Many members of the Hoard community have followed and reinforced us since the very beginning. During that time, we’ve adjusted our pricing structure, market cap, and market timing to best support you and propel the mission of Hoard: to empower anyone, anywhere in the world to hold, track, transfer, and transact with any digital asset from their mobile device, privately and instantly. We’ll now continue to do that with Hoard’s crowdsale extension and token bonus.
It’s no surprise that the cryptocurrency climate has cooled off a bit. In fact, a great deal of the retail investment sector has dried up. Some propose that it’s the result of overarching regulation, which has forced many companies to go completely private or switch to an security token offering (STO) model. Others argue that these hesitations and pull-backs are due to market uncertainty. Whether or not Bitcoin (BTC) will break out above its resistance level or push below the support level, innovation is booming.
- Sale extension: November 9, 2018
- HOARD distribution: November 10, 2018
- Current bonus: 20%
- Token price: $0.06 (USD)
What Hoard is doing now and why
Before we dive into these new metrics, it’s worthwhile to explain the rationale. This way, those who haven’t followed and supported us for much time can understand what we’re doing and why. First and foremost, we felt it would be extremely irresponsible to open a utility token sale during a correction and following a parabolic bull run. As many have experienced, offerings during these periods have resulted in net negative positions.
Prices have dipped far below what was set initially, leaving many in the industry confused and capitulating. We originally set a date of mid-March 2018 for our crowdsale. However, the market cap was both correcting and declining dramatically. This would have likely left those holding our utility token in negative territory. We decided to move the sale to the fall, anticipating that the bottom of the market would likely be around October. While there were no guarantees, charting and expert advice reinforced this timing. As a result, Hoard scheduled the utility token distribution for September/October.
In addition to the timing adjustment around market penetration, we also took a solid stance against the often seen hype in the space. We’ve worked diligently to produce results through solid coding versus hype-based marketing. As many witnessed between late 2017 and early 2018, projects or companies that employed superficial hype as a strategy are, sadly, in the negative or shut down. While we understand the basic practice of generating excitement, we value our employees, contributors, investors, user base, and token holders more than anything else.
Hoard and the state of cryptocurrency marketing
Therefore, we took a more focused practice with marketing. Paying to play is part of the business in many sectors. However, we’re a responsible startup, not a Fortune 500 organization with multi-million dollar marketing budgets in the coffers. The costs for many industry participants to talk about us for 5 minutes in a video are outrageous. The prices associated with travel and conference sponsorship are ridiculous.
This is why we look to create mutually beneficial opportunities and interactions throughout the community, as illustrated by the overwhelming interest and success with our recent #HoardVote. Haven’t participated yet? Check it out and vote to have your coin added to the Hoard mobile wallet and upcoming DEX, first and for free. You can read about the first week winners and second week winners.
Now for the metrics. We decided to reduce our market cap by more than 60%. Why? Asking for $20 million dollars in Ethereum (ETH) simply wasn’t necessary. While it makes life at a startup somewhat easier, that level of investment wasn’t necessary for the company’s first raise.
Many of you have witnessed the obscene actions that occur when companies secure that much investment, so we chose a different path. By reducing Hoard’s market cap, we also reduced the initial price to $0.06 (USD) per HOARD token. With ETH pegged at $240, we offered 4,000 HOARD per 1 ETH.
That’s not all. We’re currently running a 20% bonus for crowdsale participants. What does that mean? You can now receive 4,800 HOARD for 1 ETH. Our target market cap sits at $8 to $10 million, but it will likely finish between $3 to $5 million when the sale ends. We’re doing what we believe is right to support the Hoard community and continue the innovation that we’re developing. We look forward to having you join the Hoard team and community.