Rescheduling CHO unlocks, for the benefit of all parties

Jun 30, 2023
12:06
2 min reading

Choise.com team

Rescheduling CHO unlocks, for the benefit of all parties

Dear CHO supporters,

As you might be probably aware, Choise.com decided to postpone all CHO unlocks for all investors and holders with no exception. Meanwhile, this decision gave rise to a lot of rumors in the market. Now we would like to dispel all speculation and bring to your attention the main idea behind the rescheduling and comments of Choise.com Founder and CEO Vladimir Gorbunov and COO Austin Kimm on this decision.

On June 7, Choise.com celebrated one year since the CHO Token Generation Event (TGE); the day CHO first appeared on the market. And what an eventful year it has been for both the market and Choise.com. Not only have we managed to navigate through a fully blown crypto winter crisis, but we have come out on the other side with a clear vision, enhanced products and services, and a stronger balance sheet. We have diversified into B2B whilst never forgetting our B2C segment and supporting our native tokens. Of course, not all our plans were implemented in full; however, like most crises, this one helped us achieve some major breakthroughs and bring in new developments.

All this time we’ve been thinking hard about the CHO token’s future prospects, especially in the light of the upcoming unlocks within a bear market and approaching BTC halving that is supposed to bring the crypto summer. As a result of long reflection, we have found a win-win solution, since we need time for the market to recover and want to take advantage of this time for carrying out our plans.

Thinking of Choise.com investors as partners and considering their investment yield among our top priorities, we decided to postpone unlocks for all CHO holders, regardless of the Round and the way the tokens occurred.

And that’s what our leaders say concerning the matter.

Austin Kimm, COO at Choise.com:

“I want to go back a little bit because no token exists without the product. And when we were designing the products that were connected to earnings back in 2021, when we were starting to build our Charism, for example, and we were starting to put some significant emphasis on the earning platforms, we added the CHO token as part of that logic. The token is connected to the entire earnings ecosystem. And without the earnings ecosystem, the token itself really doesn't have a core functionality.

So we were building the tech, we were rolling out the token, we had quite a few successful rounds selling the token, etc. And all that was taking place during a very favorable time in the crypto cycle, when total value locked exceeded $150B, the CeFi earnings platforms were growing at an incredible rate. So it all seemed to make perfect sense at that time.

Now it doesn't matter in my opinion that we had better tech, we had a more open environment where people could see exactly what they were doing with their assets, etc. The perception in reality and the perception in the marketplace for the last 12 months was, I think, “you’d better just put it in a wallet and sit on it and do a HOLD strategy”. That's pretty much what most people have done in the last 12 months.

And since so much of the CHO token is connected to earnings, if we don't launch those earnings functions that we had in mind, then of course the reason for owning CHO is diminished.

But we are huge believers in the cyclical nature of crypto and unlike in traditional markets that cyclical nature is very short. So we believe we're at least in a crypto spring and we’re big advocates of the halving logic where crypto winters and summers are heavily connected to Bitcoin halving. And we believe we're gonna go into a crypto summer in the very near future. And that's when you’ll change your approach because then everybody's gonna feel good about their crypto again, prepared to take a little bit of money out of it and spend a little bit, make a few more speculative swaps, etc. And also they’ll get confidence again in the earnings functions.

So we've built all the tech, we’ve built all the products, we’ve built everything that was required, but unfortunately, the timing for all of that just wasn't suitable for us. So we had to put a lot of those functions on hold.

But that doesn't mean that we as a company have just been on hold. We've also used the last 12+ months to really diversify. You've heard me mention in the past about our B2B. So if retail isn't going to be delivering the types of returns that we were hoping for because the value of crypto has fallen, and people don't use it as much, then transactional revenue in retail falls. But in the B2B space, it's very different because people are planning much longer term. They also understand that there's a cyclical nature, and it takes time. So the right time to build is actually in the downturn.

So we're now one of the leaders, if not the leader at least in Europe and a meaner region for crypto B2B platforms – that's growing at a fantastic rate, and we've also launched institutional earn in terms of the products that are very similar to retail, but with a slight difference.

But as I said, we're very confident in the cyclical nature and that the market is coming back. So we're also confident therefore that the use case that we designed for CHO will also come back. And as we launch those products, then the purpose behind CHO really comes into its form.

So we took the decision for everybody who had a locking period, whether it be people who got CHO free from airdrops, whether it be members of staff, whether it be investors, participants in that early rounds, anybody. We decided to lock the token out so that everybody has the same opportunity going forward. There's nobody out there that has a beneficial treatment over our users, or staff, or anybody else. So I would say that we've done this with everybody's best interest in mind.”

Watch the full video with Austin Kimm on YouTube

Vladimir Gorbunov, Founder and CEO at Choise.com:

“We decided to postpone all CHO lockups, including seed and private investors (that held a significant amount of tokens), because of a lack of liquidity on the markets during the crypto winter season. Market needs to recover. And there are a lot of positive upcoming things in the next 12 months (including halving, new listings, new products etc). We believe that the new crypto summer season is coming and it will help to gain a lot of organic demand within the tokenomics. And we made this decision with a strong attention to all token buyers and holders.”

Take a look at the full Vladimir’s post on Telegram

Thank you for remaining a Choise.com supporter and believing in CHO. We are convinced: in times of crises, opportunities for growth present themselves. So let us seize their full potential together.