After two years of hard work and having achieved many major milestones, today we have some very unfortunate news for everyone that has supported Blockport.
In the past few months our team has worked extremely hard to launch the first round of our STO, and yesterday this ended after being open for almost one month.
In short, the results of the fundraise are not sufficient to proceed with the issuance of BPS tokens.
In this article we provide everyone in our community with an update regarding the results of the STO, and the next steps for the future of Blockport.
Though very unfortunate, after one month of running our STO we did not reach the threshold amount of 1M Euro that we set as a softcap. All investors that participated in the STO will therefore receive their investment amount worth of Euro back, and the issuance of BPS tokens will not take place.
We will contact every STO participant by email next week, and explain the steps of the refunding process.
There are multiple internal and external factors that have played a role during our fundraise that had their effect on the overall sentiment and performance of the STO. Summing up, we think that it’s fair to say that the market has spoken, and we now have to deal with the undesired result.
In the coming weeks, we will continue to focus on what opportunities lie ahead of us. However, it is certain that Blockport cannot continue with the current operations and velocity at this point in time.
Future of Blockport
As a responsible but unfortunate measure, we have decided to drastically scale down our operations and development. Running our operations and platform as-is without a substantial investment is currently not an economically viable and responsible option.
Though we will not stop passionately pursuing Blockport’s goals and vision, the current situation requires us to take the platform offline at the end of this month and the core team of Blockport will focus its resources on developing the platform in stealth mode. At this point Blockport is not able to generate sufficient revenues to support a full scale operation and therefore, we will now focus on expanding the platform with unique and value-adding technological features, that strengthen our business case for a potential future restart.
We are already in touch with several parties that have shown interest in supporting a restart of Blockport in the future. However, the form or business structure is still unknown and subject to ongoing negotiations.
The interface and overall platform of Blockport have proven to be very effective in terms of conversion rates and overall user experience, and we plan to strategize around this unique selling point in future plans.
What does a potential collaboration or restart entail?
In short, Blockport may decide to join forces with a company or project that can provide strategic resources so that we can take the coming year(s) to further develop the Blockport trading platform with the aim to play a vital role in the financial ecosystem.
We will use this coming month to scale down our current operations and align our strategy with these interested parties. Since this is still subject to negotiations, we cannot share any names or plans before we have agreed on a concrete action plan.
During the coming months we will assess what exact role Blockport will play in terms of business and development in collaboration with these parties. We expect to provide a more detailed update in Q3 2019.
What happens to the Blockport platform and its users?
The current platform will go offline at the end of this month, and into development mode. In the coming weeks we will provide a detailed announcement specifically for all Blockport users about how they can withdraw their funds.
Please note: even after our platform has gone offline, users will still be able to request a withdrawal of their funds. Our support email (firstname.lastname@example.org) will remain open for any requests or questions.
The whole Blockport team acknowledges that this situation is very unfortunate and sad for everyone involved, but rest assured that we will make sure that everyone will be supported with their requests in the coming weeks.
We still see a lot of opportunities in this industry and have built a top performing trading platform that many people love to use and which has had almost zero downtime or issues since we launched it in the summer of 2018.
Whilst developing our platform, our goal is to explore opportunities that support a restart of the Blockport platform in the future.
We really can’t express how much we appreciate the major involvement of everyone in our loyal community in the past two years, and will do whatever we can to provide everyone with updates about our next steps as soon as we can.
We will realign ourselves and our strategy to get ready for the future.