Adam Little, [2/21/19, 10:31 AM]
London Football Exchange Update Feb 2019
Dear all token holders,
We are pleased to announce that the London Football Exchange updates have begun and we will try to be more consistent in future with providing information. We are extremely appreciative of the patience shown by yourselves, the token holders. We are also thankful for the support provided by the Tech teams in the United Kingdom, United States, Philippines, South Africa and Hong Kong, along with the Stellar team for their excellent support during this process.
We appreciate this was a large task and also frustrated many of us at the London Football Exchange, but needless to say it was finally completed and it is a pleasure to have delivered to all of our token holders. That said, any issues with wallets or token numbers then please bring it to our attention and we will do our best to deal with it.
Since Completion of our Initial Token Offering, the London Football Exchange team have been focused on building out the infrastructure and technological elements required but also carefully strategizing and scheduling the launch of each of the London Football Exchange’s business streams. The downturn in the global cryptocurrency markets fortunately hasn’t affected us in anyway but does indeed support our decision to have delayed being listed on exchanges.
We believe that by ensuring the LFE Token has a strong userbase then we can create a stable and sustainable value. We therefore strongly believe that the LFE Market (the Ecosystem) is live prior to listing on any third-party exchange.
The LFE Market shall be a fan experience marketplace, akin to a fan experience e-commerce site offering ticketing, merchandise, special experiences and competitions. This will also be where the LFE Tokens themselves can be exchanged (spent) on various items. For example, in terms of merchandise, a club may not actually have an online e-commerce support in less reachable geographical locations but the LFE Market will allow fans to spend their LFE Tokens on acquiring merchandise.
The LFE token ‘burn’ attributes can be likened to the monetary supply of a small country, whose intended ‘burn’ shall be triggered by the economic principle of ‘scarcity’.
The LFE token and its wider adoption is the business model, because when a token is spent (‘burnt’) they are actually withdrawn from supply, so there are less available, therefore the tokens that are left shall have a smaller supply base. It is vital that we launch a vibrant, engaging ecosystem with a multi-faceted appeal.
Our original intention was to design, build, test, market and launch all of the ecosystem streams ourselves. However, with any market downturn one would always see some form of consolidation amongst industry sectors. This has been evident in the blockchain space and it has been this consolidation that we have taken advantage of, we are currently in a large number of negotiations with multiple blockchain companies that share a strong convergence with elements of our ecosystem. We are exploring a bolt-on approach and utilising a ‘best in class’ setupinbringing various partners into the London Football Exchange’s ecosystem.
Initial Token Offering Closing Information
Since closure of the Initial Token Offering we have been working with a number of institutional investors who have come into the ITO but have been creating an alternative token asset holding mechanism for their own internal reasons.
What it means to the LFE Token holders is that the largest group of token holders that have come in for 1.25 billion and 1.25 billion tokens respectively have decided to ‘securitise’ these tokens and therefore have removed them from circulation for a period of no less than 5 years, so from the original 4 billion LFE tokens ‘minted’, the following figures now apply:
Institutional holders – 1,250,000,000 tokens (untradeable and taken from circulation for a minimum of 5 years)
Non-vested Retail Token Holders – 400,000,000 tokens (Freely Tradeable)
Vested LFE staff, advisors ‘insiders’ – 300,000,
Adam Little, [2/21/19, 10:31 AM]
tokens (untradeable for 18 months)
LFE Reserve – 800,000,000 tokens (to be held offline as a liquidity provision)
It is therefore apparent that the LFE ‘retail’ Token holders that purchased tokens in the Initial Token Offering have benefitted greatly from the institutional involvement unlike any other token or coin offering we have seen in the past.
The situation that the majority of the tokens are being securitised offline and held unable to be traded means that unlike so many other ITO’s and ICO’s we have seen when the big ‘block’ sellers enter the market and crash token value with rampant selling, the LFE has delivered in a very difficult marketplace a token that does indeed have a future and the ecosystem is being built with the token holder in mind at all times.
The fact is, over 50% of the LFE token supply will not be tradeable when we list, this is something we are proud to say so that our community has a vibrant and dynamic experience driven by genuine demand and smart economic planning for the LFE Token holder.
Although it has taken considerably longer than we had hoped for the LFE Initial Token Offering to be closed out and details to be released, and once again we are very grateful for the ongoing patience and belief in the project from yourselves.
We would also like to note that some of our institutional holders have non-disclosure agreements in place whilst they are completing the very complexed regulatory work emanating from the task of token securitisation so we are hoping to make further announcements when this work is completed.
Project Status update
Below is a list of the initial ecosystem streams and a brief status update on where we are with their completion/partnerships:
LFE-TV: The design and development are underway nearing beta version release for testing.
LFE Remit: Currently in talks with multiple suppliers to cater for different ‘avenues’ within the remittance space.
LFE Payment card: Currently in discussion with multiple providers, pending testing to ensure volume can be handled at live events.
Health Monitor: In very early round of discussions with tokenised service provider
Fantasy Football League: Shortlist of current providers identified and looking at all possible ways of incorporation within the ecosystem
LFE Pay: EPOS service provider currently in talks with providers and making regulatory investigation for a multi-country roll out.
LFE Exchange: We are working with a well established development company on the making of this and the scoping out has been completed with build schedule being agreed upon at present and the first club that will launch the football club share market are in talks to devise a route to market the unveiling.
Fan Engagement – Announcement very close.
The new website is being developed for the post-ITO era of the London Football Exchange and is expected by mid-March 2019.
The LFE Football finance product being utilised with 2x football club financings that are currently in the process of completion.
The target is to have the first iteration of certain facets of the ecosystem ready in May which should coincide nicely with the LFE Exchange platform build. Once this is live and we are able to compile initial user metrics, we will then be able to establish the best plan of action for listing our token on third party exchanges, please be advised we have been invited to list on multiple exchanges but as a group we do not believe it is in the best interest for our token holders at the current time to do so.
Looking ahead, the core objective for the London Football Exchange is to create a platform governed by its users, we would like the entire ecosystem to be an area where a fan can come, can stay, can buy football club shares, merchandise, tickets, watch streams legally, talk and engage with a global fan base of like-minded people with a view on the common denominator they all share, which is the club they support.
We appreciate there has been some moments when some of you have wondered if we were still proceeding at the same speed we
Adam Little, [2/21/19, 10:31 AM]
ed the marketplace, well the answer is; we may have slowed down a little with announcements, but this cannot be avoided when in negotiations and under various confidential discussions that cannot be broadcast until agreements are signed and framework agreed.
For those token holders that wish to get more involved or have any further questions then please email anything you wish to know to firstname.lastname@example.org
Adam is on hand and keen to learn more about the token holder community at large.
You can also direct any queries through to:
Technical assistance: email@example.com
General assistance: firstname.lastname@example.org
Thank you all for your support.