Cypherium raises $32M for its token sale to build a decentralized smart contract platform for enterprise applications and CBDCs

To our loyal Cypherium community,

After a successful token sale, we have reached new milestones to aim new heights with the given market conditions. Our efforts over the last few weeks have been focused on onboarding Central Banks, as well as Enterprise Partners to the platform while gearing up for our exchange listing as our top priority in the roadmap.

Both of these developments are essential to the launch of the Cypherium ecosystem, as working with these enterprise partners will allow new products and services to be built on the network and our strategic exchange listings will create new on-ramps for people to buy, sell, and use the CPH token.

1. What are the results of the Token Sales?

Cypherium completed three fundraising rounds, which helped the company secure around $32 million (in total).

$3.5 Million — Public Sale (Q3 2020)

$4.0 Million — Final Pre-Sale (Q2 2020)

$24 Million — Private Sale (Q1 2018)

2. What will happen to the unsold tokens?

Any unsold tokens will be deposited to the Cypherium Ecosystem Development Fund as previously communicated.

3. Is the token lockup period extended? Is there a specific lockup period decided?

The token lock-up period will be aligned with the exchange listing. Once CPH trading pairs are live across our partnered exchanges, the token-sale lock-up shall be released according to the updated vesting schedule below.

Vesting Schedule

• Pre-Sale Purchasers

October 31, 2020 — 10% (Mainnet launch)
Exchange Listing + 1 Month — 10%
Exchange Listing + 2 Months — 15%
Exchange Listing + 3 Months — 20%
Exchange Listing + 4 Months — 20%
Exchange Listing + 5 Months — 15%
Exchange Listing + 6 Months — 10%

• Public Sale Purchasers

November 10, 2020 — 20%
Exchange Listing + 1 Month — 10%
Exchange Listing + 2 Months — 10%
Exchange Listing + 3 Months — 15%
Exchange Listing + 4 Months — 15%
Exchange Listing + 5 Months — 15%
Exchange Listing + 6 Months — 15%

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We would use the funds raised to continue implementing our interoperable platform. The platform aims to support CBDC innovation by promoting Open Banking projects and related infrastructure which will be “ingrained” into central bank digital currencies. We also plan to continue to unlock the full capabilities of the HotStuff byzantine fault-tolerant replication protocol utilized by Cypherium for scaling and speed. Cypherium aims to be the first public and permissionless network to deliver the speed and security of the HotStuff algorithm to its users. Cypherium has been previously reserved in specialized industries and will be made available for full public consumption.

Paul Veradittakit, Partner from Pantera Capital and backer of initiatives such as Ripple, Bakkt, Coinbase, NEAR, and Polkadot, has expressed enthusiasm for the Cypherium project. He stated that as one of the early supporters of the Cypherium project, his team is “delighted with the success that Cypherium continues to achieve and the potential impact they will have on both central banks and enterprises as they continue to leverage blockchain to meet their digital transformation goals.”

Sky Guo, CEO at Cypherium, noted that the capital raise is an “important validation” for our technology stack, team members, and overall vision behind the Cypherium project. Sky also mentioned that it was the latest of many key milestones for the initiative, which recently launched its mainnet.

As the first truly decentralized protocol built with Hotstuff, we value the opinions of each and every community member. No one voice is greater than the next and we want each and everyone one of you to have the chance to voice your opinion.

If you have additional questions relating to this announcement, please email us at contact@cypherium.io and our customer support team will get back to you as soon as possible.

Thank you to everyone who has contributed to our success thus far and we look forward to welcoming the next generation of supporters and users into the Cypherium community.

Onwards,

Cypherium Team