February in Review — FintruX Network Succeeds in Raising Over 22,100 ETH
Dear FintruX Community,
With this edition of our newsletter, we’d like to give you a summary of the highlights of our token sale. We are proud to announce that we have successfully raised a total of 22,105 ETH during our sale, which concluded on Wednesday, February 28 at 17:00 UTC.
First of all, we would like to take this opportunity to individually thank each and every one of you who have helped towards building the FintruX Network & Ecosystem — starting with our Contributors, Community Members and Bounty Participants, extending to our Team & Strategic Advisors, as well as our Partners.
Sales Metrics & Distribution
We are humbled to see that thousands of people from almost 100 different countries across the world share our vision to serve the underserved and have helped us raise a total of ~25M USD that will enable us to make our global p2p ecosystem a reality.
In total, 39,503,157 FTX tokens will be sent to our token sale participants and this includes all tokens that were purchased during the crowdsale. Your personal allocation of FTX tokens is visible on your dashboard.
All the required steps are being taken to ensure a fast and efficient distribution of FTX tokens — our Token Generation Event will take place within 2 weeks of crowdsale end (tentatively scheduled to begin on March 9th, 2018).
Exchange Listings
For the benefit of our Token Holders and in line with the feedback we have received from our Community, FTX tokens will only be unlocked when we are listed on a reputable centralized exchange. In a potential unfavourable market climate, there is a strong possibility that we will hold off on an immediate listing and compensate by distributing early a percentage of the unsold tokens through our Sharing not Burning mechanism.
The FintruX Way — Sharing not Burning
In addition to the individual bonus you have received for participating in the different stages of our crowd sale, we have allocated 35,496,843 tokens that will be exclusively shared with our original token holders in phases until our platform is operational in Q4 2018. As explained in a previous announcement,
“Once we reach 25M USD in contributions, we will end our Token Sale early and trigger our FTX sharing mechanism. This means that all original token holders will get an additional allotment of FTX proportional to the ETH contribution they made during our crowdsale.”
In order to ensure that our loyal supporters benefit the most from this mechanism, only those who opt to hold FTX in their whitelisted addresses at pre-defined distribution dates will be eligible to claim their proportional share of FTX reward — supporters who have less FTX than their original contribution will receive a proportion of their bonus.
A detailed blog with instructions and the distribution schedule will be announced once we get closer to the end of Q2.
Bounty
Our bounty campaign was a huge success and it helped to promote the FintruX crowd sale and brand globally. This is our way of rewarding the FintruX Community for the relentless support and engagement.
Our bounty categories were the following:
- Telegram Referral
- Competitions
- Blog/Articles
- Translations & Forum Moderation
Over the next week, we will have a professional bounty audit firm come in and review all entries for legitimacy. They will be inspecting metrics such as quality of blog posts, duplicate entries, manipulation of multiple accounts to get multiple bounties, deleted work (tweets/posts/blogs), translation forum moderation, etc.
Please do not be alarmed if your status changes on the spreadsheet; we will be allowing everyone a chance to prove their legitimacy prior to distribution. We will keep our bounty members informed on our bounty support chat on our audit progress.
Once the audit has been concluded, we will publish a final sheet with all bounty token FTX amounts and these will be distributed accordingly.
Real-Life Use Cases
When we say that we intend to be the premier blockchain based lending ecosystem that will facilitate lending for SMEs and Startups, we really do mean it.
As our reputation gets stronger, we are receiving many applications from SMEs who are eager to obtain funding to resolve their existing cash-flow issues.
After careful consideration, one of these requests has been accepted and fully funded — we are proud to announce that we will be facilitating a $300,000 SGD loan as the first real use case on our alpha platform in Q2 2018.
In order to fulfill our increasing financing demand, we are actively looking for additional lenders to be part of our alpha and beta tests to be conducted in Singapore. Email us at partnership@fintrux.com if you are interested in learning more.
Once again, thank you very much for your commitment and support to our project.
The FintruX Team
About us: FintruX Network is the global P2P lending ecosystem powered by blockchain and no-code development. FintruX facilitates marketplace lending in a true peer-to-peer network to ease the cash-flow issues of SMEs that typically face challenges getting loan financing, such as startup companies.
Find us on our: Website ; Twitter ; Facebook ; Reddit; LinkedIn
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