VouchForMe March AMA Recap
The spring is officially here! Days are longer and warmer, light breeze and sunshine bring everything to life again. And it seems the spring has something to do with the volume of questions posted in the March edition of the AMA. Thank you all for participating and for being active supporters of the VouchForMe project. Here is a recap of the questions posted on our Telegram channel.
Q: Have there been any changes in the team/management? Is the involvement of both co-founders still the same? Are they currently also working on other projects?
The involvement of both co-founders is still the same; they’re both actively working on VFM.
Q: What is the interest like from insurance companies in cryptocurrency tokens in this current bear market? What are the more significant problems the team is currently facing?
The interest of insurance companies in the cryptocurrency tokens hasn’t changed. They see the potential of the blockchain technology and understand they need to be involved in being relevant when the adoption of crypto will spread. The challenging part is finding the best way of implementing a partnership. That is also why it takes this long as everybody needs to be onboard.
Q: Which countries are most important for the project, adoption, and research for social proof and VFM platform?
In this first phase, we are primarily targeting Europe. We are progressing with market research activities with a focus on four countries: Romania, Slovenia, UK, and the Netherlands. These are also the countries we are working on concrete projects.
Q: Which exchanges have you contacted and applied for listing? And how are the listing attempts going? Are there communications between parties?
Communication between interested parties is active. Recently we’ve come to an end of compliance overview with a few exchanges, and we’ve stopped the process due to unrealistic listing fees demands. With some, we are still in the listing process.
Q: Are there any new conferences planned for spring/summer?
We plan to attend a few events and continue to promote the VouchForMe concept and at the same time generate interest with potential partners.
Q: In past weeks /months you mentioned partnership announcement in 2–3 months. This indicates you are finalizing product implementation with individual insurance companies. Is this correct and when is the announcement day? This should also mean that you already signed agreement /contract with clients. Can you provide a copy of the first page of such agreement (of course in anonymized form because of NDA you are mentioning all the time)? Can you explain the business concept in such contract (workflow, revenues, marketing, targets)?
That is true. When we finalize all the details, we will announce the partnerships and the details about the projects. The business concept is different per market, but indeed we determine the client segments, the product features and the sales channels via which the product will be sold. This then leads to a financial plan that is monitored closely.
We saw a lot of ICOs that were trying to announce partnerships premature, and by that, they endangered the onboarding of partners.
Q: Will there be any real partnerships soon, or will it be 2050 before the first partner is onboard?
We will announce the partnerships soon; the team is working on delivering the projects.
Q: This was mentioned a long while ago by Ales:
“Just one little info, before you turn on weekend mode: today we officially signed with the first client. While having nothing tangible in our hands yet, this proves that our story is rolling in the right direction. Enjoy the rest of a day or night, where ever you are and thanks for all support till now. Interesting times ahead. 💪”
Did this fall through?
Far from it — the project is very much alive and is moving forward.
Q: How long is the current cash runway? Can we in the community help with future fundraising in any way?
There are two components. One is the inflows from acquired clients and the second the price of Ethereum. Those are the main determinants of the length of the runway.
At this moment we would appeal the entire community to help us spread the word about VFM platform benefits to different insurance companies and affinity groups to gain traction among end users.
Q: Is it possible to have a breakdown of the current financial position? Analysis of Cash & Funds in Eth vs. average monthly outgoings?
This information is deemed confidential, and we cannot disclose it. From the operational standpoint, we are currently employing 20 full-time employees, and this is our primary source of cash outflow.
Q: What happened with the UK pilot?
Our team is making progress in the UK, but probably this will not be the first market where we will launch the pilot project with an insurance company.
Q: We all are committed to business growth and adoption of IPL. What are some ways the telegram community can help support VouchForMe?
Stay evangelists of the product, spread the word about the concept (affinity groups, e.g., military veteran groups, AAs) and most of all share your insurance deductibles over the VFM Unlimited. Talk to your insurance brokers whether they would offer you a better premium if someone would vouch for you.
Q: Can we have a video from either of the co-founders?
The next AMA session will be hosted by one of our co-founders. 😉
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