Snip — a Transparent Token Sale and Company
Greetings Snip community!
The Snip token sale is two days away (🤠) and we’re honored by all the interest and excitement we’re witnessing. Your participation will help us fulfill our dream to develop a decentralized platform for the future of news on the blockchain.
We think transparency is essential to building a better future. Transparency in news and content is at the core of our vision for Snip, and transparency is what the blockchain is all about — creating an open, public ledger.
Our founders met over 10 years ago in Talpiot, the Israeli elite program famous for its alumni of successful technology entrepreneurs. We learned how to lead by example through virtuous actions and making tough decisions under pressure.
Values of transparency and openness are core to our company culture. They are the same values we saw lacking in mainstream media, which motivated us to develop the first version of our product. Transparency and openness define everything we do.
Before the sale begins, we think it’s important to be transparent and share additional details on the Snip pre-sale, on the final structure of the public sale, and also a bit about the planned compensation of Snip founders.
We took these same values into account when we structured discounts for participation in our pre-sale.
A group of early backers shared our vision and supported us. They helped before Snip was as well-known, helping us gain users, market the Snip platform, and get gain traction in the token sale. They purchased SnipCoin at approximately $1.95M with a 50% discount.
A second group of strategic partners helped us spread the word about Snip and will assist us in the continued development of the Snip community. They purchased SnipCoin at approximately $1.95M with a 20% discount.
Additional non-strategic buyers participated in the pre-sale and purchased SnipCoin at approximately $80K, with a 5% to 10% discount.
In total, the pre-sale concluded with approximately $4M in token purchases, selling 1.7 billion of the 2.8 billion SnipCoins offered in the token sale. This is considered a relatively small percentage of tokens for the pre-sale, as it was important for us to sell a large percentage of the tokens to the general public.
During the sale the Eth/USD exchange rate will be locked at approximately $292/Eth, to be finalized 16 hours before the token sale (Sep 29, 07:00 UTC). At $292/Eth, we will be selling 1.2 billion SnipCoins worth 13,700 Ether, or $4M. Therefore, the Eth/SnipCoin exchange rate will be 78,500 SnipCoin per Ether. This too will be finalized 16 hours before the token sale.
It’s important that Snip token buyers know that their funds are used to grow and prosper the Snip platform and not to enrich the founders. Therefore, Snip founders will not hold Snip tokens at the time of the sale. They’ll be rewarded financially over time based on the success of the Snip network.
The founders will be taking a salary, which will be no more than $150K/year in the first two years after the sale, and no more than $200K/year in the third year after the sale. Snip non-founder employees could receive higher compensation, according to market conditions.
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We’re glad to share this detailed information with our community and are looking forward to continued engagement after the token sale. Thanks for your participation to help develop the future of news. We’re grateful to have you on board, enjoy the sale!