CEO Masamitsu Hirai talks about SPINDLE so far and now
It’s one year since you released the project in December 2017. What was the year like for you? The project is going quite well, though we are a bit behind schedule.
In the beginning, we offered a pre-sale up until the end of January 2018, then made an ICO on April 2018, and at the end of May 2018, SPINDLE became listed on five cryptocurrency exchanges.
After that, we continued to take a wide variety of measures to improve the liquidity of SPINDLE, including join to a decentralized exchange, Bancor Network. We believe SPINDLE is progressing smoothly compared with other cryptocurrencies.
But the SPINDLE price is now far lower than it was at the time of ICO. What do you think about this?
We understand many SPINDLE holders have concerns about this point. We believe it partly reflects a change in the whole tenor of the cryptocurrency market from 2017 to 2018.
In the period after the IPO of SPINDLE, an increased number of other similar projects do not seem to be able to raise funds in ICOs. BTC, ETH and other major cryptocurrencies are considerably falling in price, too.
Before, operators strived to raise funds in ICOs and enhance the value of their cryptocurrency speculatively by listing on major cryptocurrency exchange markets. Here it was considered vital for them to intervene and prevent their cryptocurrency price from falling in order to deal with investors who bought the cryptocurrency in the ICO and sell the asset immediately after the listing.
But such a business model is no longer viable. On the other hand, we have stressed the importance of establishing services using SPINDLE. We believe the principal factor is to advance steady development and deliver excellent service.
We are experiencing a downturn in the marketplace, so unfortunately, our business progress is not directly leading to the price increase of SPINDLE in exchange markets. We believe this is the time when we should focus on our primary duty of creating a matchmaker platform where investors can be connected to operators.
This platform defines the value of SPINDLE and should be a crucial factor to raise its price next time the cryptocurrency market is rejuvenated.
So, the content and progress of the project are essential. How is the project going now?
Last year, at the end of November, we launched an alpha version of ZETA, a matchmaking platform between investors and cryptocurrency hedge funds. It now features a directory function that brings information of more than 100 cryptocurrency hedge funds around the world to investors and allows them to identify the funds that best fit their investment style.
The next development milestone is to add a feature that allows our customers to invest in cryptocurrency hedge funds and other assets. In 19Q2, we plan to release a beta version that is equipped with the feature, and we are currently negotiating with operators and doing research to offer accurate information.
Also, we will get SPINDLE listed on several cryptocurrency exchanges to increase its liquidity.
Do you mean the project is running smoothly?
Yes. Of course, we need to ensure compliance to laws and regulations around the world, so some changes and delays are unavoidable, but we are developing the platform steadily.