Current Media: Update #22– Issuance Update, Q3 Progress, Q4 Preview & CoinList Airdrop/Bounty Details.
By: Team Current
Tags: Sto, Ethereum Blockchain, Blockchain, Bitcoin, Cryptocurrency

Current Media: Update #22– Issuance Update, Q3 Progress, Q4 Preview & CoinList Airdrop/Bounty Details.

We’re back! The past month has been absolutely packed for us over at Current. The first issuance of the $CRNC token was successfully distributed to SAFT investors on July 31st! A huge shout out to our partners at Securitize for making the process as painless and smooth as possible.

The official contract can be found here: 0x929c232066398d1103993fc7bb70d1bd6b8e4709.

If you would like to add this to your digital wallet, you’ll need to add the contract address (above), the number of decimals (8), and the token symbol (CRNC).

To recap, approximately 242M $CRNC Tokens have been distributed to 204 SAFT investor’s wallets and represent the expected initial circulating supply at launch. In the month following unlock, you can expect this number to change as more tokens are vested and issued.

Moving forward, we couldn’t be more excited about our continued partnership. Within the next couple of weeks, we intend to make Current’s Securitize powered investor portal open for new registrations. New registrants must go through a KYC/AML process to register their wallets and become a verified user to be able to own and or transfer the token.

In the time since this distribution, we are excited to announce that we have agreed upon initial terms with our listing partner. This first-of-its-kind partnership will enable investors to access $CRNC tokens across a vast network of significant tier-1 international digital asset exchange partners overtime, compliantly, and on a global scale. We’re behind the scenes finalizing details and look forward to announcing more details soon. Stay tuned for more updates on all of this in the weeks to come!

TL;DR This Update Includes:

Product: Organic Growth Impacts & Remaining Q3 Priorities: Current is growing fast! We have garnered over 100,000 new downloads in the last two months, and all of them have been entirely organic. As we mentioned in a previous update, there are still a few Q3 priorities to address before we kick off any significant marketing efforts. This includes improved anti-fraud, additional ad partners, increased product stability, and automated redemption. At the moment, our number one priority is improving our Customer Support process for the growing rush of unanticipated active users of Current in Q3. We have made massive progress on all these fronts and should be able to start our marketing push soon. Q3 Growth & Upcoming Marketing Priorities: We are making an effort to provide metrics to the public surrounding the app to track the growth of Current as we grow in the future. Read more below for information on our DAU, Gross Margin, the total value of redemptions, and the total number of track plays by our users. CoinList KYC Platform: Referral, Bounty & Contest Winners — Coming very soon! Email invites are intended to go out after our next major press release — $ 1.5M in $CRNC tokens to be claimed by existing eligible participants. Allocations will be available for 2–3 weeks after the platform goes live and will be unlocked 12 months post-initial distribution unlock date as required by U.S. securities laws.

Ready? Let’s dive right in!

Product: Remaining Q3 Priorities

Over these last two months, we have seen tremendous organic growth in our app, averaging ~50,000 new downloads per month with no marketing spend! Woo! While the unexpected growth further supports early traction for Current, it does come at a cost. A higher volume of new users means a higher amount of redemption requests, resulting in added stress to our redemption fulfillment process. You may have noticed a few announcements regarding these challenges, however, fear not, as we have a solution which we will talk about more below.

This organic interest is a phenomenal sign for the future of Current, as it gives us a considerable amount of confidence that we will find enormous success at scale.

So, what’s left in Q3? In a previous company update, we talked about the prerequisites to the marketing campaigns of which will provide even further scale. We have made a great deal of progress on each of these and believe that we will be able to commence in parallel with our larger $CRNC Token launch.

As a brief recap, our specific focuses are:

Improved Anti-fraud: We have built a robust infrastructure that allows our dev team and automated processes to identify and ban users trying to game the system. Soon, this process will be almost entirely automatic, and our development team is expected to have this completed by the end of the quarter.

We have built a robust infrastructure that allows our dev team and automated processes to identify and ban users trying to game the system. Soon, this process will be almost entirely automatic, and our development team is expected to have this completed by the end of the quarter. Additional Ad-partners: Our work on forming partnerships with new ad partners has been extremely fruitful, and have already implemented 12 new partners into our ecosystem.

Our work on forming partnerships with new ad partners has been extremely fruitful, and have already implemented 12 new partners into our ecosystem. Increased product stability: While product stability encompasses all the features of the Current app, our primary focus within this category relates to our Android lockscreen. Over the last two months, we have seen a massive increase in the reliability and profitability of this feature for Current users.

While product stability encompasses all the features of the Current app, our primary focus within this category relates to our Android lockscreen. Over the last two months, we have seen a massive increase in the reliability and profitability of this feature for Current users. Automated redemption: Automated redemption has been one of the biggest priorities for us with the massive amount of organic growth we have had over the past few months. With thousands of new users and a corresponding increase in redemptions per day, we have recently increased the size of our customer service team to keep up. Meanwhile, the dev team has made remarkable progress in building the infrastructure to wholly automate this process, for which we plan to implement within the week.

Q3 Growth & Upcoming Marketing Priorities

The business has been booming! Moving forward, we want to make an effort to give everybody some metrics surrounding our growth so people can see how the project is developing over time. The recent organic growth of the Current app has given us plenty of data around our business model, and we are very excited to be able to share some of these numbers with everyone.

During the past couple of months, we have seen an average of ~10,000 Daily Active Users (DAU). (Due to the lack of automation in our redemption system, our team has yet to invite hundreds of thousands of beta users who signed up over the past 12 months. We intend to do so, going into Q4.)

Our user retention rates are over 40% on week 4.

Our users have redeemed a total of $17,500 worth of rewards in July, ballooning up to over $40,000 worth of rewards in August.

Interesting Fact: Between July and August, Current’s users listened to over 16 million track plays events from our users. It’s crazy to see that our users have spent hundreds of millions of hours in aggregate within Current thus far!

As we begin to kick off marketing efforts in Q4, we are aiming for 7-figures in reward-related revenue by year-end. All signs point to Current likely achieving this benchmark due to the recent product improvements and a dedicated marketing push.

Now that you have a picture of the health of the business over the last two months. Let’s take a quick look at some of the things we have planned, from a marketing perspective, to increase these metrics in Q4.

First and foremost, we’re holding back any significant user acquisition efforts until everything included in our Q3 priorities has been completed. By the end of Q3, we should be in good shape to open the taps and introduce a significant amount of users into the platform. Any minor issues discovered will be addressed before we go full steam ahead in Q4.

Also, there are a few things that will be done in parallel during this period to improve our engagement and retention metrics. Over the next few months, we’ll start to implement a variety of email, push notification, and in-app messaging strategies that improve our ability to communicate with users across multiple channels. These strategies are designed to draw users back into the app, and notify them of unique offers, redemption status, and earning status, to name a few. There’s a ton of data behind these campaigns to ensure personalization and that they target users at specific points in their journey. In other words, when they matter most.

While we’ve already tested a variety of these, we’ll be implementing these strategies at scale starting near the end of Q3 and early Q4. We look forward to watching their effect on engagement and retention over the next quarter and will report back in future updates. 🙌

CoinList KYC Platform: Referral, Bounty & Contest Winners

We know that many of you participated in either, our bounty or our referral programs and are very eager to get through the CoinList KYC process. We’re even more excited as this is one of the last pieces of our distribution plans! There are a variety of hurdles to overcome before we’re able to begin. The first and most recently completed was the first issuance of $CRNC Tokens to SAFT investors. The second is the announcement of our unlock and launch plans. Finally, all regulatory components must be in place to conduct the airdrop compliantly.

We intend to be able to commence the process with eligible participants shortly after Current’s press release announcement is published. Ahead of time, we will provide an update across our channels with further detailing the process before sending any CoinList KYC invitation emails. Eligible participants will have between 2–3 weeks to claim their allocations. Once claimed, participants will receive access to Current’s Securitize portal for issuance.

As a quick recap, we have reserved up to approximately $1 million in $CRNC Tokens towards the referral campaign participants and an additional $500,000 in $CRNC Tokens to those who participated in our bounty campaign. Due to regulatory constraints around this issuance, these tokens will start becoming unlocked 12 months post our initial distribution unlock date as required by U.S. securities laws.

We’re delighted by the performance of these campaigns and are very excited to be able to reward those who helped with the project. However, many individuals have been disqualified due to spam, providing fake email addresses, and a variety of other criteria. Those who have been deemed ineligible will not receive an invitation to participate.

More updates to come! 💪

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[PLEASE READ] Important legal disclaimer: No money or other consideration is being solicited by this communique, and if sent in response, will not be accepted. Our discussion may contain forward-looking statements that are based on our beliefs and assumptions and on information currently available to management. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “is designed to,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words.

These statements involve risks, uncertainties, assumptions, and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each such forward-looking statement, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. Forward-looking statements include, but are not limited to, statements about: developing and designing the Current network, including the $CRNC token and its future utility; the anticipated development and growth of the Current Network; maintaining and expanding our base of users; our anticipated growth and growth strategies and our ability to effectively manage that growth and effect these strategies; our expectations regarding regulatory developments and their effect on the Current Network, including the ability of applications on our network to develop a user base and a successful business model; and potential future listings on an exchange or ATS. We cannot assure you that the forward-looking statements will prove to be accurate. Furthermore, if the forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. We undertake no obligation to update any forward-looking statements publicly, whether as a result of new information, future events or otherwise, except as required by law.