As of 28 February 2023, as shared in the March update, Freeway had $128.25m of corporate funds available for use in the algos, including a credit line of $70m.
As of 28 April 2023, this has increased to $128,546,779.27.
While this figure is behind our initial forecast, we attribute this modest growth of approximately a quarter of a million dollars for the months of March and April to the extremely low risk and leverage settings of the algos in accordance with the conditions of the credit line.
Capital preservation comes first and, as Freeway progresses, we hope to renegotiate these conditions to allow for more typical use of the algos while respecting responsible risk parameters.
Herein, we believe, remains the possibility of a full recovery by the end of 2023.
Acceleration is required to remain on track to return Freeway to normal operations by the end of the year. And while Freeway’s corporate asset growth is currently behind forecast, the team is confident the foundations are in place for profitable third and fourth quarters.
There are many things to share with you over the coming months, but first is the official launch of the licensing of the algo technology planned for the end of May.
Following the successful pilot program, it has taken some time to lay the groundwork and finalise arrangements for a complete ecosystem that allows regulated financial institutions to license the algo technology. This allows them to both use the algo technology themselves and make it available to a wider client base globally. This includes the introduction of a second, new algo technology product that opens access to a much larger potential user base.
Many have registered their interest in using the algo technology and the team will be in touch in the coming weeks with information regarding the algo technology products.
You can expect more information about this in due course.
The Freeway Team
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