Mixchi @djmixchi - Twitter Profile

[A Letter from the CEO] On the Listing and Our Company's Finances Hello, this is Bryan Ko, CEO of VeryChat. While I answered the listing questions during yesterday's meetup Q&A, I feel my answers on the spot were not enough to fully address your questions. I apologize for any confusion, and I would like to explain things once more, in writing and in detail. 1. Why we cannot specify a listing date A listing must go through negotiations with multiple exchanges, so at this point we ourselves cannot confirm a timeline. Moreover, even once a listing is confirmed, it is the exchange — not us — that makes the announcement through its own official notice. It is common practice among many exchanges that if a project discloses a listing first, the listing itself can be canceled. In other words, it is structurally impossible for us to be the ones to announce a listing date. When the day comes, you will hear the news first through the exchange's official announcement, and we will follow up immediately through our official channels. 2. What is actually in progress right now We have received listing proposals from multiple exchanges, and we are preparing listing review documents, a security audit, and legal opinions to make sure no technical or legal issues arise. At TOKEN2049 in Singapore this October, our COO Jaeyong will meet exchange representatives in person for closer discussions. As part of the listing preparation, Whitepaper 2.0 and a website renewal are also planned. 3. On the view that "most revenue comes from Korea — does global growth really help the company's finances?" To get straight to the point: our global revenue already surpassed our Korean revenue last year. It is true that Korea's ad revenue is high relative to its user count, but our ad revenue now comes from over 170 countries around the world. Even though ad rates are lower than in Korea, our global user base is overwhelmingly larger — so the majority of the company's revenue now comes from global markets. On the cost side, thanks to our new CTO and improvements to our infrastructure, server costs do not grow exponentially as overseas users increase. User growth drives revenue, not costs. The growth of our global community is the growth of our company's finances. 4. On the view that "the company makes money now, so it doesn't need a listing" I believe my emphasis on reaching break-even at the meetup created a misunderstanding. To be precise: break-even is the foundation of survival — it means the service can sustain itself without outside funding — but it is still far from the scale needed to hire the essential team members and accelerate our global expansion. And strong revenue does not make a listing unnecessary. Let me explain why below. 5. The team and the holders want the same thing Team tokens only begin unlocking more than one year after the listing. In other words, the team's reward is designed to depend not on the listing itself, but on the project continuing to grow long after it. Our team will soon mark three years since founding. Even if we listed today, it would take over four years for the early team members to receive their first rewards — and that includes me. A listing that comes too late affects not only our holders but also the team's momentum. When it comes to hoping for this listing, the team and the holders are no different. 6. Why we remain careful nonetheless Among free mining apps, there is almost no precedent of a project landing successfully beyond its listing. We intend to be the first such success story. That is why we feel a responsibility to prepare more thoroughly than anyone. As I have said many times, the listing itself is not the goal. Only a project that keeps growing after the listing can put a smile on the face of everyone who has mined VERY — and that is what we are building. So that all of our anticipation ends in celebration, not disappointment, we will do everything we can to use our one shot at exactly the right moment. ※ Listing-related matters may change depending on exchange negotiations and market conditions. Any confirmed details will be announced first through our official channels. Leader of Team VERY, Bryan Ko (Kwanghyun Ko)

137

833

141

70

50K

Mixchi

@djmixchi

Who to follow

Last Seen Users on Sotwe

Trends for you

Most Popular Users