Spotcoin has published a post-public token sale update, which follows the conclusion of the event held at the end of October 2018. The update featured an audit, which was completed in December that shows the number of SPOT tokens sold and the allocation for said tokens.
Additionally, the piece attempts to frame up the evolution of Spotcoin as it grows from its fundraising stage to an operational exchange.
“Our company is evolving and transitioning from the ICO phase to an execution/operation phase which requires different skill sets and new employees. Even within our own ranks there can be and has been information misunderstood as it relates to our rapid movement into this new corporate phase.
Our responsibility is to build a strong foundation on which our company can thrive and profit to the benefit of all those associated with SpotCoin, be it the smallest token holder to the largest shareholder. Our companies main focus and primary purpose is to operate as an Exchange.”
Spotcoin Token Sale December Audit
The above was followed by an image of a signed and notarized document labeled “Audit Report V1.0,” dated November 14th, which can be seen here.
The audit covers the pre-sale period of April 1st to its public sale date of November 1st and has the following abstract:
“The purpose of this report is to capture the consolidated financial statements of the Company’s token sale for all investors that participated in the initial coin offering. The reports listed after the management board report are the consolidated financial statements of Spotcoin LLC (the ‘Company’).”
As reported by Spotcoin on October 28th, the token sale raised a total of US $14,631,594 from a combination of digital and fiat currencies, selling SPOT at $0.50 per token. The company’s soft cap was US $5,000,000 and its hard cap was US $30,000,000.
The audit states that Spotcoin piloted its token sale with a maximum of 99,000,000 tokens, of which 66.7% was available for purchase, with 33.3% reserved for the team and company treasury.
A full breakdown of the token allocation is below.
- Public: 67.00% (66,330,000 SPOT)
- Treasury: 19.00% (18,810,000 SPOT)
- Team: 12.00% (11,880,000 SPOT)
- Marketing: 2% (1,980,000 SPOT)
- Total: 99,000,000 SPOT
The audit also lists how many tokens were minted and burned.
The total number of minted SPOT tokens was 97,807,005 with 1,192,995 burned in total, leading to a 65,204,670 as the public circulating supply.
Following the audit, the update also reminded readers that Spotcoin is reportedly nine months ahead of schedule to launch its exchange and that it was granted an exchange license in December of 2018. The impact of these developments are described by Spotcoin with the following:
“These are all critical elements to our end goal of providing a trading platform and distributing dividends to our token holders. What might not be known is each of these elements if available at the point of distributing our token will significantly increases the value of the token and our company.”
Token distribution, which was originally planned to begin on December 12th, will now coincide with the launch of the Spotcoin exchange once the platform goes live.
“We understand the value of timeliness but doing things in a timely manner does not always equate to doing things fast. In the end we all have the same goals, and all want the same results. It’s just easier for those performing tasks to be patient than those waiting for those tasks to be performed. As such, it is in the greatest interest of SpotCoin and greatest benefit to the company to release our token on our exchange. In consideration of such, token distribution will occur at that time.”
Earlier this month, Spotcoin announced the appointment of its new CEO, Dennis Spencer, replacing Tim Gick. Spencer’s role will involve executing Spotcoin’s development strategy which includes launching its exchange ahead of schedule.
About The Author: Matthew North
Matthew North is a freelance writer and journalist who resides in East Asia. He spends his time writing and learning about financial technologies like the Blockchain and digital currencies. You can follow him on twitter @fintech_matthew.
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