“Delivering an ambitious project such as ours necessitates that long-term sustainability is prioritized over short-term gains. “
In our previous blogpost, “The VETRI ITO Experience — Reflections from the CEO”, we briefly delved into the challenges that face the legitimization of ITOs, the astronomical fees charged by prominent exchanges being one of them. This post aims to provide status update on VETRI’s progress towards its second exchange listing.
What has been done so far?
As a community driven project, VETRI recognizes the importance of listing VLD on a high-volume exchange which can provide liquidity to token holders and facilitate the distribution of the token among a wide base of future VETRI users. To this end, on the 27th of April, 2018, the VETRI token (VLD) was listed on the Lykke Exchange. To complement the listing on Lykke, the VETRI team also contacted the top 50 exchanges by 24-hour volume prior to the completion of the crowdsale on the 17th of March. We have received offers from a number of exchanges which we are carefully considering before we establish a partnership. This could prove to be a lengthy process but will protect the interests of the project and the community in the long-term.
The VETRI Approach
Potential listing partnerships have been evaluated based on the following parameters:
Relevant Regulatory Regimes: The regulatory uncertainty around cryptocurrencies in several jurisdictions around the world means that we need to exercise caution while establishing partnerships with exchanges. In line with VETRI’s goal to set the gold standard of compliance with regulation, it is vital that our listing partner is domiciled in a country with a robust cryptocurrency exchange regulatory framework and operates in compliance with the relevant regulations.
Price of Listing: As highlighted before, owing to the large number of ICOs over the past year, the demand of listings is currently over the roof, leading to inflated prices for listing. Keeping in mind the long-term sustainability of the project, it is vital that financial resources are allocated judiciously.
Volume: In line with the community’s demand for an exchange which supports high trading volumes, our potential listing partners have been filtered by 24-hour trading volumes.
The Macro Picture
While we believe in the long-term potential of blockchain and cryptocurrencies to transform the world for the better, we must also note that the sector is still in its nascent stages of development. This implies that we operate in a rapidly changing environment be it in terms technology, regulation or market conditions. Delivering an ambitious project such as ours necessitates that long-term sustainability is prioritized over short-term gains. We believe that we have a strong partner who shares our long-term outlook in Lykke and that alignment with the VETRI vision is vital while establishing a partnership with a second exchange.
In the interim, the VETRI team is hard at work building the product and business relationships which will take us closer to our vision. An update on the developments on the tech-front will follow next week. We are immensely grateful for the support from the VETRI community leading up to this point and we look forward to having you onboard as we embark on this long journey towards a privacy friendly future.