Community Update (March)
Dear supporters and friends of Capdax,
Last month I announced that due to repeated difficulties faced by our development partners in building the Capdax back-end, dramatic changes to the crypto market, and the unexpected depreciation of funds raised during our Token Generation Event (TGE), we felt it necessary to reassess the direction of Capdax. Specifically, we are exploring options to pivot the company toward an opportunity with more-immediate revenue potential. I also shared the rationale behind this proposed change of direction, which you can read here.
Today, I’m pleased to announce that the majority of our larger token holders were in support of working toward a new direction for Capdax. Since last month, we have identified two very promising potential paths. Additionally, we have taken steps to further prepare Capdax for the long term and reduced our already-lean burn rate by eliminating all redundant, exchange launch-related outgoings.
Identifying new opportunities
Since my last update, we’ve been hard at work identifying and analysing a series of potential product directions for Capdax. To date, we’ve assessed seven opportunities with clearly defined criteria — In the eyes of our team and community, our pivot must:
- Leverage the valuable partners, knowledge and resources that have been obtained since our TGE.
- Ensure Capdax is able to generate revenue before the end of 2019.
- Have the potential to become a major international success and generate long term value for our community — even in a bear market.
Before executing our pivot, it’s essential that we first gain a deep understanding of each potential market. Today, we have narrowed our focus to what we consider to be our two strongest ideas, both fitting the above criteria. Myself and the team are currently engaged in comprehensive due diligence and numerous conversations with prospective customers with the aim of building an adequate body of knowledge, producing a business case and designing a working prototype — We plan to continue this process over the coming weeks.
Additionally, we have added two friends of Capdax to our leadership team, with whom we’ve been discussing a partnership in the derivative space. They are very familiar with our project and the broader crypto market, and will provide the skill sets required to execute this potential pivot. I’m not yet able to share their names but can confirm that one has overseen numerous startup exits and the other previously held a leadership role at the venture arm of a well-known Fortune 500 technology company.
In early May, following the completion of our analysis, I will be publishing a more specific update regarding our pivot and potential next steps for Capdax. I would also like to thank all of the members of the Capdax community who engaged with our team to discuss their ideas, concerns and opinions throughout the past 4 weeks. We genuinely appreciate your input and as always, invite you to continue reaching out to us on Telegram to discuss today’s update — We would love to hear from you.
For further information, questions or to speak with a member of the Capdax team, please join us on the Capdax Telegram channel.
