Current Media — $CRNC Token Q4 Timeline Update, Dividend Plan & Product Progress
Hey Everyone! 👋
As promised, we wanted to get a second update out this month to provide insight into the remaining Q4 timeline, along with a few additional announcements.
Current’s Token team have been working hand-in-hand with the teams from both Securitize and the Openfinance, the leading platform for the secondary market trading of digital alternative assets, on the tremendous amount of work to get everything ready for token unlock and trading. Even the smallest of decisions have had to pass through a rigorous legal review on all sides to ensure compliance at every step of the way. The exhaustive process, while necessary, has pushed us to the final weeks of Q4. However, we fully intend to unlock the token by the end of Q4. Our teams have collaborated on the following tentative timeline below:
- Tuesday, December 17th — Current will open Securitize registrations to the public. This allows anyone to register their wallet and go through the KYC/AML ahead of token unlock. This is also a necessary step for anyone that wants to interact with the token.
- Thursday, December 19th — Securitize will unlock the token, at which point, the token will be freely tradable p2p with Securitize’s authorization. It can be moved from wallet to wallet, as long as each wallet has been registered with Securitize.
- Thursday, January 9th — The $CRNC token will be available for trading on Openfinance. This date was decided upon as the last week of December and the first week of January is notoriously challenging due to the holidays. The teams all wanted to ensure we could provide ample support. Those interested in getting set up on Openfinance can do so here. If you’re from a country that’s currently excluded from their platform, you may still have access through OTC trading. Openfinance is continually working with its banking partners to open the platform to more and more countries. Further, we continue with our market-maker to ensure that we have a proper OTC solution for tokenholders in countries that aren’t currently supported by Openfinance.
Due to the complexities and regulatory environment of the securities market, the international distribution network of exchanges won’t go live by the time the token is initially listed. While plans are continually progressing and ongoing, this process has gone slower than expected. The uncertainties caused by the changing U.S regulatory environment have not helped expedite the existing pace. We will keep the community apprised of when we expect to be able to announce these partners at a later date.
Over the last few weeks, the team at Current has been working to formalize a few plans to tie the token to the success of the business further. Thus far, we’ve discussed some of the aspects of our token repurchase plan as part of a previous post on our deflationary token mechanics. The good news is that these plans are starting to come together and become more formalized. We anticipate that the board of directors of Current (Gibraltar) Limited (“CGL”), a foreign subsidiary of Current and the issuer of the $CRNC token, will approve a token repurchase plan associated with the upcoming bonus bucks launch.
Furthermore, we have made substantial progress on a formal quarterly token dividend plan. This is an effort to provide additional value token holders through the redistribution of profits from our products. This is something we’ve been looking at since partnering with Securitize, and an exciting development that we anticipate will be announced and executed at some point in 2020. The details of both of these plans will be introduced and published in a formal press release in the weeks to come.
On the product front, we’re pleased to see progress on both iOS and Android. Our user ratings have improved to 4.0/5.0 on iOS, with 6,000 reviews and 4.4/5.0 on Android with nearly 12,000 reviews to date! Our engineers are continually pushing updates about every two weeks, and it’s evident that their efforts have responded well with users. With our ‘Bonus Bucks’ feature going live in December, we’ll be able to pass on even more value to users as we scale. More product updates to come in our December update.
Should any of the above timeline be required to change, we will update our investors and community accordingly. Until then, we’re running full steam ahead!
More updates to come! 💪
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[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 update any forward-looking statements publicly, whether as a result of new information, future events or otherwise, except as required by law.
