cars.

Currently the initial testing is going according to plan and we expect the V1.0 to be released in the app store at the end of July.

Simultaneously we are growing our partner network in Los Angeles currently on-boarding in-house and partner mechanics for the hardware installation to ensure a scaleable operation that can withstand high demand.

The Helbiz team is looking to purchase more than $1m (USD) of HBZ off the open market, to strengthen the company’s position both internally and to new investors . The Helbiz carsharing platform is set to be released to the public next month bringing incentivized organic demand to HBZ.

The buy back of HBZ will be equivalent to more than $1m (ETH) and will be executed stage by stage. The team has executed the first stage of the buyback, buying HBZ equivalent to 400 ETH from its various exchanges between $0.01 and $0.04. The team will continue to acquire HBZ until after the launch with the intention of bringing the currency back to ICO price.

The team will continue to buy back tokens for more than 1600 ETH over the next couple of weeks.

Token delivery 
ALL tokens from presale and ICO have now been delivered, no more investor deliveries will take place from the main Wallet and the circulating supply on CoinMarketCap does now match the actual circulating supply mentioned weeks ago.

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