Coin gang! We’ve had quite a journey since the inception of the company. Many of you have been here from day one while others have joined recently. Regardless of the duration, we sincerely appreciate your support and trust in our team, vision, and overall mission.
We wanted to provide you with a major update on the direction of Coin. As we are all aware, we’ve exhibited challenges in our journey including release delays, creating token value, token liquidity, and having been searching for solutions to overcome this. We’ve explored multiple options while attempting to resolve the following goals:
- Value: Creating value in the $COIN token and the overall industry
- Liquidity: Creating liquidity for the $COIN token again
- Timing: Returning value to $COIN token holders as quickly as possible
- Delivery: Bolstering our engineering capability and capacity to meet our goals and timelines
- Risk: Reducing the operating risk for the company
- Potential: Ensuring the path forward yields the greatest opportunity for success and ROI
After careful consideration of multiple strategies, we believe there is a path forward that accomplishes the above. Today, we are excited to announce that we will be merging with the HODLVERSE. The HODLVERSE is a tokenized metaverse and decentralized network that helps users manage their digital assets. It consists of virtual cities and real estate properties that aid consumers in executing financial services on crypto’s most popular blockchains. From cross-chain swaps, yield farming, NFTs, and gamification, the HODLVERSE ecosystem is completely driven by decentralized technology and incorporates tokens, smart contracts, and decentralized applications (DApps) that empower anyone to execute financial transactions with freedom and ease.
Coin has negotiated a merger with HODLVERSE. We are also investing our corporate treasury to acquire tokens in a private sale from the HODLVERSE. These tokens will be distributed and airdropped to $COIN token holders based upon a snapshot on a future date. With our experience, Coin will aid in the future fundraising efforts for the company (including traditional venture capital and / or direct offering), drive business development, and focus on developing cross-chain interoperability across the HODLVERSE platform, and native wallet integration. The existing team members at HODLVERSE will continue to drive the development of the DeFi functions, gaming, and NFT integration of the platform. The merger enables the teams to collectively execute quicker integrations and expand more rapidly in this very fast-moving market.
- Clear Branding Always Wins: The Coin branding was selected and used to align with our mission of simplicity. Our premise has always been to onboard the average consumer and there is arguably no term that is more simple or relatable to the blockchain industry than Coin. The caveat with a common term and simple branding is broader usage, discovery, SEO, defending trademarks, conflict with Coinbase’s ticker, and more. The HODLVERSE brand is not only unique, but extremely relatable to the industry, trends, and overall business objectives.
- The Power of Collaboration: The team at HODLVERSE is extremely talented; however, are engineering-focused with a concentration on DeFi and gaming. The core competencies for the team at Coin are around cross-chain interoperability, decentralized wallet technology, and business development. By joining forces, it increases the company’s collective network, experience, intellectual horsepower, and overall potential for the business moving forward.
- Aligning with Trends: Over the past two years, we’ve seen a powerful move and interest towards gaming, NFT’s, and the metaverse in the industry. While cross-chain interoperability is still a huge opportunity, combining this with these three trends expands the potential for extreme success. (Especially as it relates to interoperability for NFT’s and metaverse’s to speak and coexist together)
- A Path for Value: A merger with HODLVERSE maximizes our potential and enables a path to rebuild liquidity and ascertain value for existing #COIN token holders in the shortest amount of time.
- Part Two Announcement on April 20th
- Live AMA on April 20th
- Publish tokenomics
- Publish roadmap including timeline of events for the airdrop, etc.
- Live AMA with the HODLVERSE leads
- Rebranding Coin Wallet to the HODL Wallet and integration with the HODLVERSE
- Live demo of both products integrated and working together
- Damon will operate as an advisor to HODLVERSE and assist with business development activities that help onboard partners, investors, etc. as HODLVERSE executes its mission. Damon is also launching a personal NFT project separately. Coin token holders will be whitelisted for the NFT minting.
- Byron will be moving into an Architect role and provide oversight to the development and deployment process for HODLVERSE as it executes its mission.
- The current HODLVERSE CTO will continue operating as the CTO and become the lead across all engineering resources
- Both teams have already begun working together including formalizing processes to become more tightly integrated and efficient
- We have agreed and plan to make team members public as they are comfortable (some are not English speaking while others prefer anonymity for personal reasons)
- Transition Coin assets and branding into HODLVERSE
- Public marketing and communications on the transition to the HODLVERSE
We, at Coin, have always aspired to do what’s right and believe that this merger will help all of us realize our full potential to create value and liquidity for all current $COIN token holders in the shortest timeframe possible. We haven’t given up on this mission and hope that these actions and our mantra of “never give up” reinforce our intentions and long-term interests for you and the company. Please look forward to part two of this announcement on Wednesday including a live AMA on our YouTube channel.
PLEASE NOTE: The above is a lot of information to absorb at one time. We also understand that the longer the update, the less likely it is to be read. Therefore, this update is part one of two. We will be releasing part two and holding a live AMA on Wednesday, April 20th which will outline further details including the future of HODLVERSE, token airdrop details, roadmap, and more.