As crypto markets are facing some turbulent times, many people wonder what is going to happen to the countless projects that have raised capital in BTC or ETH in order to finance the development of their products. Rightfully so. Capital raised in equal parts of BTC and ETH in February would have lost over ⅔ of its value at today’s fiat currency equivalent. In these times of increased uncertainty, we want to proactively communicate with our community about the steps that we have taken in order to protect ourselves from this type of market volatility.
As a first step after the ITO, we converted enough of our crypto holdings into fiat to be able to finance the complete delivery and rollout of the MVP in April. Consequently, the delivery of this important milestone will not be affected by current market conditions.
Beyond the launch of the MVP, VETRI’s funding will be sustained thanks to three main sources:
- Active management of our crypto portfolio in accordance with market developments
- The VETRI Foundation’s VLD reserves + active management of the growth pool which were allocated during the ITO (together 39% of the total token allocation)
- Private sector partnerships and client solutions and services built on top of the VETRI platform
With this clear strategy in mind, we are going full speed ahead with the development of the technology and are proud to already be able to present you our proof of concept showing how the value transfer of real data against VLD’s can be executed with smart contracts. Having advanced on the technology much faster than was initially expected is a further great source of confidence for us in these difficult times for the crypto market.