Simple Token, the onramp for mainstream businesses to tokenize, today announced it has successfully closed its public token sale having achieved 189 percent of its original sales target, with 270 million Simple Token tokens (“ST”) sold to 6,871 unique buyers, with 46,828 Ethereum (“ETH”) or approximately US$21 million raised.
Simple Token designed its unique token sale to create a fair and rewarding offering for all participants. Bonus tokens were provided to all participants as the community achieved sales milestones above the project’s target. The bonuses served to incentivize the community to spread the word about the project without advantaging or disadvantaging any class of buyers over another. The unique community bonus program, coupled with extensive hands-on community engagement by founders, resulted in an acceleration of sales over the course of the 17-day event, in stark contrast to most token sales which have an initial spike and then peter out. In fact, the Simple Token sale grew exponentially in the final days: 40 percent of all purchases occurred during the final three days of the 17-day sales event.
Details of the successful accrual bonus program included:
- ST Target: When the sale target of 100 million ST was reached, all participants received an automatic 20 percent “ST Target Bonus” on their purchases; ST Kicker: When a total of 120 million ST was sold, all participants received an additional 5 percent “ST Kicker Bonus” on their purchases; ST Power: When a total of 180 million ST was sold, all participants received an additional 5 percent “ST Power Bonus” on their purchases. Additionally, all buyers received a discretionary 15 percent discretionary bonus in light of recent rises in ETH prices.
- All bonuses will be air-dropped on January 15, 2018, to the participant’s whitelisted ETH addresses used for purchase.
Community Engagement is Critical
For the Simple Token team, a commitment to direct community engagement proved to be the team’s strongest strategic asset. As engagement, word of mouth, and support for the project grew, the Simple Token Telegram community grew to more than 6,400 members. By sale end, 6,871 purchasers had participated, speaking to the broad grassroots support for the company’s mission, and its value to help mainstream businesses embrace and benefit from blockchain.
Additional key insights from the sale include:
– Purchasers from 130 countries participated in the sale
– Purchasers by Country: U.S. (23% of the total purchasers), Australia (10%), U.K. (8.6%), Canada (6%) Vietnam (5%), India(4%) and Germany (3.5%)
– Purchasers by City: London (2.7%) led all cities with nearly double the next city, Singapore (1.4%), Ho Chi Minh (1.3%), Sydney (1.1%), Amsterdam (1.0%)
– Purchasers by Age: 70% of buyers fell between 25 and 40 years of age.
“Our highest priority during the token sale was to ensure a fair and rewarding process for all participants in our community,” said Simple Token CEO Jason Goldberg. “We also wanted to differentiate ourselves from companies in the market with no business holding an ICO and, frankly, creating a negative impression that companies like ours with legitimate utility must work hard to overcome. We put an immense emphasis on community management, ensuring our team was available around the clock to communicate with sale participants. With the sale now closed, we will increase our community engagement even more as we move to the next chapter for Simple Token – bringing a polished product to market and building that can serve as a bridge between cryptocurrency and mainstream consumer apps.”
Over the next few weeks, the first Member Companies will begin deploying Simple Tokens on Ethereum mainnet and minting their own branded tokens on open, scalable side blockchains according to the OpenST protocol, which forms the technical foundation of the Simple Token project. In 2018, Simple Token will deploy its technology to end-consumers of the first Member Companies including Pepo, Digital Knights, Floship, Gushcloud, InterviewBit, Vidi-VR and XAIN.
Join the Simple Token conversation on Telegram to speak directly with the project’s founders and developers. Contact [email protected] with inquiries concerning getting your business onto the world’s first viable inter-exchangeable blockchain ecosystem.
About Simple Token
Simple Token, founded by serial entrepreneur Jason Goldberg, enables mainstream applications to deploy their own branded crypto-backed token economies, in a scalable and cryptographically-auditable manner, without needing to mint and maintain their own publicly-tradable crypto tokens. Simple Token enables any company to create, launch, and manage their own branded digital token economy on open and highly scalable side-chains anchored to the Ethereum mainnet, without in-depth blockchain development requirements. For more details on Simple Token please visit http://simpletoken.org.