Dear BidCoins.io supporters and enthusiast; we’re making this official and public announcement that we’re discontinuing our public security token offering under Reg D and Reg S.
We raised no capital (aside from a 12,000 XLM contribution from one of our own founders) and being so close to beta release of our actual technology in MVP (Minimum Viable Product) state, we’ve internally decided to simply launch and run our business without public investor funding.
For some insight as to the poor performance of our STO: we’d conducted little to know branding/marketing pre-sale, combined with the fact that we were an “un-registered security” under Reg D, so all investors must be accredited and prove so yet were not following through, and finally the inability to put a secure and compliant bounty offer out and not ability to advertise traditionally left our efforts fairly crippled.
To that point, we feel this to be a blessing in disguise. We have one of the actual REAL and TRULY VALUABLE use-cases for blockchain technological architecture = AUCTIONS. They’re more secure, easier to use/participate in and the degrees to which they are more efficient from a costing perspective is nearly incalculable.
Hosting, screening, qualifying, post auction logistics, ALL dramatically altered towards efficiency or eliminated from operational overhead altogether.
As it stands we’re in a pretty amazing position, we had planned to launch our MVP some 6 months (give/take a week or two) from April 10th, 2019 (planned conclusion of the STO), whereas now, here we are at March 21st, 2019 and a mere week to two from releasing our MVP for beta users! So, a fairly big “fail” in the capital raising column, but an “A++” + some extra credit in the technology/development side of our business.
In conclusion, we’re excited for our business and for what the future holds for blockchain and for BidCoins.io, please keep up to date with our progress, plans and news via our Twitter account for the instantaneous access to that which we officially announce. We’ve got a lot of coming press to release, so stay tuned!