With the intention of maximizing our runway, all new contracts we send out now have an upfront setup fee attached. This will allow us to improve cash flow, while still being able to build recurring revenue at scale. It should also increase urgency from the other party, hopefully resulting in shorter time to go-live.

We’ve engaged a major payment provider to power wallets across the 6 GCC countries, and the greater North Africa region

Outlook

The enterprise cycle is painstakingly long, but despite being a small team we are making strides on many fronts with many customers in the region. Our goal is to increase our runway, while maintaining laser-focus on the things that matter.

We’re scaling up our bank integrations to cover the region — a requirement that many of the larger players have repeated to date. We plan to attain 80% retail market share across all 6 countries in the GCC by June. That would mean over 60 live bank integrations, making Verify the largest regional open banking provider.

This is the home stretch; if we’re able to sell GCC wide functionality to the largest wallet providers in the region and become the de facto top-up method of choice for such wallets, then we’ve overcome the biggest short term hurdle. The challenge is that we’re on a tight deadline.

The next 6 months will be months of focus; we will be releasing our solution to wallets, banks and fintechs across the region under a new brand to aid this goal. More details to come..

A note on token allocations

There have been questions about how the figures on CoinMarketCap are calculated and whether they accurately reflect the breakdown described in our whitepaper.

The figures in question are:

Circulating Supply : 13,508,864 CRED

: 13,508,864 CRED Total Supply: 29,997,543 CRED

You can find the definitions for these terms on the CoinMarketCap FAQ, reproduced below:

Circulating Supply is the best approximation of the number of coins that are circulating in the market and in the general public’s hands. Total Supply is the total amount of coins in existence right now (minus any coins that have been verifiably burned).

Circulating supply reflects the tokens from the tokensale (v1) in addition to those related to bounty and early investors.

Total supply also includes team funds and advisor funds. The reason this falls short of the actual figures in the whitepaper is because CMC does not count Tokensale v2 and the Verify Fund tokens as part of the total supply, since they haven’t moved from their originally assigned wallets.

Hope this clears up any questions. We’ll be announcing a Reddit AMA session before the end of the month.

It’s back to work for us now.