Welcome to a special mini-update from the Connect Financial team. In these recent months an off cycle announcement like this has typically come with negative news. We want to assure you all this is not the case first and foremost.
Every Thursday our core executive team members meet to discuss various items pertaining to Connect Financial, from product development and roadmap to current legal and regulatory matters all the way down to minute details about logistics and finish materials on our products.
There is always one thing underneath all of these conversations that is constantly reverberating and guiding us, our absolute passion and commitment to Connect FInancial and belief in its products and future.
Our vision is to build a suite of financial products that first and foremost support the Cryptocurrency Digital Economy and Community. From the individual retail user taking the first journey buying cryptocurrency to the crypto businesses and projects with employees and capital expenses that require easy access to banking products to survive.
And it is our belief that we have built an outstanding platform to deliver this vision.
To this extent, this past Thursday I made this proposal to the team and it was unanimously approved with very little discussion necessary.
- We will be immediately reducing our Team Token lock up from 10,000,000 (10 million) CNFI to only 1,000,000 (1 million). Our intention is that our reward is not from a team token lockup, but from the value built in the company.
Our core employees have in lieu been given equity in the company that they have helped to build. Other employees (current and future) will be eligible for the employee stock option plan (ESOP) or from an employee token option plan (ETOP) that will utilize the remaining 1,000,000 (1 million) CNFI.
Any ETOP will have strict vesting and eligibility requirements. At no point will we allow this tranche of tokens to impact our community.
- We are immediately lowering the Advisor Pool from 8,500,000 (8.5 million) CNFI to just 1,000,000 (1 million). To date we have only used approximately 200,000 tokens over two years, mostly in relation to our listing with Ascendex. We are in agreement that going forward after launch we should not have any huge requirements from this pool and we will reassess it over the next 12 months to see if we can reduce it to zero.
Here is the new chart of tokenomics -
It is our hope that these changes reflect our belief in the future of Connect Financial as a company and financial provider.