You have Questions – Exscudo has Answers
As Exscudo is preparing for the IDO, we are receiving a lot of questions concerning the original ICO of our $EON token, which took place in 2017. In this guide, we respond to these questions, refute the unfounded allegations made against the project, and outline the terms of the token swap that will allow EON holders to receive the new $FTP tokens for free.
ICO proceeds and refunds
The original EON ICO in April-May raised $5.389,491 million. As fewer tokens were sold than expected, the remainder of the ICO allocation were distributed among the participants in proportion to their contributions. In the end, each participant received 6.69 times more $EON than what they had paid for.
Some of the participants were US residents, but at that early date, there were still no indications from the SEC as to its stance on ICOs. Only in July 2017, with the release of the investigative report on DAO tokens, the SEC announced that the federal securities law could be applied to initial token offerings – and, therefore, issuers needed to have a license.
Faced with this challenge, we decided to reimburse any US-based ICO contributors. Every participant who verified their US residency status through specially appointed lawyers received a full refund over the period spanning from July 2018 to February 2020.
In total, the refunds amounted to $2,212,456. The refunds were sent in BTC but were calculated as the USD equivalent of the amount contributed to the ICO: if a user bought $EON tokens worth $1,000, they received an equivalent of $1,000 in BTC as of the date of refund. A list of refunds with dates can be provided on request.
Contrary to what some users have alleged, there are no large ICO contributors left among the current EON holders. Moreover, the majority of funds that remained in our treasury after the refunds belong to early supporters whom we know personally and who believe in the project and have never requested a refund.
What’s the plan?
In the coming weeks, we will contact the ICO contributors who received reimbursements and ask them to provide written confirmations. Hopefully this will dispel the unfounded accusations once and for all.
How the ICO proceeds were used?
The remaining $3.4 million, plus circa $4.5 million of the founders’ own money covered the development of the core features listed in the original roadmap:
• OTC Exchange Core: the platform that connects liquidity providers (exchanges, brokers, OTC desks etc.) with Exscudo users, facilitating asset conversions.
• EON blockchain: a fast permissioned blockchain with 200+ active validator nodes, near-zero fees, and 12 levels of cryptographic protection.
• FinTap wallet: a non-custodial multicurrency wallet that supports 600+ swapping pairs and 10 fiat payment systems, including SEPA transfers, MasterCard, and PayPal. Soon it will become possible to buy crypto directly with a bank card without having to deposit fiat funds in the wallet first. $EON tokens can also be exchanged for other currency in FinTap.
• Encrypted messenger: an instant messenger built into FinTap, with the option of sending crypto without leaving the chat window.
• MultiAcquiring: a payment processing solution for merchants that supports both crypto and fiat payments, as well as instant automated conversions and invoice generation (testing is ongoing).
• SDK: a set of developer tools that allow projects teams to integrate Exscudo functionality into their apps.
• White Label: a solution for entrepreneurs who wish to launch their own multicurrency wallet or payment acquiring service.
What are we currently working on?
• Exscudo Springboard: a liquidity platform where project teams and market makers can create pools for new tokens and make them available to the whole ecosystem.
• A set of DeFi instruments leveraging the new $FTP token.
What happened to marketing?
However, as we had to operate on just half of the initial budget, we were forced to forgo marketing in favor of development; that’s why there hasn’t been a large-scale promotional campaign or exchange listings. All this will change with the upcoming IDO.
The IDO and FTP token swap for EON holders
$FTP is the new utility token of the Exscudo ecosystem. It will be used in our planned suite of DeFi instruments and make holders eligible for large discounts on Exscudo processing fees.
$FTP will be distributed via an IDO. Afterwards, Exscudo’s marketing activity and exchange listing efforts will be focused on $FTP. At the same time, we understand our responsibility to the community of EON holders, who have been waiting for four years to see the project come to fruition. Therefore, we will be launching a large-scale EON-FTP swap campaign.
What users can count on?
The whole Seed Round allocation of $FTP will be allocated to EON holders. Absolutely all holders are eligible for the swap, including those who bought tokens at the ICO, bounty campaign participants, etc. What’s more, the swap will be done with a 1.2 coefficient: if you have 5,000 $EON, you will receive 5,000*1.2=6,000 $FTP.
Right after the IDO, we have plans to list $FTP firstly on decentralized exchanges (such as PancakeSwap or Uniswap) and later on centralized exchanges.
According to our calculations, most EON holders will find themselves either fully compensated or close to breakeven after receiving $FTP. Even those whose $FTP allocation is worth more than what they had spent on $EON in 2017 (e.g. those who joined at the end of the ICO) will hopefully break even soon after the exchange listing.
We will publish the detailed swap procedure and the dates in the next few weeks. We’d like to thank all the ICO participants and EON holders once again for their patience: soon it will be rewarded!
Exscudo is a multi-currency payment ecosystem with a $250M transaction volume in 2021. It features 600 ways to convert crypto and fiat at the best fixed rates; crypto acquiring for merchants; a blockchain messenger with built-in crypto purchases and transfers; and near-zero in-app fees. The platform uses the proprietary EON blockchain and will become fully decentralized by 2023.