Progress Update
Dear NAVI token community!
Thank you for your comments and posts. Indeed, the project is having cash flow challenges — the funds raised during ICO were severely devalued by 5–8X due to the latest bear market squeeze and all processed into the first version of Navi dApp, first industry focused addressing solutions and our first country and national partners — first early adopters. Unfortunately, conventional banking and regulation system didn’t allow our startup to cushion the liquidity shock — our crypto exchange transfers were blocked multiple times by regulators making us waste valuable time for saving what we had and bitterly see our funds shrinking. We have had to cut activities and costs that will not bring new b2b clients, new country partners and new users via country partners. We had to decrease costs and activities.
Our great country partners are adapting our addressing solutions to the local business needs and go together with us through customer development process to provide for best product-market fit currently available. Once the fit is there, we all will see fast traction in number of naviaddresses used and rented, and then premium naviaddresses bought for NAVI token via Navi dApp. To remind you, our dApp is allowing to buy rights to premium naviaddresses — new type of digital asset.
We have sufficient budget funded by current shareholders to keep key team onboard which has been focusing on developing our core addressing solutions — NaviBusiness, NaviMedia and NaviChain. Our focused verticals remain the same — express delivery and e-commerce, offline media and direct marketing advertising, SMBs which are servicing expats and tourists.
Over the last month, the number of postal naviaddresses in the address system reached 19 million, which is 800% increase compared to the end of last year. The main countries to grow the number of naviaddresses are Netherlands, Portugal, Germany and Russia where we are setting and/or actively looking for regional partnerships. We implemented a pilot integration with 2GIS in Cyprus. Now you can find Premium Naviaddresses within their address system. We continue improving our blockchain platform. Digital IDs will be available for purchase in key countries by the end of this week.
We do understand that you would like to see NAVI token on the moonl. But the reality is that mass adoption of our utility token will be together with mass penetration of our solutions, maturity and mass adoption of the blockchain technology.
The team is currently working on new fundraise — fiat “A” round and is already communicating with several VCs. New round of investment will be utilized in promotion of our solutions and subsequent integrations in focused verticals with mainstream target business users. For this and upcoming quarter our key focus is securing and landing new round to continue further expansion and mass-adoption of Naviaddress technology. Your support is appreciated.
Naviaddress Team
