▶ Internal News
1. Attracted long-term investment from U.S. hedge fund Ulysses Capital
Ulysses Capital, a hedge fund with AUM of $1.5 billion, made the second investment in Cosmochain. This investment equals to the value of 100,000,000 (100M) COSM.
Cosmochain team has been communicating with Ulysses continuously since its first investment in May of this year. Ulysses decided to make investment due to the rapid growth of FitsMe service as well as its expectation toward the token model to be implemented by Cosmochain.
100 million COSM that Ulysses invests in this time is done through additional issuance, and will be locked for 24 months. In addition, if milestone (key target stages) agreed by both companies does not proceed well, evaluation will be held 6 months later and all newly issued tokens will be burned.
The reasons for proceeding with investment through newly issued tokens are:
1) As this is a long-term investment, we can handle with situations according to the milestone without significantly affecting the market.
2) If it is impossible to proceed with investment due to the evaluation result 6 months later, we may prevent significant impact on price by dropping volume from cancellation of investment.
Joon Lee, Director of Ulysses Capital, spoke of this follow-up investment: “Despite recent market fluctuation and bad condition, we decided to proceed with follow-up investment based on the belief in Cosmochain’s driving force and project performance for two months after our first investment. We believe that Cosmochain’s vision is well worth challenging, and Ulysses will continue to work together with Cosmochain in the future.”
2. Cosmochain buyback
Cosmochain will execute buyback worth of about $420,000 (500 million won) within Q3 regardless of whether we achieve our milestone.
3. Equity acquisition of “Citytech”, a Vietnamese company specializing in CRM for plastic surgery
Cosmochain acquired equity stakes in Cititech, a company that develops and operates a CRM (customer relationship management) solution as well as an application for plastic surgery reviews. Details of the acquisition will not be disclosed by mutual consent.
Cititech is an early startup based in Ho Chi Minh, Vietnam, with 15 employees and less than a year of service. However, the team is made up of talented members with experiences in global conglomerates, and they also have had partnership with many plastic surgery clinics.
Cosmochain held three offline meetings and numerous online meetings for the past three weeks. Identifying the potential for growth from the product-market fit of Cititech the token model of Cosmochain, we could come to consensus on collaboration.
Currently, Cosmochain is running a pilot service called RedLip to meet the plastic surgery needs of Vietnamese women. We would like to accelerate its penetration into the Vietnamese plastic surgery market through equity acquisition of Cititech.
Cosmochain will help to apply the successful cases of Korea’s advanced plastic surgery review app to the local service, and Cititech has a high level of understanding of the local market. We hope to become the market dominant player like ‘Gangnam Sister’ and ‘Babitalk’ (Korean plastic surgery review apps) by dominating the initial market in advance.
The service to be developed through the equity acquisition of Cititech will be based on connecting local customers with cosmetic surgery needs with local hospitals. We are planning to incorporate the token model within Q3 so that reliable plastic surgery reviews can be provided. In Q4, buyback of circulating COSM supply based on the revenue generated from the service will form a virtuous cycle.
▶ External News
1. Event speaker in Klaytn mainnet launch event
On July 9, there was Klaytn mainnet launch event that was attended by Klaytn partners, industry officials and journalists. Johnwook Choi, Chief Technology Officer (CTO) of Cosmochain, gave a presentation on future direction and vision of FitsMe service.
▶ Ask Me Anything
(Answers to the most frequently asked questions within our community)
- What happened to community management?
After the recent volatile market condition and miscommunication issue within the community, many holders gave various opinion, including some aggressive comments. We managed only few holders who made potentially problematic comments, and there was no other restriction made.
In addition, the entire team shared all the contents from the community and learned of things to improve. We will create a community with smooth two-way communication as soon as possible.
Nevertheless, we ask holders to refrain from using abusive language and criticism as much as possible in order to organize the environment as described above.
2. How will you proceed with PR from now on?
In the future, there will be no PR for ongoing work situation, and we will only proceed with PR after the final results are made.
▶ Next This & That ( 07. 26 )
Please look forward to the next issue.
Cosmochain is a blockchain-based beauty project, that aims to build an ecosystem which enables the transfer of fair values between users and companies within the beauty industry. During its three-month pilot service from August to November, 2018, COSMEE recorded DAU of 30,000 and registered users of 150,000. Cosmochain’s official service FitsMe is scheduled to launch within first half of 2019. Cosmochain plans to expand to overall lifestyle industry in the future.
Cosmochain Official Channels
● Cosmochain Web: https://cosmochain.io/
● Telegram(Announce): https://t.me/cosmochainannouncement
● Telegram (KOR): https://t.me/cosmochain_english
● Telegram (ENG) : https://t.me/cosmochain_global
● KakaoTalk(KR): https://open.kakao.com/o/gAMfQpU
● Medium : https://medium.com/Cosmochain
● Twitter: https://twitter.com/cosmochain