Block Bank Community Update
Adam Cuffe
Hi everyone I know I said I would send this out over the holidays but have had a limited time to get the update together around working on the project and family life.
So Whats new?
Following our trip to Dubai in November and Blockshow asia we decided to make some adjustments to our token structure. This decision was made on the back of feedback from Venture Capital investors and our new advisors.
We have decided to reduce the total supply of tokens to 40,000,000 from 804,000,000 with a circulating supply of 28,800,000 tokens. These figures will be fixed and will not change in the future. The main reason we decided to reduce the total supply was to improve the growth potential for our community.
We reduced the overall ico capital raising target from 300,000,000 usd equivalent to 7,200,000 usd equivalent. Following feedback from our advisor Karthik Iyer. We thought it more realistic to raise a small amount of capital and prove the model and concept through out 2018 in line with our projections. Doing so will demonstrate the viability of the project and business model paving the way for future capital raising via Crypto bond offerings or term deposits with the bank.
We think this organic approach and stable growth plan will benefit Block bank in the longterm and build a solid foundation from which to create the decentralised commercial funding platform.
How will this affect your token purchases?
Reducing the token supply will not affect your token purchase in any way. You will not have to send back tokens and the reduction in supply will not affect the value of you tokens either. However once the project is up and running and the banking platform operational. There will be significantly more growth potential for your token 20x infact. We believe by have a token which will increase in value faster is a lot more suitable for our project and business model. Also it will benefit the token holders and our community.
If you have any questions please get in touch. I will be creating a video to go into this in a bit more detail which I will be posting by the end of this week.
License Updates
Ugandan License application, We have submitted our International Banking license application documents and have received a decision in principle. Following the regulatory due diligence we shall receive the license March 2018. The license in Uganda will give the bank a presence in Africa which will be one the key areas for us to develop and grow with our financial products.
The East Caribbean license application is well underway the completion mid February is on track. Our partners East Caribbean Trustees have done an excellent job packaging the application and keeping us up to date with developments.
We have another 3 applications to submit in 2018 the next 2 to be handed over by july 2018. These institutions will be registered in Bahrain, Lithuainia and Singapore. Singapore being the last application.
Token Purchase Issues
Some of you in our community have contacted our team and I have spoken with some of you directly about not receiving the correct amounts of tokens. We have had problems with the ethereum wallet not being able to update. As a result we have had delays in tokens being distributed as well as the exchange rate not being correct. Over the last week following the holidays in the UK we have set up a secondary dedicated server to manage our ethereum wallet. All transactions have been logged and you can check them on ether scan. Over the following week we will be allocating all undistributed tokens based on the exchange rates at time of purchase. I will be following up in the group and via email as this is happening over the next week. If anyone has had issues please get in touch asap myself or the team. We will follow up and make sure any issues are resolved.
Block Bank will be at the Atlantis Hotel Conference on the 8th of January presenting the project .
Over the next week we are also meeting with venture capital funds in Dubai to finalise agreements made in November.
On the 13th of January we will be presenting at Planet Block chain to a group of investors who we met with in November.
We have a busy week ahead and will have lots of new information to share with you.
Thanks again for all your support and get in touch if you ever need anything.
Kind regards.
Adam.
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St James Business Park,
Grimbald Crag Close,
Knaresborough,
HG5 8PY
Tel: +442032898196