Matchpool Transparency Policy & Updates

Matchpool is a platform that empowers members to utilize their personal trust and reputation as matchmakers and dealmakers, taking the “intro” concept into a whole new level. As part of our strategy to keep our community updated and to execute our platform in the most transparent manner, this post contains a summary of project updates, our updated transparency policy, and additional information regarding GUP tokens.

1. Matchpool’s Annual Budget Forecast

As we speak, budgets are being put together to ensure a rapid development and time to market, while ensuring the perpetual existence of the project through prudent budgeting controls. An initital annual budget will be proposed and presented when it is finalized. This budget will be divided into Matchpool’s different divisions: Development, Operations, Marketing and others to come. The overall budget will be proposed by our team’s executives in consultation with the managers in charge of each division, then presented to our board for approval and made public to the community.

As Matchpool is currently in the process of finalizing the Company’s corporate structure, a board of directors is being assembled in order to supervise governance and decision making in the company. Ongoing governance will be an integral part of the board’s responsibilities, as with any significant technology company.

2. Fund management and expenses to date

In accordance with our Milestones and project’s road map as presented prior to our ICO (see milestones Medium post here), and after successfully achieving our first milestone of GUP token distribution, approximately 30% of the ICO funds will be converted into Fiat and moved to Matchpool’s corporate bank account in order for the company to continue it operations and cover past expenses and contingencies without concerns for bitcoin or Ethereum volatility. We remain bullish on both ETH and BTC future and will initially keep the remaining 70 percent primarily in ETH, but we reserve the right based on market conditions to ask board approval for additional hedging amongh BTC, ETH and fiat to ensure the longest possible life for the funds.

Once the mentioned amounts will be transferred into the Company’s bank account they will additionally be monitored by Matchpool’s accountants and law firms. The next step of the funds handling will be setting up signatory rights which will determine the autorization and amounts that each of the Company’s executive may approve. All future expenses will be checked for correspondence with the authorized budget.

The remaining ETH and BTC funds will remain in the multisig wallets.

Project Expenses

Five months of project expenditures prior to Matchpool’s crowdfunding, plus next coming four months of accelerating operations.

Past costs

As with most successful token crowdsales, Matchpool incurred significant expenses in order to accomplish its goal of a fully distributed token sale (and in less than two days). A big portion of these contractual obligations incurred by the company have not yet been paid and are due upon the finalizing of the token crowdsale. These include the following categories:

Service providers — These include lawyers fees, code audit fees, escrow services fees, PR agencies fees, brokerage and bank fees, and several other independent contractors. We do not believe we would have been as successful in our efforts without the combined services of these groups. In-house expenses — In addition to advertising & marketing costs, there were additional project development and operation costs, as well as massive road show travel expenses which lasted more than a month of global travel. Deferred team compensation and salaries- The entire Matchpool team has not received any compensation for its full-time work during the past five months and this payment will be made from the crowdsale funds.

The combination of all of these items is a single digit percentage of the funds raised. Without these expenses, we would not be in a position to now grow a great platform and company for the community.

Future costs

As we strive to develop the best product in the market, future expenses will include the following areas:

Hiring Personnel and Salaries — Now that we were given the opportunity to execute our vision, we will need to build a strong team that can deliver the best product possible. Increasing the Matchpool family will be done through hiring several developers to work on the platform in addition to several marketing employees in order to build our Go To Market strategy and in building our community of users for the platform. Development & Marketing costs — Alongside salaries being paid, executing the platform will have its future costs in the form of hardware and server costs, along with ongoing marketing, PR, promotional and user acquisition campaigns, as befits a consumer-focused community platform. Establishing Matchpool’s headquarters — In order for us to work with the highest communication standard and be productive, we will move into shared working space. Ongoing contractors engagements — Although the ICO is over there is still an ongoing need for lawyers, accountants, marketing agencies, and independent contractors to supplement the full-time personnel skill sets.

All future expenses will be made in accordance with our internal budget procedures delineated above and subject to board and private key authorizations. We are estimating the total of the above past expenses, together with the upcoming five months expenses (10 months in total) to be approximately 500,000 USD, which will be spent in a combination of ETH, BTC and USD.

3. Multi-Signature Wallet Addresses

As long as not redeemed into Matchpool’s supervised bank account in accordance with the milestones as described above and in our previous budget Medium, all ICO remaining funds will be kept in Multisig wallets for both ETH and BTC.

ETH wallet is a 3-of-5 Multisig wallet, with its private keys held by the Matchpool team (2 keys), independent Wings.ai representative Stas Oskin (2 keys) and Bitcoin Suisse AG (1 key).which actually functions as a 2\3.

BTC Wallet is a 2-of-3 Multisig wallet, with its private keys held by the Matchpool team, independent Wings.ai representative Stas Oskin, and the Matchpool’s Legal advisor-lawyer Lior Zysman.

Notice — Net funds in the BTC wallet, minus some expenses paid in BTC instead of fiat, will be transferred in the following days to Bitcoin Suisse AG in order to convert them into USD as described above.

Our Ether & Bitcoin Addresses are listed below for further transparency.

Ether Address | 0x72a7197bBccBe6Ee1E9c688645436Ed06017768A

Bitcoin Address | 392eAQg9FioqDn7T3mqkTu8bcFfux1YJAq

4. Future Steps & Updates

Matchpool’s future announcements for the coming month.

Development Plan

After taking office as Matchpool’s new CTO earlier this week, Or Demri is currently forming his Matchpool platform development plan, including timelines, features, benchmarks and additional recruiting on the development side. Once done you will all know the great future waiting for Matchpool.

We are Hiring

If you ever dreamed of working in a young, vibrant, multinational company here is your chance! As we enter into the development phase, we are looking for talented developers to join the Matchpool product development team. If you are interested please send a cover letter and email to or@matchpool.co

5. GUP Holders resale option

Given everything stated above, if there is anyone who participated in the crowdfunding who still wishes to return their GUP tokens for their initial ETH contribution we have got a solution for you.

One of our largest contributors, Alphabit Digital Currency Fund, has among others stated its full trust and believe in Matchpool’s bright future. And thus came with the following statement to purchase any amount of GUP tokens from any contributor who wishes to sell.

The resale option is offered to any contributor wishing to resell their entire contribution and must be put into effect by April 22nd at the original crowdfunding ETH price.After all requests will be made, Alphabit will buy the tokens as soon as they will be transferable and will be transferred to them on April 30th.

In order to request a resale of your tokens at the ETH price you paid, please contact: liam@alphabit.fund . In the message subject, please write “Matchpool Resale”. Alphabit’s CEO Liam Robertson is the point of contact.

We find this solution fair and want our tokens to end up only in the hands of those who share with us the bullish believe and confidence in Matchpool’s future and those whose goals are in alignment with ours.

Finally, we would like to thank you all again for the amazing support we are receiving from you along the way. We are not taking this for granted and really appreciate it. We are sure that now we can put the rough start we had behind us and focus on creating the amazing platform we are waiting for