Benebit Announces Hard Cap and Token Price Change
Benebit is announcing a reduction in our hard cap from a target 40,000 ETH to 22,500 ETH, and the price of BNE tokens will also be adjusted from 1 ETH = 3000 BNE to 1 ETH = 5800 BNE.
In addition, the pre-ICO date has been announced for Jan 22, 2018, lasting until Feb 19, 2018 or until the all tokens are sold — whichever comes first.
The main ICO will start on Feb 22, 2018, and will end on Apr 10, 2018 or when the hard cap of 22,500 ETH is reached.
These changes come after discussions with our advisors and legal team in the light of Ethereum’s rapid increase in value from $600 to over $1,300 in less than two weeks. This makes it the latest cryptocurrency to experience exponential growth in the past few months, thus affecting the market landscape of ICOs and cryptocurrencies.
Following extensive market research, calculating potential funds, assessing development scenarios and closely observing ETH prices and forecasts, we decided a reduction in our hard cap is the logical thing to do.
As most of the funds we raise during our upcoming ICO will be used for marketing, development and support purposes, we have re-evaluated the sum necessary to launch Benebit. We believe the new adjusted numbers are more attainable to reach and will create more demand in the post-ICO market as well as build trust with the Ethereum community.
Having observed several recent ICOs with unreasonably large caps, we noticed a pattern of a saturation of demand during the crowd-sale period, and subsequently, a supply-demand deficit in secondary markets once tokens become tradable on exchanges. In addition, these problems can be made worse by company tokens entering circulation during an already bearish market.
Benebit was developed with the intention of bringing together brands, consumers and businesses and drive long-term value for the community of loyal users as a whole, and the best way to achieve this is to deliver an exceptional product while re-adjusting our hard cap and token price.
The team at Benebit has been and will continue to closely monitor the price movement of Ethereum to adjust our service fee payment mechanisms if need be. We’ll continue to update you in the coming weeks of any potential future changes to the BNE token price and hard cap.
