FIBTECH — the next leg of our journey
Thank you for being a supporter of FibTech and involved in its journey. We are writing to update you on recent developments and future outlook.
Consistent with our key objective of stakeholder communication, we have communicated to you that we’ve accomplished much over the past year. For example, we secured our first round of outside capital from a group of individual investors and this enabled us to accelerate the development of the company. We set up FibTech’s new corporate home in the Republic of Panama. We created FibPal, our cross-chain payment system for NFT and other applications. We improved FibSwap’s technology and made other advances.
We have been gratified by the positive response received from our existing users who find our products valuable, easy to use and secure, and we have striven constantly to improve those services to solidify our brand positioning. In addition, we performed a strategic review of our products and services, completed the successful audit of our technology with Certik, and brought on experienced professionals to help us identify user needs and how we can meet them.
Like all early-stage companies we have been seeking capital to fund current operations and growth. One key need has been capital to support our essential business development and commercialization strategy so that we can secure important new business relationships and partnerships.
Last fall we hired Umergence, a respected capital placement firm that works with early-stage companies like FibTech, to help us raise a second round of outside capital to be followed by a larger Series A round to achieve these objectives. This however, coincided with deep declines in crypto prices, crypto capital markets reeling, FTX’s implosion and more recently, Silicon Valley Bank’s run on its deposits. Together we worked tirelessly to raise new capital, but we faced a climate of severe risk aversion amid these unexpected events.
In light of these recent events and without the new capital we sought, we face a critical decision: give up and shut down or refuse to give in and hunker down. Properly and responsibly, we did not shy away from this decision. While others in the crypto universe may have taken another road, we have chosen the second path. We will continue to work diligently, reduce our spend rate, put our technologies in protective hibernation to ensure their security, make protocol updates and take other actions as required, continue to endeavor to operate, and FIBO will continue to be traded. We will seek to raise capital when crypto investors are again making investments in companies with unique and valuable technologies like FibTech.
We are not alone in experiencing a market-driven setback, but we believe strongly in the value of FibTech’s technologies and that with time FibTech’s value will be recognized as the crypto winter thaws.
All communication will be released through the official channels.
Leo Fibonacci, Founder