EthicHub Financial Report H1 2018
Dear community, in this first stage of the project we didn’t find the time to be as exhaustive with the expenses description as you deserve, however with the evolution of the project, we will be able to dedicate resources to this task in order to provide maximum transparency to our activities.
We will soon include the bank account statement and the Ethereum account statement in the private area of our web in order to give maximum transparency to you.
The main figures
In total we collected 553 Ethers in our initial pre-sale. Here an an overview of what we have done with this initial funding:
- Develop and deliver the Alpha platform which was released on June 23rd (-> mvp.ethichub.com)
- Continuously update the platform with new features, UX/UI improvement and bug fixes.
- Set up our office for project collection in Mexico.
- Increase awareness of the project by participating in a large number of events:
Europe: London, Gibraltar and a large number of cities in Spain before, during and after our pre-sale
Asia: Tokyo, Seoul, Beijing, Singapore, Hongkong, Shanghai
Americas: New York
We spent less than €45,000 in all these tours, which is amazing, especially considering that in Asia we have pitched in front of huge audiences. These kind of events and venues normally cost around 40.000€ per event, including travel expenses. But the positive-impact profile of EthicHub allowed us to get special deals from some organizers.
There are plans to go back to Asia very shortly as well as a number of international events in Europe. Next events to be scheduled in Amsterdam and Seoul in July.
The Ethereum price evolution didn’t help us at all. Shortly before our pre-sale in February, the price was close to €1000 / Ether. Only a few days before the start a huge crisis hit the markets after an extremely overheated bull run. This caused the Ether to drop below €600 within a short time and on top of that, after finishing the pre-sale it took us more than 2 weeks to be able to exchange funds. During this period it dropped further to around €400, which was when we were advised to exchange only the minimum amounts when required. Our worst trading rates was around €370 / Ether and the best exchange at €636.5 / Ether.
Due to this limited budget, we are maintaining a low-cost approach for most activities and we’ve been able to pay a number of providers with our own token. In addition we can inform you that all new team members have a very high confidence in the success of EthicHub so they agreed on being paid in Ethix tokens.
We have spent approximately €68,000 on marketing (including roadshows), €62,000 on development, €20,000 on project collection and €21,000 for general costs. This is far less than expected. The only negative aspect of this approach is, that we have had to go at a slower pace than expected, especially affecting the marketing side.
We still have a remaining budget of 165 Ether, enough to arrive at the token sale in September, but a bit short to invest larger amounts in international marketing. In order to compensate for this, we will conduct another sale with the remaining pre-sale tokens. Now that we have demonstrated the good use of the first funding, we feel comfortable and confident asking for more money to accomplish the next milestones. If you are interested in participating in this sale please contact us here: investors@ethichub.com More news on this will be publicly announced soon.
Thank you very much for being part of our community. Together we can make a real change.
For further information on our project get in direct contact with us via the following channels or visit our website:
