Current — Record Revenues, Product Update, Distribution Details, Updated Whitepaper & The Future Of The Ecosystem

TL;DR — Key Announcements

• We hit another record month in October 2021 with over $2.3m in revenue. Month-to-date revenue in November is pacing ahead of October.
• Our new user experience for Deals continues to drive increased topline revenue. Deal revenue grew 75% MoM in October. We believe the business opportunity for direct deals continues to be significant and we plan on creating a dedicated product team in Q1 2022 to drive further growth in the segment.
• Our new and improved first-time user experience has increased retention significantly. D1 retention is up over 10% and D7 is up 20%. The “interactive tutorial” helps users quickly onboard and drives progress towards their first redemption goal.
• In Q4, our main product objectives center around driving increased retention by adding new habits from which users can earn, paying users more with existing habits, reducing high-friction touchpoints, and improving the overall quality and stability of the application
• On that note, we’re introducing a rewarded News experience to users on EarnOS in Q4. This helps us provide more rewards for users — a key retention driver. News fits extremely well in users’ daily habits.
• We’re beginning to run experiments to help us build a future micro-investing feature within the product. A fully-developed investment platform is a significant investment, and our experiments aim to help us measure user feedback, interest, and willingness to invest their points for fraction stocks & crypto as opposed to the immediate cash redemptions.
• Mode Earn Phone sales on Amazon.com have started to pick up momentum — hundreds of MP1 phones have already been sold since Q4 2021 launch. The launch of the Walmart marketplace is planned for later this month. We have started learning the mobile carrier channel by submitting Mode Earn Phone bids for late 2022 delivery of some high-volume RFP slots of large mobile carriers.
• Subscription sales through our e-commerce platform (modephone.com) are also seeing strong growth. In-store trials of Mode Earn Phone upfront & subscription sales at select 7-Eleven locations in California are underway. We are also continuing our efforts towards creating “Earn-Enabled” devices as a category via software licensing partnerships with mobile carriers & OEMs to launch their own products. With the successful sale of the entire 10,000 MP1 units inventory, our next generation MEP2 (Mode Earn Phone 2) will be available in the market in early Q1 ‘22.
• “Bonus Bucks” redemptions are up to 1.5 million. For users who redeem Current Points on the platform, each Bonus Buck provides 30 days of “Accelerated Earning” while consuming content.

Current Deals Experience

Rewarded News Experience

Mode Earn Phone 2

Over the last few months, we have received feedback concerning our updates, and the community has requested that we make our updates a bit more token-centric. We value your time and feedback, so moving forward, we’re doing things a little bit differently. While we cannot promise every update will be this robust concerning the token, we will use this model moving forward. We will continue to provide product updates as well but in a more concise manner, where appropriate.

If you’ve been following our previous updates, you probably remember us talking about a plan to migrate towards transitioning into a utility token and working towards achieving decentralization. On this path, we complement our goal in maximizing value from the attention economy and provide real value and incentives to participate within our token economy, benefitting both token holders and the everyday users within the overall ecosystem.

Current Mobile’s Product Vision

At Current Mobile, our mission is to allow budget-conscious consumers around the world to earn passive income & get access to capital from the activities they do every day. There are tremendous implications on improving income equality and other profound culture and economy-shaping effects by realizing this mission. In completing this mission, we envision a world where we offer sufficient earning & capital opportunities to fully subsidize free smartphones & data services globally to budget-conscious consumers. Our EarnOS will not only better enable users to earn money from their everyday activities, but also give access to modern financial products and services that can help aid in economic prosperity. In pursuit of this mission, Current Mobile has two main business units that will support the financial services we intend to offer; the Current Rewards Earn App and the Mode Earn Phone.

Our Earn Products

The Earn App (internally known as EarnOS) is the engine at the heart of all Current Mobile’s technology. The earn software allows us to sustainably pay our users by sharing a portion of the revenue we earn from various monetizable daily habit activities/modes. Our super-users are able to earn as much as $2400/year doing their favorite activities on their phones. In the 3 years since our token offering, we have helped over 25 million users around the world monetize their time and attention, and paid out several millions of dollars in redemptions to our users.

In February 2021, Current Mobile launched the Mode Earn Phone, our signature device with “EarnOS” that would allow users to earn faster than with the app alone. The Mode Earn Phone has specs and performance comparable to each of the Samsung S9 and iPhone XR devices, but for a fraction of their respective prices. To date, the reception of the Mode Earn Phone has been exceptional, with the average earnings and engagement multiples higher than the rate of the Current App on other devices. The ultimate goal is to bring the technology that Mode Earn Phone provides to billions of people around the planet through either sale of the Mode Earn Phone, or licensing the “Earn OS” to other mobile device manufacturers & carriers. Eventually, Current Mobile envisions an entirely new category of “Earn-Enabled” devices based on the EarnOS that acts not only as of the user’s mobile phone but also as a supplemental income source and connection to modern financial solutions & lending products.

Fintech Products

Stemming from ongoing research on the financial lives of our users (many of whom are underserved), it is evident that the majority of consumers would like to invest, grow their wealth, and improve their socioeconomic status. However, these consumers either do not have the knowledge or the means to do so. Current Mobile’s upcoming suite of Fintech products attempts to address some of these challenges for users head-on:

• By Early 2022, Current Mobile will launch its Fintech V1 offering, which will allow users to convert their in-app points to stocks or cryptocurrency. This offering will change the mindset of our users from consumption (redeem for cash or gift card) to wealth creation (stock and cryptocurrency).
• Along with stock and cryptocurrency trading, Current Mobile intends to build out a full suite of financial products and services that users can take advantage of such as high-yield digital savings wallets, payment, and card services.
• After laying this foundation, Current Mobile intends to offer microcredit services to users with the dual goal of providing easy access to capital (no social security or credit checks required) while simultaneously allowing borrowers to establish a credit history. The differentiator in relation to other microloan providers is that with regular interaction with EarnOS, users will have access to alternative means to earn income and pay back any outstanding micro-loans.

As our company grows and expands into the fintech space, we want to make sure that the network token, and its associated ecosystem, benefits from our success. While there have been many bumps along the road in delivering a decentralized ecosystem centered around the growing attention economy, we believe that we now have a concrete plan to move forward with.

Introducing The EarnToken: $EARNFT

We are pleased to present the future of the $CRNC ecosystem: EarnToken ($EARNFT). We would like to introduce the vision and path for Current (Gibraltar) Limited, through its operating subsidiary, Current Mobile, to design and build a decentralized ecosystem centered around the EarnToken ($EARNFT) and unique Non-Fungible Tokens (NFTs). Both the $EARNFT Tokens and the NFTs are designed to be integrated into a multitude of third-party platforms and communities. Within platforms, both the $EARNFT Token and the NFTs will be offered as fixed redemption items similar to existing options (like a gift card or cash). From 2022 through 2023, third-party platforms and communities will be incentivized to incorporate the $EARNFT Token and the associated NFTs into their ecosystem through grants which are voted on and executed through a system of decentralized governance. All of this third-party integration will occur entirely independent of $EARNFT’s integration within Current Mobile’s Mode Earn Phone (EarnOS) & Earn App platforms.

As we move into Web3, people’s time, attention, and personal data will continue to evolve into the most important commodities on the internet. This notion has been key to our evolution as an ecosystem, and what we’ve been building towards ever since we formulated a plan to introduce a token into our product four years ago. By maximizing the value of users’ time, data, and attention, we not only built an ever-growing platform capable of sustainably passing millions of dollars back to the users that take part in it, but we also designed a launchpad to jumpstart a broader decentralized ecosystem that could thrive in this type of user economy.

The premise behind EarnToken, and its associated NFTs, is to empower its holders to prosper in all facets of life. Irrespective of financial status, all humans want to improve from where they are today to where they can be tomorrow. One of the key benefits we see from owning $EARNFT Tokens and NFTs will come from the ecosystem’s various membership community channels. While Current’s initial focus has traditionally been catered to underserved budget-conscious consumers, we believe the EarnToken network should comprise a multitude of socioeconomic backgrounds. This means, unlike Current Mobile’s platforms, the EarnToken ecosystem is designed to encompass both the underserved and those of higher income demographics who can be equally interested in relevant ways to grow, save, and earn.

YOU CAN & SHOULD READ THE EARN TOKEN ECOSYSTEM WHITE PAPER! → CLICK HERE TO READ MORE!

Short Term Road Map — Next 2–6 Months

Exchange $CRNC security token to $EARNFT utility token
We have recently completed the migration of $CRNC from the Ethereum network to the Algorand network due to lower transaction fees and smart contracts that are better suited to our future needs. We plan to complete a 1:1 exchange of all $CRNC Tokens to $EARNFT Tokens, which will remain on the Algorand network. Once this occurs, all $CRNC Tokens will be canceled and therefore replaced by the $EARNFT Token. The distribution of the $EARNFT Tokens will be effectuated via airdrop and will not be bundled with an NFT. We expect this to occur in early Q1 2022. Given that this transaction is viewed as a like-for-like exchange with no further consideration under U.S. securities laws, no additional holding periods will be required in connection with distributions of $EARNFT tokens.

We are currently working in partnership with Algorand and a third party on building out the smart contract, which will allow not only for the use of the $EARNFT Token, but also facilitate the exchange of the $CRNC Token for the $EARNFT Token. We expect this work to be nearing completion by the end of Q4 2021. For $CRNC token holders to exchange their tokens for $EARNFT Tokens, they will be required to lock their $CRNC tokens into a smart contract. $CRNC holders who lock their tokens in this smart contract will be immediately eligible to participate in governance. $EARNFT tokens will be unlocked evenly on a daily basis such that the last of a holders’ tokens will be unlocked on the last day of the ninth month. Upon the expiration of the lockup period, $CRNC holders who converted their tokens will be eligible for a10% bonus in $EARNFT Tokens. During this lockup period, holders will be able to propose to shorten or remove the token lock-up altogether should they wish. Should a vote to remove the lock-up period pass, token holders will be able to immediately access and trade their tokens, at which point the 10% bonus would be returned to the treasury. As it stands, the lock-up is planned to last nine months, which is the time estimated for the development of the rest of the ecosystem to be well underway.

READ THE EARN TOKEN ECOSYSTEM WHITE PAPER! → CLICK HERE TO READ MORE!

Launch $EARNFT Token within Earn App & Mode Earn Phone
Once the above work is complete and audited in Q1 2022, we plan on launching the $EARNFT Token within the Earn App platform for users to obtain $EARNFT Tokens as redemption items.

Launch on International Crypto Exchanges
Given the true utility of the $EARNFT Token and our clear-cut path to decentralizing the governance of the token, we are confident that previous barriers for securing international exchange listings for our token are no longer present. While we will continue to adhere to applicable securities regulations on our path to full decentralization, other U.S. projects before us, including Blockstack, have proven that it can be accomplished.

Expand Fintech Product Offerings
As mentioned earlier, we will enable users to convert points earned from the Earn App into stocks and cryptocurrency (such as $EARNFT) via our own brokerage service. Our unique value proposition will be to enable both domestic and international (non-US) users to own and trade these assets within the Earn App platform. We believe this to be a stepping stone to help democratize wealth creation to our global users while expanding the reach of $EARNFT.

READ THE EARN TOKEN ECOSYSTEM WHITE PAPER! → CLICK HERE TO READ MORE!

What about royalty payments promised under $CRNC?

As discussed in our previous update, the distribution of royalties from Q1-Q3 was postponed in anticipation of the last round of token issuances to Current’s investors and bounty participants. Because $CRNC is being exchanged for the $EARNFT token, due to this, the distribution of royalties will cease at the end of 2021. With respect to the payment of royalties that will accrue prior to the token exchange, we have decided to make these payments in the form of equity grants in the parent company. Based on what was previously conveyed in terms of royalties being computed at various revenue levels, we anticipate that the number of royalties that would be paid out would be in the vicinity of $1.9 million. Accordingly, token holders will receive an amount of equity, in the aggregate, equivalent to $1.9 million. We anticipate completing a valuation of the company in December of this year, which will assist us in assigning an accurate number of shares based on this valuation. Once we receive this independent valuation, we will share the results with all token holders as well as confirm the number of shares to be granted as royalty payments.

We anticipate the distribution of equity to occur around the time of the $CRNC<>$EARNFT exchange. These equity grants will be made to holders of record at the time of the $CRNC<>$EARNFT exchange. If holders subsequently elect to sell their $EARNFT tokens after receipt of equity, holders will still own the equity regardless of the disposition of $EARNFT tokens. Further, these equity grants will be held beneficially on the company’s cap table in a special purpose vehicle that will be established but not controlled by the parent company behind Current Mobile.

Conclusion

Moving forward, we look to bring you increased transparency and regular updates as we have ambitious plans to expand our community. This update marks a new chapter in our vision to develop the Current platform to support and synergize with the token and its future ecosystem, and our team hopes that you are all as excited about these changes as we are. Please be sure to read through the updated whitepaper for a more detailed and granular understanding of the plans for the foreseeable future. Thank you!

READ THE EARN TOKEN ECOSYSTEM WHITE PAPER! → CLICK HERE TO READ MORE!

How to Get Involved

• Chat with us on Twitter!
• Add Questions here for an upcoming Q&A.
• We’re hiring! Have someone in mind that you think is a perfect fit for one of our open positions? Send them a link to our job board. As a reminder, we pay a referral fee for any employee we hire!

If you ever need to reach out to our investor relations, or leadership team, please feel free to email 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 an upcoming Q&A, drop a question in our Google Form.

[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.