October Company Update: New Partnerships, Private Round, LOIs, & More
October proved to be extremely productive for our team. A partnership with a prominent university positions PlutusX to become a leader in the relevant industry. Read our company update below and find out what we were up to last month!
In September, Josh our CIO has set up an opportunity for us to meet with The University of New Mexico. It all went quite well and we can proudly announce that the University of New Mexico became our partner!
Aside from giving us immense credibility, this partnership is rather important for various reasons. The University gave us the opportunity to create a “wish list” for them. This Wish List allows our team to use and leverage their resources such as (wo)manpower, money, research & development, statistics, and more. The only caveat is that we in return give them data points to use as research for an academic report and a thesis. This is not a big ask. In the future, if we plan to take more resources the agreement will be modified and the University will have a stake of ownership. Aforementioned, the transfer of partial ownership would still be a positive outcome.
The papers are signed and we started planning tasks for the University that will assist us in the development and marketing of our platform.
Our Current Wish List
- Marketing Research
- Technology Development
- Legal Guidance
- Script Assistance (machine learning)
Private Round + Start Engine
If you have been reading our updates since July, you know that Start Engine has been our preferred platform for our OPO (Online Public Offering). We recently closed our private round and are now moving forward to launch a CF offering through the platform.
The goals and purpose of this offering are to:
- Get people involved who otherwise didn’t meat the accredited investor threshold
- Allow non-us based citizens to participate
- Raise $100,000 USD — $1,070,000 (CF offering limit)
Use of Funds
This money is being allocated as followed:
- Marketing: $70,000USD — $200,000USD
- Development: $0.00USD — $387,000USD
- Legal: $20,000USD — $160,000USD
- Team: $10,000USD — $100,000USD
- Misc: $0.00USD — $143,000USD
Miscellaneous items include infrastructure for the technology, media related items, research, and other relevant tasks.
A letter of intent (LOI) is a document outlining the general plans of an agreement between two or more parties before a legal agreement is finalized. A letter of intent is not a contract and cannot be legally enforced; however, it signifies a serious commitment from one involved party to another (Ref).
PreCharge will give us the opportunity to have and distribute cards to our clients so that they can use on a day-to-day basis. The process helps with crypto-to-fiat settlements as well. We are in discussion for multiple integrations and the charge cards for clients are one of the many.
We are negotiating a partnership with one company searching a partner searching for merchant services that we provide. This partnership would be of mutual benefit, not only financially, but also because it would open the door to many other potential opportunities.
More on the LOIs to in the next months moving forward.
As already written in our last update, our CEO Angel Mondragon participated in a TED Talk, which was held on September 29th. The whole speech was about “How Blockchain is revolutionizing and revitalizing stagnant industries”. The Talk is available online and can be found here.
Angel is present at the 00:30:00 mark.
Other — Investor Meeting in Milan and Summit conference in Turkey
These both are currently postponed. Investor meeting in Milan will be rescheduled and held by the end of the year. The Summit conference in Turkey, which was supposed to be held in October, is also postponed. For now, the exact date of the event is still to be announced, but not all is lost because we set up a new partnership, which will be realized in the next few days and announced in our next update.
Trading Bot Turned Script
Angel, Josh and an anonymous alias have all been chipping away at perfecting the accuracy and performance of the script. We would like to start charging $20/ month to use these scripts and the purpose of this is to get more revenue in the door while simultaneously showing investors more traction.
If you are interested in learning more about the script and using it for your own trading, please visit our scripts page here: https://plutusx.com/scripts/