TheRev, February 2017
Thank you everyone, and welcome to the first edition of TheRev newsletter! This newsletter will be your dedicated source of information for ongoing development of the Tokes Platform. We have made exciting and significant progress in the first 30 days since launch, and are pleased to deliver a first round of updates to you, our Tokes enthusiasts. Keep an eye out for newsletters on the 20th of every month.
First and foremost, a brief summary of our ICO results. As you’ll recall, we ran our coin offering from December 2, 2016 through January 15, 2017. Bitcoin volatility during our fundraising period certainly had some influence over the success of our ICO, as we saw Bitcoin reach its highest value since December 2013. The rapid rise in price had many potential investors sitting on the sidelines and holding on to their BTC, enjoying the benefits of that volatility. Nevertheless, we were able to exceed our Tier 1 funding objective of $50,000 USD within the first two weeks. We slowly progressed through Tier 2, which had a ceiling of $250,000 USD, and ultimately ended in this tier at close.
As we have progressed in our early development, the vision surrounding this project has modestly evolved for the better. We are now targeting five key areas of development, including: Fiat Gateways, Tokes Transaction Protocol, Mobile Application, Tangible Product Lines, and Consumer and Industry Advocacy. We welcome you to review the freshly redesigned website which reflects this new focus.
Fiat Gateways, commonly referred to as cash onramps, provide the means necessary to take physical capital and move it onto the blockchain. While not an area we initially considered for our project, we have since recognized it as a tremendous opportunity. It will be beneficial for us in multiple capacities: first, we will be able to charge a fee to onramp this capital, and two, it will further enhance our relationships with the dispensaries we are providing this service to. In fact, we’ll be offering a discounted fee structure for those partners who agree to accept Tokes at their locations. We have set up an independent entity for this activity, and are currently processing our Money Services Business (MSB) registration, which will enable us to verify customers and their sources of capital (KYC/AML). The transactions will be facilitated via a proprietary mechanism we developed enabling us to legally bring cash into the banking system.
This initiative is focused on the digital currency unit of Tokes. Currently we are in talks with multiple dispensaries brokering deals for the adoption of Tokes. However, as we have noted previously, it is important that we have the infrastructure developed prior to broad industry adoption. In essence, we will be waiting until we are closer to launch on the mobile app and point-of-sale systems prior to a hard push on this front. Beyond our work with dispensaries, we have also began the initial groundwork in becoming listed on multiple exchanges. We have prospective listings with Bittrex and Tidex on the horizon, and are in early discussion with Bitfinex and Poloniex. We encourage all of our supporters to reach out to your favorite exchange and request the listing of Tokes.
We are very pleased to announce that we have brought on another full time developer to serve as lead on the app. Minh Tran has extensive experience with both front-end and back-end development, having worked with successful startups in the past. He most recently served in an executive position with a major Las Vegas gaming (casino) group. As per our prior roadmap, we are still targeting a 6-month completion time on the first version of the app, however our user interface is near completion, and basic wallet functionality is in progress.
Tangible Product Lines
With a portion of the capital raised during ICO, we are undertaking R&D on the CBD based products, which have a focus of targeting physically active and nutrition-minded consumers. We have sourced a supplier for our CBD and have acquired the intellectual property of our brand, which we will announce soon!
Additionally, we are cautiously optimistic about initial conversations we have had with a potential partner for legal recreational cannabis licenses. If we can negotiate an agreement, we will be able to execute on a full grow and production facility. License access will require additional capital, however an upcomingLetter of Intent from this partner will provide us with the guidelines to raise the money necessary for that operation.
A long-term goal of ours is to contribute positively to both the ‘blockchain’ ecosystem, as well as the legal cannabis industry. We intend to educate the uninitiated about the utility of cryptocurrency, subsequently improving adoption within the cannabis industry along with mainstream businesses. As a starting point, Michael Wagner gave a speech to the CFA Society of Nevada on February 16th during a Securities Roundtable. The discussion centered on Bitcoin and digital currencies as an asset class, and how they can impact investor portfolios in the future. We have also been making a presence at the monthlyCannabis and Culture meet-ups in Downtown Las Vegas, in order to meet business partners and inform the community about the growing demand for crypto based solutions to the cannabis banking problem. Additionally, we serve to educate and assist consumers of marijuana on safe practices to ensure an enjoyable and fulfilling cannabis experience.
Until next time…
We are excited about the immense enthusiasm and encouragement we have received from all of our interactions with the community to date. We hope you’ll continue to join us in Slack and on the message boards to help spread our message.
Here’s to something new. Here’s to the revolution.