WatermelonBlock Company Update

This announcement serves as a company update to our valued community.

Extension of Private Sale

We have decided to strategically extend our private sale round whilst temporarily postponing our public sale. During our private sale round, we proudly raised $2,100,000 USD from early supporters. Moving forward, we believe that it is in the best interest of the project, our community and current stakeholders that we continue to acquire private investment and build strength through partnerships. Institutional investments and strategic partnerships bestow additional value (through experience and advice) for our project. We believe that the most efficient way to capitalise on the afore mentioned points is to reopen and extend our private sale. We intend to close our private sale upon successfully raising our new soft cap.

 

Recalibrated Hard Cap and Soft Cap

Due to current market conditions, projects across the board are experiencing a high level of difficulty in meeting their projected hard cap. As a result, we’ve noticed a communal reduction in hard cap values from projects of all tiers in the community. We believe that in order to move forward, we must adapt responsively to these conditions and lower our hard cap to a more attainable goal. Our newly recalibrated hard cap of $8,000,000 and soft cap of $3,500,000 ($2,100,000 raised) will allow our project to operate on a completely viable lean model. Short term, we will modify our scope of development to coincide with our new funding goal whilst maintaining a valuable and effective product that benefits our users and the community. It is important to note that although we have reduced our funding target, we have done so in a way that allows us to maintain our developmental timeline and as such, we are still on track for our first product release in Q4 2018.

 

Partnership

WatermelonBlock has partnered with a soon-to-be-announced market leader to achieve its goal of offering financial services to the marketplace. By leveraging this market leader’s services and expertise, and utilising our cutting-edge technology, WatermelonBlock will be in a position to provide the market actionable insights unlike that of any other financial services provider. The NEM team is providing WatermelonBlock with technical support and consultancy to offset development costs. In addition, WatermelonBlock has partnered with IBM as its primary technology vendor. With support from solutions providers Asta and Tech Head Solutions, we’re progressing through our technology roadmap to release the first phase of the project – the Insights App. Working with a dynamic and flexible strategy, we’ve reprioritised the development of WatermelonSeed – the core technology behind the Insights App – as a foundation platform which will underpin the WatermelonBlock’s ecosystem. This reprioritisation will result in a shorter time to market, more efficient development lifecycle and alignment with the evolution of the WatermelonBlock ecosystem.

Please do not hesitate to contact us at hello@watermelonblock.io if you have any questions.

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