Unbanked Investor Update – October 2022
Hi Everyone,
I’m going to change the format and location of Unbanked Investor Updates moving forward. Previously I was using the “Updates” section on our Republic campaign page, but using the Unbanked website provides a more streamlined experience and will position Unbanked with added flexibility as our business matures and additional fundraising opportunities present themselves.
In the future, I’ll continue to post links to the updates on Republic’s campaign “update” channel, but the actual content will reside on Unbanked.com. Please also make sure you have created an Unbanked.com account so you will be notified via email when a new update is published.
Republic Campaign Has Ended
Our Republic campaign has ended and Unbanked raised approximately $2.2 million from over 3,000 investors! We have already collected some of the funds and the team at Republic is working to collect the remaining funds and distribute them to us.
Once everything has been finalized all investors who participated in this round will be notified of the next steps. We will likely be using Securitize again to manage all of the equity holdings of individual investors so stay tuned for more information.
Here is the existing Unbanked Investor Portal for those that participated in our previous Reg-CF in 2020.
Litecoin Summit and Money 2020
Some members of the Unbanked team will be in Las Vegas this month for two conferences. The first is Litecoin Summit where Unbanked will have a booth. We’ll be there to help bring awareness to the Litecoin Card which Unbanked is powering for the Litecoin Foundation.
The second will be Money 2020. Money 2020 is one the leading fintech conferences around and always has a huge turnout. It focuses on what’s next across the world of Payments, FinTech, and Financial Services. It’s a great opportunity to have one-on-one conversations with those in the industry and share what Unbanked is working on.
If you’ll be there and want to connect then please reach out to our team.
Shark Pitch Competition with Kevin O’Leary
Unbanked was selected as 1 of 5 finalists to present to Kevin O’Leary in StartEngine’s Shark Pitch competition – and we won!
As the winner, Unbanked was awarded $25,000, but we won something even more valuable. That is validation and recognition of the work the entire team at Unbanked has put in over 4 years by Kevin.
“I’m gonna go with Ian & Daniel at Unbanked because they have proven their model in a really interesting place and they have significant revenues, but they are not the only great team of entrepreneurs in this contest. If I had to put two million bucks to work I’d probably put it in there right now.”
Kevin O’Leary (12:40 minute mark)
Building fintech is hard, enabling crypto in that tech is even harder, and doing it in a compliant way often seems impossible. However, our team has worked tirelessly to expand our product suite globally, and smart investors like Kevin who know the laws are impressed by what we’ve accomplished. Watch the video below to hear his insights.
Benzinga also hosted a pre-show before the competition which you can watch here:
UNBNK Cross-Chain Availability
Our team has recently deployed new functionality in the Unbanked dashboard allowing users to deposit or withdraw their UNBNK holdings on either Ethereum or Stellar. In addition, a 2% burn fee has been added to all withdrawals in order to create a deflationary environment for UNBNK going forward.
A detailed post on the UNBNK cross-chain functionality is available here: https://unbanked.com/cross-chain-implementation-for-unbnk-on-ethereum-and-stellar/
Here is a brief summary:
- UNBNK is now available natively on Stellar and Ethereum
- Stellar & Ethereum-based UNBNK can be deposited or withdrawn using the Unbanked.com dashboard.
- UNBNK Minting & Burning will be used in a scenario where UNBNK demand exceeds the current supply on either Ethereum or Stellar.
- A 2% burn fee has been implemented on dashboard withdrawals to create a deflationary environment for UNBNK.
- This new functionality should not be confused with “wrapped” assets through platforms like Multichain. Ethereum-based UNBNK holders can still move UNBNK to another chain like Avalanche.
Stellar UNBNK: https://stellar.expert/explorer/public/account/GDJVTMIPLJXBBWXOC2KN6DSEBROPUQHN6H5QS7U3CC5L2ORU3YDNW6CG
Ethereum UNBNK: https://etherscan.io/token/0x06b884e60794ce02aafab13791b59a2e6a07442f
That’s it for now. Stay tuned for more great news ahead. Our white-label business is continuing to grow and we have some significant partners in the works that I look forward to sharing once ready.
-Ian
