Why we have cancelled the NOTES public token sale.
We have decided to cancel the NOTES public token sale.
When we first announced Choon in November 2017, our plans always included a public token sale, and in order not to deviate we continued down that path.
However, based on changes in the underlying cryptocurrency market, an increasingly uncertain regulatory environment, and Choon’s rapid progress to date, we have decided that a lengthy public sale is no longer in the best interests of the Choon community, our artists or listeners.
Choon has grown faster than any of us anticipated. We’ve experienced week-on-week growth of at least 25%. At launch, we had just 500 tracks: now we’re on the verge of hitting 10,000. We are now at 12,500 registered users and 5,500 artists: and all this has been achieved in two months.
Due to this growth we’re seeing significant interest from institutional investors who see the potential of Choon. Pursuing this type of investment is a more stable, long-term focused path that will allow us to dedicate all of our time to building the music industry of the future without distractions.
Whilst this is no-doubt frustrating for those of you who planned to contribute to the sale, there remain many ways for people to earn NOTES and participate in Choon’s growing economy.
We hope you understand our reasons, and will support us on the next stage of Choon’s journey.
The Choon Team
What happens next?
- Any users who contributed to the NOTES token sale in the 24 hours whilst it was open may return their NOTES to us for a full refund of any ETH contributed. We thank you for your support and hope you will continue to support Choon and NOTES.
- NOTES will be unlocked on or before September 1st, 2018, and will be available for transfers and trading immediately after.
- Any accredited investors looking to participate in our private round for a joint equity+tokens deal should contact email@example.com