The Fabric Token team is more than happy to announce that, after two weeks of negotiation and ironing out legal considerations, we have finally reached and agreed upon a collaboration with two blockchain-based companies – SwissBorg and Wolf Crypto.
The Deal with SwissBorg
SwissBorg is a Swiss wealth management platform for cryptocurrencies, based on blockchain technology. More recently, the company held an extremely successful ICO, in which they sold their CHSB token and reached their hard cap of $50 million USD shortly after the beginning of 2018.
Around that same time, we were contacted by their investment division, who told us that they were interested in purchasing some of our Fabric Tokens before the public sale.
Now, we want to add a quick note here. Our plan right from the beginning was to not have any pre-sales, secondary sales, tiers, etc. We just wanted to create a simple ICO with a level playing field and focus all our efforts on the development of the Fabric Token platform.
However, as we were getting inquiries by several crypto funds interested in pre-purchasing some FT, we decided to discuss the opportunity. We had already heavily funded the project with our own resources, but we concluded that this potential funding would fully ensure the success of our ICO and startup. So, we decided to sell a minor amount of the total supply of Fabric Tokens to only a few interested parties.
After a couple of weeks of negotiations with SwissBorg, and once we had cleared up some legal considerations, we reached a deal. We sold their investment fund a total of 1,250,000 FT (1.25% of the total supply) in exchange for $112,500 USD transferred to us in ETH.
The Deal with Wolf Crypto
Around the same time we were contacted by SwissBorg, we were also contacted by Wolf Crypto, an Australian-based blockchain consulting and services agency, who are also running a fund looking for interesting ICOs.
They let us know that they were interested in buying some Fabric Tokens. Much like the SwissBorg case, we cleared the relevant legal considerations, and subsequently cut a deal. Wolf Crypto purchased from us a total of 7,500,000 FT (7.5% of the total supply) for a price of $675,000 transferred in ETH.
Important Facts Concerning These Deals
- Both SwissBorg’s and Wolf Crypto’s tokens will be locked until the Fabric Token public sale is finalized.
- Since a total of 8,750,000 FT are now allocated towards our strategic partners, the new percentage of tokens, that will be sold to the public during the Fabric Token ICO is 71,25%, instead of 80%.
- We have been contacted by multiple other funds and private investors, that were interested in purchasing Fabric Tokens before the public launch. However, as we have said on many occasions in all of our social media channels, especially Telegram, our goal was and still is to not have a single entity hold a majority of the Fabric Tokens total market cap.
- We feel that this private pre-sale has ensured the success of the Fabric Token launch, without affecting the fact that most of the tokens will still be sold during the public sale.
- We won’t be accepting any more private pre-sale purchases. All of the remaining unallocated Fabric Tokens (71.25 million) will be sold during the ICO.
What Does All of this Mean for the FT Platform?
These two strategic partnerships will fully ensure the success of our the Fabric Token project and its up-and-coming ICO. With the $112,500 USD purchase from SwissBorg and the $675,000 purchase from Wolf Crypto (both in ETH as already mentioned), we will now be able to significantly increase our marketing efforts, which will result in a compelling increase in potential buyers of Fabric Tokens during its public launch.
P.S. Due to popular requests, we have now also created a Facebook page for the Fabric Token project. We would really appreciate it if you guys liked and followed us there as well.