Cardstack Token Generation Event Completes at $35 MM USD

The fundraising goal has been met successfully

Dear Cardstack community,

We are pleased to announce the completion of the Cardstack Token Generation Event. The Cardstack community participated in three batches: Strategic Contributors (Batch A), Pre-Allocation (Batch B), and Crowd Fundraiser (Batch C), contributing a total of $35,000,000 USD and meeting our fundraising goal.

This is a huge milestone for the Cardstack Project, and we are humbled and grateful for your support.

In the recent Crowd Fundraiser, we collected $5.5 MM USD from KYC/Whitelisted participants at a maximum individual contribution limit of $10,000 USD, and $2.5 MM from a strategic partner, who has worked alongside the Cardstack Foundation this year and has been impressed with the growth of our community and the maturation of our open source technology stack. This contribution was granted at the same terms and rate lock as all Crowd Fundraiser participants, with no additional bonus.

We will now move to distribute tokens to contributors from all batches. If you participated in Batch A or B, you will be receiving information on how to receive your CARD tokens in the upcoming week. Once all the tokens are allocated to the whitelisted ERC20 addresses, the tokens will be unlocked in the smart contract for everyone at the same time. This will happen no later than 30 days from now — possibly sooner.

We deeply appreciate the community support throughout this journey, especially regarding the complex and stringent KYC/AML process all contributors had to pass to participate. A special thank you to our advisor Nicolai Oster and the Bitcoin Suisse AG team, who have worked tirelessly as the KYC/AML provider for the Cardstack Foundation, amidst an evolving Swiss regulatory framework. Our project is stronger because of your hard work.

We believe the conclusion of the TGE marks only the beginning of a deep collaboration between Cardstack and the people who love open source software, are excited about the potential of token-driven ecosystems, and believe in the urgency of decentralization. From a handful of supporters in January to over 18,000 today, you are the ones who make our project possible. We anticipate more developers, designers, and end users to join our community in the coming months, as we bring our vision to the mass market. Please welcome them to our movement.

Thank you for being the fuel and the catalyst to build the experience layer of the decentralized internet.

Sincerely,

The Cardstack Team