Mary Paley Marschall / Email CEO

Dear Founders and users,

In this CEO email, the first one of the year, we want to pay tribute to Mary Paley Marshall (1850 - 1944)

She was a great economist and one of the first five women to study at the University of Cambridge. She also became the first female professor in Economics at Cambridge. She co-wrote and published a book named The Economics of Industry with her husband, who was an ex professor as well. It became a benchmark for economics all around the world.

We start the year with very important news for us all:

End of the financing round and use of funds

As you already know, ever since July 2020 we have been working very hard on a financing round to strengthen the company’s security, risk management and coverage frameworks, and to voluntarily replenish the stolen funds to the Founders and users affected by the cyber attack. 

We aimed to raise €1.2M during this round, including the voluntary conversion of funds by some affected users into shares or 2GT tokens. Thanks to the support from our community, private investors and our Fellow Funders partners, we were able to surpass our goal and close the financing round with €1.5M, which is the regulated limit (+125% above the set goal).

From the very beginning we took on the challenge of replenishing the non-compensated stolen funds in BTC and ETH. Back then, the scope of the round allowed us to replenish all the stolen funds to all the affected people, in all foreseeable scenarios.

However, the incredible growth of BTC and ETH values during the past few weeks multiplied and surpassed every expectation or forecast we had, forcing us to adapt our plans, trying to reach the best possible solution for all the involved parties. 

For now, considering all the raised funds during the financing round, the company is able to replenish 100% of the stolen BTC and ETH that weren’t previously converted into shares or 2GT tokens to 91% of the affected users. This means that today, around 5,000 users will receive the non-converted stolen BTC and ETH in their accounts. 

However, the rise in value of the two crypto makes it impossible for us to refund 100% of the stolen amount to 9% of the users who lost the most during this cyber attack. The company has offered these users the best solution that we can afford with the raised funds during the round, which imply replenishing, at most, 99% of the non-converted stolen funds, and at least, the value in euros that was lost when the cyber attack took place, excluding all they converted in shares and 2GT tokens, depending on the subtracted amount on each individual case. 

Of course, in the cases in which we can’t replenish 100% of the funds, the users will have the option to accept the offer that the company can make right now and receive the funds, or reject it and give the company more time to try and replenish the whole amount as soon as possible or give them alternatives that might be interesting for them. We will open a process in the app for this purpose during the upcoming days. 

All the affected users have received a personalized email from the company with all the information so that they can consider their decision.

During the past few days, we have considered many options, reaching the conclusion that this is the one solution that maximizes the expected return of all the affected users, in a context of limited resources and knowing that time is a valuable variable.

As you already know, we’ve always worked towards what we thought would be best for Founders and users, replenishing the funds voluntarily as much as 2gether could afford. 

We want to thank you, once more, for your support in these difficult period and apologise for the inconveniences, especially to our affected Founders and users. We can assure you we’ll keep fighting to defend the interests of every single member of 2gether’s community.

Forecast for January: a great year awaits

Last year was very relevant for the history of the crypto sector. Bitcoin and Ethereum reached their all time high, getting the attention of institutional investors and the mainstream public. The DeFi sector and the Ethereum applications have attracted millions of users, pushing the network to its limit. 

New projects (networking, apps, platforms…) have opened the use of blockchains for self-management and decentralization, rewarding the users with their ownership.

In this link, you’ll find five interesting graphics that help us count and understand the history of a very eventful year. 

And if 2020 was a very important year for the cryptocurrency sector, 2021 will be epic. In the previous CEO email we showed the growth of the main indicators in November, the best month ever for the company.

In this CEO email, we show you December’s data and the forecast for January, which surpasses all of our expectations.

*Forecast for January based on data up to 21 January 2021

*Compound Monthly Growth Rate (CMGR)

*Forecast for January based on data up to 21 January 2021

*Compound Monthly Growth Rate (CMGR)

These numbers are great news, however, the massive volume of trading has created some operative issues, not only to us but to some of our providers like Kraken or Blockcypher, affecting the service temporarily. 

We’d like to apologise for this problem and want to assure you that we’re working on everything we can to avoid cuts no matter the situation, and if they do happen, that there isn’t any kind of inconsistency in your balances.

Issuance of the 2GT token

The context in which the 2GT token will be issued couldn’t be better. The sector is flourishing, the financing round has been successful and we are replenishing most of the stolen funds, and the company’s indicators are rising. 

In 2gether, we’re convinced that in the 21st century, tokens will reshape the financial system and will lead the last of the revolutions, the economic revolution.

Mid February, the 2GT token will be listed on Bounce, opening the possibility to all countries and nationalities to purchase the 2gether token. The economic revolution is accessible to everyone. This international sale will last 7 days and 10M of 2GT will be put on sale. 

At the end of February, we will list the 2GT token on Uniswap, the decentralized exchange with the biggest volumes. We will put 50% of the acquired ETH in the Bounce campaign as liquidity in the 2GT/ETH pool.

The more successful the sale of 2GT in Bounce, the bigger volumes we’ll have to start trading in Uniswap. Let's work together so bring the 2GT token to every corner of the world. 

This schedule delays the issuance a few weeks, as we have had to deal with certain developments that we hadn’t foreseen, like adapting to the PSD2 regulations, small system updates to handle the exponential growth of the transaction volumes, and the processes to replenish the stolen funds of the users affected by the cyber attack. All urgent and important matters.

We apologise for the delay. No one wants to issue the 2GT token more than us, but the most important thing is to ensure that the issuance’s ecosystem works perfectly well and that the issuance is successful for all of us.

In this video and infographic you can see all the details of the first phase of the issuance. You can also ask us any doubts you may have through Discord and social media. We’ll be happy to answer them.

During the upcoming days we’ll give you some video tutorials where you’ll be able to learn step by step how to:

  • Buy 2GT in Bounce
  • Withdraw and deposit 2GT in the app
  • Deposit ETH / 2GT liquidity in Uniswap
  • Buy and sell 2GT tokens in Uniswap

Please find the token listed in Etherscan with all the information included.

Adapting to PSD2

In the previous CEO email we told you that in January 2021 the new Payment Services Directive, PSD2, would take effect. 2gether, like any other community financial service that handles payments, is working to adapt to the requirements of the Directive. 

As part of this process, we restricted last month the access to the historic transactionality to the last 90 days. Last week, we added a new authentication factor that will be applied to e-commerce purchases and to all app transactions.

During the upcoming weeks we’ll also add the possibility to check movements made prior to the last 90 days, introducing the new authentication factor. More information about PSD2

This is all we have this week. As you can see, there’s an exciting year ahead for all of us who are betting on decentralized economies, with very good perspectives and, of ourse, a few challenges as well. We’ll keep on moving forward together to be a key part of a change that will get to everyone.

Best regards,

Ramón

Go to the app

PS: This year we want to include new content in social networks and email CEO that may be of interest to you and for this we have prepared this survey. It's just two questions. Take part and tell us what content you would like to see in our networks and communications.

We invite you to download the manifesto, read it, and if you're convinced, share it with someone who thinks just like you.

 

You can reach us at support@2gether.global

Madrid, Spain