We’ve Lowered our Hard Cap.
We’ve lowered our hard cap. For most of you following our progress, it will not come as much of a surprise. Since we began this journey ETH prices have skyrocketed, and we have seen an increase of well over 150% in it’s value in the last 30 days.
So to answer some of your questions, we’ve prepared a short but precise Q&A that outlines our decision, and why we made it.
Hard Cap Q&A:
“Why are you lowering your hard cap?”
The price of ETH has increased well beyond our expectations. Initially to execute our full plan we set out to raise $40 to $45 million USD. This amount covers our FuzeX Card and Wallet development, scalability of current production and also the development of our own exchange.
“How much have you lowered your Hard Cap by?”
We have cut the hard cap in half. Originally it stood at 80,000 ETH. It is now 40,000 ETH. This amount covers Private and Pre Sale. Our goal is to raise $45 million.
“But 40,000 ETH (at the current rate) does not equal $45 million USD. What’s going on?”
ETH value at the moment is unpredictable. We have taken an average closing price of ETH (in USD) over the past two weeks to calculate an average ETH price. This is based on the closing price of ETH (in USD) from 26th December 2017 to 8th January 2018. The average price was calculated to be $888.79 USD.
Based on the above calculations, 40,000 ETH (Hard Cap) will be $35.55 million USD. But we project the price of ETH to continue to rise in the immediate future. So once we finish our Pre Sale, if the total ETH amount is over $45 million USD (applying the same calculations as above) we will not proceed with the Public Sale (General Sale) section of our ICO.
In the event that it is below our goal of $45 million USD, we will continue with our Public Sale (General Sale) section of our ICO until the aforementioned goal is reached.
In both scenarios all unsold FXT Tokens will be burned.
“Why did you wait so long to lower the hard cap in ETH?”
Although we mentioned before that our goal was to raise $40 to $45 million USD, we didn’t want to continue to change our hard cap in ETH terms (due to the continued and unexpected rise of value in ETH). What we wanted to do was change our hard cap only once.
“The price of ETH is really high now, what about the value of the FXT Token?”
In order to maintain the same value, and amount of FXT Tokens, we will double the amount of FXT tokens distributed per ETH. Originally 6,000 of our FXT Tokens were equal to 1 ETH, now 12,000 FXT Tokens are equal to 1 ETH.
“What about the minimum purchase of the Pre Sales? Is it still 10 ETH?”
No, we have halved the minimum purchase to 5 ETH for the Pre Sales.
