Current Media: Update #21 — $CRNC Token Generation Event Begins, 350M Token Burn, & AMA
We’re excited to announce our token generation event, and subsequent token distribution of the initial principal amount of tokens to SAFT investors is well underway as planned for today, Wednesday, July 31st (GMT-7).
It’s certainly been a long road since the closing of our private sale, and for that, we apologize for the longer than expected wait. Admittedly, some of the delays were out of our control, given the evolving regulatory landscape. Nonetheless, we couldn’t be more proud of the steps we’ve taken to ensure that Current maintains an industry-leading standard of regulatory compliance. We thank you for your support, and we greatly appreciate your patience.
Over the past 18 months, our primary goal has been to create a product that users want to use. Without underlying user demand, achieving sustainable, deflationary token economics is nearly impossible, and value creation is nonexistent. Our testament to that is demonstrated below with the thousands of 5-star reviews we have already received from our users along with 40%+ week-four retention rates from Android users alone. Each of our 10,000+ (and growing) daily active users will help to propel the growth of Current and $CRNC further. To read more on our token economics plan, please read our last post.
In an industry with grossly different opinions on the treatment of digital assets and token sales, operating in the United States has offered a unique set of challenges to stay on the right side of regulation. Every challenge we’ve faced presented opportunities to get in front of them and set new standards for those that follow. We are excited to be one of the first-ever regulatory compliant and freely-traded tokens with utility functionality in the world.
To continue these efforts, we are formally announcing our partnership with Coinbase-backed Securitize. Securitize is a compliance platform and protocol for issuing and managing digital token securities on the blockchain, and helps companies address many facets of the compliance landscape that token issuers face in creating, offering and listing digital tokens. Securitize’s proprietary protocol enables seamless, fully compliant trading across multiple markets simultaneously.
Securitize partners actively with exchanges, broker-dealers, crypto custodians, escrow services, and other financial infrastructure for digital securities. Partners & Backers include some of the biggest names in crypto that operate in the U.S., including Republic, Athena Bitcoin, tZero, OpenFinance, Circle, Ripple, Okex, and Coinbase, just to name a few. From onboarding to issuance and investor management, Securitize’s services and technology help ensure companies issuing tokens on the Securitize platform can do so within established regulatory guidelines.
Through this partnership, our $CRNC portal and smart contracts have received a massive upgrade.
So, how does this impact you?
First, nothing inherently changes for our SAFT investors once the token is “unlocked” and traded on the open market. When this occurs, there will be no trading restrictions, and everyone will be notified well ahead of time to onboard with our partnered exchange/s. An additional benefit to the upgraded smart contract is that it includes a mechanism to prevent an un-authorized DEX from listing the token.
For prospective token investors, since $CRNC has satisfied the one-year restricted holding period pursuant to Rule 144 of the U.S. Securities Act, the token is completely unrestricted, meaning, you do not have to be accredited to trade it.
Brief update, what’s coming next, and ‘Wen Unlock!?’
Over the last two weeks, it has been an absolute pleasure speaking with a significant portion of our SAFT investors about the bonus opportunity, our time in Asia, our product and a few of our upcoming plans.
From these conversations, the interest in our bonus opportunity was evident. However, everyone had different situations due to the structure of their investment, which ultimately, led to the majority of our investors electing to keep their original terms.
The bonus opportunity was provided to keep all options on the table. Our initial circulating supply is still north of 20%, and this gives us the ability to know where we stand for network launch. As it stands, we do not believe this will impact our ability to list top-tier exchanges. The remaining tokens part of this allocation has been added to the overall token burn pool which stands at approximately 300-350M $CRNC, lowering the effective total supply to 650–700M tokens.
Now that we better understand our initial circulating supply, we wanted you to be the first to know that as of last week we have moved negotiations forward that could enable multiple listings on top-tier exchanges simultaneously. This is planned to be a first of its kind partnership and pave the way for future projects. We are legally unable to share further details until negotiations are completed and a press release is issued. We’ll have more information on this in the coming weeks.
As promised, we have linked the transcribed version of our latest AMA. Unfortunately, our mic’s audio file was corrupted late during filming. In a usual scenario, we would reshoot the AMA but wanted to get this information out there for all our backers on time.
More updates to come! 💪
If you ever need to reach our community managers or leadership team, please feel free to write to info@current.us, and we assure you that we will respond in a timely fashion. Please keep an eye on our Telegram Announcement channel or Medium for all future updates. If you’d like to ask a question specifically for one of our upcoming AMAs, reach out to us on Twitter or add a question in our Google Form that we’ll use from here on out for all future AMA’s.
[PLEASE READ] Important legal disclaimer: No money or other consideration is being solicited by this communique, and if sent in response, will not be accepted. Our discussion may contain forward-looking statements that are based on our beliefs and assumptions and on information currently available to management. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “is designed to,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words.
These statements involve risks, uncertainties, assumptions and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each such forward-looking statement, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. Forward-looking statements include, but are not limited to, statements about: developing and designing the Current network, including the $CRNC token and its future utility; the anticipated development and growth of the Current network; maintaining and expanding our base of users; our anticipated growth and growth strategies and our ability to effectively manage that growth and effect these strategies; our expectations regarding regulatory developments and their effect on the Current network, including the ability of applications on our network to develop a user base and a successful business model; and potential future listings on an exchange or ATS. We cannot assure you that the forward-looking statements will prove to be accurate. Furthermore, if the forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
