After-ICO information of the first Brazilian cryptobank!

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Bancryp International

7 min readFeb 8, 2019

Hello, Bancryp community!

On December 31, 2018 our ICO ended, and the days after were days of very hard work, as we had several internal adjustments and numerous meetings in which we restructured and improved our development process.

The most special way to begin this communication is to thank each and every one of you who are with us on this journey.

In the words of former US President JKF “we choose to go to the moon not because it is easy, but because it is difficult.” And so do we: we chose to impact the cryptoeconomic market not because it’s easy, but because it’s hard. It is hard to create a new habit for the daily lives of thousands of people, it is hard to bring the reliability of cryptocurrencies to the world, to deconstruct prejudices, to break the barriers of operating systems with high rates and bureaucracies. And that’s why we are working, to create the first 100% Brazilian cryptobank, made to empower people: uncomplicated, intuitive and in the palm of our hands.

Bancryp brings the use of cryptocurrencies to daily life, creating a unique experience among users and establishments, encouraging and making cryptocurrencies circulate. And you are part of it all.

Over the course of 3 months we conducted our public ICO, although Bancryp itself started much earlier. It was a great challenge to bring a project of this magnitude to the market without any Angel Round, as the project was born completely bootstrapped (period in which a company only works with its own resources). Our ICO was one of the many stages that the project went through. We decided to use a model that totally diverges from the model used by most ICOs, which raise funds to be able to deliver the designed project in the future. A recent report by the Ernst & Young (EY) audit firm said that 71% of projects that raised capital in 2017 have not yet been able to launch any product on the market. But we are different. We reversed this process so that our MVP (Minimum Viable Product) was running even before the end of the token sale, a revolutionary action in the world of ICOs. Bancryp has proven its ability to deliver and build a real solution for the crypto world. And, certainly, we only got here thanks to the strength of our community. There are more than 94 thousand people around the world sharing our experience and helping us in the most varied ways, be it with suggestions, constructive criticism, praise, or feedback. All of this was the fuel to get to where we are today. But Bancryp does not stop here; this is just the beginning and we are incredibly motivated and committed to continue developing the best services and products in the market thanks to our amazing and hard-working team. Every detail, every experience has been central to this great story we are writing. Our processes now point to a new future in which we will need an even more active and committed community. In the coming months we will keep growing and working to see our Roadmap running until Bancryp becomes a benchmark in the daily lives of thousands of people around the world.

During this time, our schedule will be full and productive, already aligned with our new partners, with an even greater expansion of our POS terminals and the Bancryp App, and with innovative services that are totally geared towards crypto. We have lots of news to share with you and one thing we can say for sure: it is worth it.

How we got here:

May / 2018 — The beginning

The month of May was marked by the structuring of a heavyweight team for Bancryp. Marketing, legal team, community managers and developers, as well as the founders, were now part of this ambitious project. May was also marked by important meetings and our participation in the Blockchain Summit Latam event in Santiago de Chile. A very full month!

During the event and our stay in Chile, we were able to strengthen our relationship with some companies and received interesting proposals for expansion in Latin American countries. In that moment, we understood that our project was much bigger than what we had imagined.

After this set of circumstances, we made some important decisions:

1º We will restructure the operation of registries and companies

2º We will structure an international operation to support future international expansions, in addition to the ICO

3º We will extend the company’s opening registrations until completing the above steps

But Bancryp was growing behind the scenes to the point of having our participation and sponsorship at the Crypto Valley Conference in Switzerland guaranteed, as well as presence confirmed at the Blockchain Summit London.

June 2018

While we were excited about the partnerships closed for the MVP, we received some great news: we could advance the launch of our POS terminal. The tests were at full speed. The month of June was fundamental for our structuring.

Our operational organization went very well, and so we were in Switzerland at Fintech Mission, along with other Brazilian companies and startups. We became members of the Crypto Valley and added even more value to the Bancryp brand.

July 2018

Even during our negotiations with potential private investors for a “not public” phase, the so dreamed month arrived and, even before launching our private ICO campaign through the invitations, we were surprised by thousands of people who had had access before the hour! We received tons of compliments, support messages and great interest in participating in this project.

August and September 2018

The period from August to September was essential to have on our side people who really believed in this project and who added with energy, knowledge and by participating in the ICO.

At this stage, Bancryp was able to push the tests for the launch of our MVP, with the mission of making the project even stronger in the Public stage of the ICO.

Also in September, the first Bancryp POS terminals arrived, starting the validation period and the testing of the applications, the Bancryp Card and Bancryp wristband. Now more than ever something never seen in the Brazilian market was about to happen.

October 2018

With our team of developers focused on delivering the MVP, Bancryp once again made history in Brazil delivering the first real crypto-processing operation. Never before in the Brazilian market had there been a POS terminal that performed cryptocurrency processing in real time. Once again, Bancryp had proven its ability to deliver yet another solution before the end of the ICO, something unheard of in Brazil.

November 2018

With the progress of the operations, the Bancryp team continued with the accreditation and expansion of the POS terminals in the stores and restaurants of Florianópolis, the chosen city for the validation of the operation.

We closed November with updates on the Android application and franchises like Poke’s and Café Cultura, as well as restaurants, a tobacco store and the first Brazilian cinema to accept Bitcoin working with Bancryp.

End of ICO

We reached the end of our ICO with a very rewarding result. The fact that the ICO took place at a time when the market was falling, with several unfinished projects that brought much insecurity to investors and enthusiasts, gave us the strength to deliver even more in a very challenging setting with an ambitious project. The challenge was surpassed day by day, our community expanding with more than 9,000 Telegram members, 94,000 registered users and thousands of people around the world acquiring XBANC tokens. 68,060,884 XBANCs were issued.

Sales results

Even with this bear market and with a project running on a Brazilian platform, we reached the maximum allowed in Brazil, R$ 5 million in token sales.

Results — perspective

The limited sales and fundraising will not be a cause for concern, after all, several talks and negotiations with funds and investors of approximately R$ 50 million for the 2019 expansion are already under way.

Results — community

We believe that the success of the project and, above all, of the XBANC token is tied to the people as, without them, it is almost impossible for a project to achieve success. With the number reached through Airdrop campaigns and word-of-mouth, we have a strong community ready to build a solid market through the XBANC token and the resources of our cryptobank.

Next steps

Work is in full swing for the launch of new services on the Bancryp platform.

XBANC token listing: Following the closure of our ICO, we started negotiations with national and international exchanges for the listing of the token. This process can take time, but it is being treated as a priority, with care and caution so that the construction of the market is healthy and sustainable.

Expansion of Establishments: In 2019 the expansion of companies, venues and online stores accepting Bitcoin is already happening. We have partnerships being implemented so that thousands of sites accept Bitcoin through Bancryp, another important move for the tokens to gain strength.

Launch of the POS kit: The Bancryp POS Kit is capable of making thousands of people able to buy their first Bitcoin in supermarkets, bookstores, newsstands, and various other physical locations.

Cell-phone Recharge and Bill Payment: Services that will be available soon to use with Bitcoins and other cryptocurrencies in real time.

Financial Services: We are working to bring decentralized financial services capable of generating credit and profitability to our clients, using 100% cryptocurrency and blockchain.

Our mission is to bring to thousands of people around the world the services of the first Brazilian cryptobank, reducing the complexity of the cryptoeconomic market and putting Brazil at the top, with a market that has much to be explored and consolidated.

Thank you all!

With love,

Bancryp Team