Hiveterminal Update: Domestic Market and OTC Update
In less than a year, Hiveterminal successfully entered our first »test« market, registering over 1.3% of all companies in Slovenia. Hiveterminal is now used by 681 verified users — 337 sellers and 344 buyers — and the number keeps growing. We are seeing an increased number of debtors signing up to use the platform to speed up the invoice confirmation process.
DOMESTIC MARKET UPDATE
We are doubling down on educational events as they are by far Hiveterminal’s best performing way of reaching seller companies. We have extended our contracts with both the Chamber of Commerce and Small Business of Slovenia as well as the Chamber of Commerce and Industry of Slovenia to further our educational efforts, and meet company owners face-to-face and onboard them to the platform.
Additionally, we have signed a cooperation agreement with Vizija, one of the largest accounting companies focused on helping small and medium-sized companies. With 15 different office locations scattered across Slovenia and more than 100 employees, they provide accounting and tax consulting services to more than 2000 companies. The employees have already been briefed about Hiveterminal’s services at an in-company educational event and we hope that many of their clients will recognize the unique approach that Hiveterminal brings to the market.
Even though our domestic market is only the first step towards the international arena, it has turned out to be crucial for many reasons. So far in Slovenia, we have tested out sales and marketing channels and platform functionalities and reviewed the different needs of companies. After we expand to new frontiers, we will keep our Slovenian market as a testing ground, as has always been the plan.
With the rise of usage of the platform, as more and more domestic companies find liquidity on Hiveterminal, we want to push more investors to the platform, as well. We have started to test different ads on multiple channels, but some functionalities of the platform will be changed as well, effective immediately, to ease the use of the platform for non-crypto communities.
OVER-THE-COUNTER (OTC) PRICE CHANGE: MORE HVNs NEEDED!
We are changing the way the Hiveterminal Token (HVN) is purchased via the over-the-counter (OTC) solution on the platform.
Effective Monday, February 17, 2020, at 12:00 CET, we are lowering the price of a token from EUR 1 to the market price of two HVN (updated once a day).
We are expecting that more and more non-crypto native invoice buyers will come to the platform wishing for a seamless investment experience. These companies are unlikely to go through the secondary market to acquire their tokens. For that reason, the development team has already pushed an improvement to the purchasing process. If the invoice buyer doesn’t have enough HVNs on his account wallet, the HVN will be purchased by converting the required amount of EUR through OTC automatically.
The number of HVN tokens required for an invoice purchase will now increase
The number of HVN tokens required for an invoice purchase will now increase, but the invoice buyer fee will not. It will remain set at 1%.
What Will Change for Our Community?
The price change will increase the usage of HVN token within the platform. In effect, Hiveterminal’s OTC wallet will be drained at a higher pace, requiring that our automated trading system reach out to the exchange more frequently, driving up the demand for the HVN token.
Are The Founders of Hiveterminal Selling Off The Team’s Tokens?
No, team and founder tokens remain locked until further notice.
What about the 1 EUR per Token Price?
The price of the token will be set by the adoption of the platform. The new approach to gradually build the price as adoption grows has been confirmed and we are certain that this is a win-win situation for our users and community members, as well.
What will the future bring?
We have set our sales channels in Slovenia and are looking at different directions, setting up the environment for rapid growth within 2020. We have never stepped back from our promises and we will make sure that our future is just as planned: a pan-European blockchain-based platform that is the go-to tool for companies seeking liquidity and for investors in search of high returns.
Our next steps are crucial and we will inform you shortly on all the work we have done. At that time, we will not talk about our bright future but our bright present.