We thank you all for choosing to be part of the PressCoin community. The team has been hard at work after the ICO and here is a detailed update. This information was also emailed to our supporters, we look forward to hearing from you:
- We believe that the world needs a truly independent news media organization. As it turned out, the syndicate of institutional token purchasers who had signed up to support the Presscoin ICO were ultimately incompatible with our strategy and philosophy. We have canceled the purchase agreement with them, which has reduced the total funds available to us.
- The tokens that were earmarked for these institutional purchasers are now available for block deals with other investors and partners, and unsold tokens will remain locked until then. We are in discussions with a few potentials, and if you know someone we should speak with, do let us know.
- We intend to stay on top of the evolving regulatory compliance. If you are an American token purchaser, please look out for additional communication from us.
- Our focus now is on building out technology infrastructure that supports the overall vision of creating a tech-powered ecosystem for decentralized media. We will delay hiring full time journalists, and other personnel not critical to this tech-focused roadmap.
- To reflect this narrower focus, we have restructured the leadership team: Nafeez Ahmed will now play the role of Chief Journalist across PressCoin, Amit Rathore on partnerships and monetization, and Abhishek Sharma will take on the role of CTO, focusing on technology and delivery. Amit Bansal will focus on sales and strategic partnerships, while also leading the NextElection platform buildout.
The overall holdings, and area of spending of PressCoin, currently looks as follows. $2.8M USD worth of NEWS tokens were transacted during the private placements, spread primarily across the following:
- FreedomCoinX – a new crypto-exchange with a focus on news, media, and democracy related projects and tokens
- InsightsIO – API enabled toolset for polling, communicating and engaging digital audiences
- PressCoin Services – A quick-to-market build/integrate service that builds new-age digital media platforms for customer and partner media houses on the PressCoin framework
Retail proceeds from the public ICO were as below:
- NEWS tokens were purchased by retail buyers during the period of the ICO, spread across 385.28 LTC, 6.74 BTC, 173.12 ETH, and $130K in USD.
Future: Executing a multi-pronged strategy
- PressCoin Partnerships: 2.5 million tokens have been earmarked for investment into news media ecosystem partners. The Presscoin ecosystem, technology, and NEWS tokens allow even legacy media companies to quickly plug into the crypto-economy. Since PressCoin gives its partners complete freedom in how they choose to use the tokens, it allows them to create compelling use-cases. We are already in discussion with some media organizations who understand the competitive advantage we provide and we welcome more interested parties to explore partnership arrangements with us.
- InsurgeIntelligence was already ahead of the recent Facebook scandal regarding user data, privacy, and elections. We even had an exclusive on the Cambridge Analytica angle, outlining how Facebook will need to be stopped in order to stop the erosion of democracy. The demand for alternate platforms for news, analysis, and intelligent discourse is skyrocketing, and makes for excellent timing.
- NextElection the new digital town hall for elections, politicians, journalists, and citizens is going to revolutionize political analysis, discussion, and news using a visionary marketplace model. With a completely new design overhaul, and under active development, we are excited to give you a sneak peak of what’s cooking here. We are hoping to release the first version in May 2018.
- FreedomCoinX: Slated to start operations by June 2018, the PressCoin ecosystem will have its own crypto-exchange to enable media and democracy related token projects, and token listings. All fees on FreedomCoinX, including trading fees for the crypto exchange will be paid for in NEWS tokens. Discussions are ongoing with interested parties for ICOs and token listings.
- PressCoin Services: PressCoin is now offering turnkey build-and-host platforms for media companies and startups that need a modern data-driven publishing system that can help them stand out in this very crowded digital world. The new digital properties would be crypto and NEWS token enabled out of the box, allowing them to be plugged into the modern crypto-economy.
- Future roadmap: Post additional funding, PressCoin will focus on additional capabilities:
- Crypto-enabled commenting widgets
- Crypto-enabled micropayment widgets
- PressCoinTV – a crypto-enabled platform for video streaming
- PressCoinNews – a crypto-enabled platform for news aggregation
- NEWS tokens: The tokens are listed for trading on CointypeX, where crypto <> crypto trading is available in a range of cryptocurrencies. Most exchanges are backed up given the large demand from ICO projects, and the PressCoin team is hopeful to complete listings on a couple of new other exchanges in the coming days and weeks.
Again, we thank you for your patience, and we look forward to the launch of our first couple of platforms in the near future. Creating these new platforms for focused, community-driven use-cases will benefit both the intended audience, as well as the utility of NEWS tokens. We have much work ahead, and we’re just getting started. Stay tuned for more updates from across the various initiatives in the coming days.