COVID-19 Update from LockTrip

Dear Community!

By now, you probably don’t need an introduction to the global situation. Travel is among the first impacted industries, as closing borders is one of the quickest reactions countries take to slow down the spread, coupled with an instinct-driven distancing on the consumer level.

The situation is developing quickly and it looks more and more like travel is not the only, but just the first of many industries that will be impacted.

Over the last 2 weeks, LockTrip has successfully implemented a number of drastic measures as part of a carefully thought continuity plan that would not only ensure the project’s well-being with the current situation but also to make the best of it. We started tracking the situation in January and thus had enough time to prepare.

Remote Work Space

We have set infrastructure that allows all workflows to function remotely. Thanks to early action, 100% of our team is now working from home efficiently and without any interruptions. The level of motivation remains unbroken as we continue to operate at full capacity to meet our targets.

For quite some time we have been working on integrating Zapier’s framework for a remote workspace, which has been proven effective and offers flexibility and efficiency boost. We actually started integrating the tools used in that framework more than 1 year ago and it was very easy for the team to switch to home office while continuing to use the same tools.

Medium Term Plan

The previously announced roadmap will continue to be executed without major adjustments. This means that there won’t be any measurable impact on our operations until at least June, since technical development will continue as planned.

Development is going smooth and we will very soon be launching a big release with a mega inventory upgrade and multiple user experience enhancements.

We are also progressing with LockTrip Academy and will use the time to prepare our affiliate network. We expect that a great share of our affiliates will have plenty of spare time while #stayingathome, which makes it a perfect opportunity to focus on affiliate preparations.

More than 100 affiliates have already joined our network!

If the global situation does not improve by June, we will postpone the first round of LockTrip Affiliate League accordingly. Other features such as gift cards and landing pages will be deployed on time nevertheless, which will allow affiliates to gather experience and optimize their individual strategy.

Cancellations

Many of our customers are unable to attend their trips due to travel restrictions. We were able to work through the entire supply chain to enable cancellation for many of the bookings that were originally booked without the option to do so.

We want to take the opportunity to thank all involved parties, including our partners, who made this possible.

This is also an example of how LockTrip will always work to protect its customers regardless of how critical the situation is.

Bookings

Due to the global (travel) shutdown, we do not expect to receive a meaningful amount of bookings for the time being. This reflects an industry-wide pattern.

We will take the opportunity and work on our marketplace to have a matured product for when marketing starts. As mentioned above, deployments are on their way already!

Financial continuity plan

Perhaps the most important component of our continuity plan is the financial side. At the present moment, the world is in a vulnerable state with a lot of unknown factors.

The extremely high valuations of most financial markets resulting from the 12 year bull period coupled with the unprecedented pandemic could result in a recession that could cause extreme volatility and systemic risk.

Because of these incalculable risks, and considering the upside potential LockTrip has, we have made the decision to put the project’s financial security as an absolute priority.

As of this moment, LockTrip has liquidated all non-LOC crypto assets and has already secured a comfortable runway for a minimum of 25 months without any compromises.

Additional reserves, as well as some minor cost optimization, could easily further stretch this to 30 months of guaranteed operations.

In addition to the existing cash reserves, LockTrip has substantial LOC reserves as well as equity that can be used as tools to onboard more working capital either via a private A-series and/or a LOC OTC deal. It is important to emphasize that these are not needed and are just additional tools that offer additional layers of financial security.

We believe that the 25 months minimum continuity plan and the continuous value buildup in the product will provide a solid fundament for the future of the project. The best part is that 2020 is the year in which we will be able to present new inventory and pricing, which we believe will allow LockTrip to establish itself as an absolute leader for discount travel.

LockTrip is financially secure and has already successfully executed all necessary steps to protect its investors.

Our team wishes everyone to stay safe. Once we get through this together, we will be stronger than ever.

LockTrip is a blockchain-based travel marketplace that allows users to save on average 20% on their bookings by cutting out middlemen. Every booking burns LOC proportionally to its booking value, continuously reducing its total supply.