We are ceasing the development of Safein

Dear Safein Community,

With utmost regret we have to announce our decision to cease further development of Safein and cancel our plans for the token sale (including the issuance of any bounty or air drop tokens as well).

Regardless of the fact that the ICO space and cryptocurrency market as a whole quieted down in 2018, for a long time we were confident in their recovery. Indeed, we were highly optimistic about the maturing blockchain industry and were confident in our project idea to stand out of the crowd.

However, our countless meetings with investors, influencers and experts have demonstrated that identity solutions are no longer an attractive niche, which is one of the key reasons of our decision. As unfortunate as it may be, competition in the space has taken its toll on Safein: the multitude of projects that emerged in this area, albeit none of which fully successful, have discouraged investors from taking further opportunities with projects like Safein.

Furthermore, user- and business-oriented projects, such as Safein, are receiving very little interest from investors, whether institutional or private. As much as we believed in demand for services we have been developing for the last 9 months, investors have shifted their focus to infrastructure projects that tackle technological advancements of the blockchain. Despite our huge successes recently in ICO pitches and startup accelerators, these did not have sufficient weight to affect their decisions.

Finally, the cryptocurrency market still remains stagnant, and there is little interest from private individuals to take part in ICOs that are still perceived as high-risk investment opportunities. Although this was not a crucial factor in our decision, our key aim was to scale fast, and the amount of interest from the community in our project was insufficient to justify our costs to proceed with development and marketing of Safein.

Our founders extend the sincerest apologies to those disappointed in the outcome. We thank you for believing in our idea and vision, and we wish you all the best in the future.

With kindest regards,

Your Safein Team