For a long time Hodl Hodl remained self-funded. It was our own money that paid for the development and the team. This year we realized we needed to grow and move forward faster so we decided to start looking for external funding. We initially talked to a number of VCs and after months of negotiations it became obvious this wouldn’t work. Some declined us, some were constantly putting us on hold. We figured it’s just the way it works with VCs (read an awesome article “How to raise money” by Paul Graham on the subject, very helpful if you’re raising money for the first time).
In retrospect, we don’t really think VC funding would’ve been the right fit for a Bitcoin-company like ours. We don’t do KYC/AML and we’re not bending and selling our customers (and not because we’re so good and honest, but because that’s part of the value we provide and, thus, part of our business model) — and, if we took that VC money, our feeling was, we’d start bending.
Instead, we were very lucky to be approached by a number of bitcoiners who attended our “Baltic Honeybadger” conference, know us personally and decided that they wanted to invest in Hodl Hodl. And so they did.
In 2019 Hodl Hodl will be:
- Improving the P2P Exchange platform
- Releasing P2P prediction contracts market (aka P2P Bitcoin Futures)
- Releasing a number of other stealth features that will hopefully be incredibly useful to the Bitcoin economy.
In general, Hodl Hodl will become THE platform for multisig contracts on Bitcoin.
We would like to thank all our investors for believing in us and we hope to not only deliver what is expected of us, but become good friends with them all over time. They’ve been really helpful and were encouraging us from Hodl Hodl’s launch so we duly appreciate that.
And finally, some good news for our customers: we’ll lower the exchange commission to 0.4% for December 2018, until the end of the year.