Past and future. Milestones until the conversion of CTT into Nebula Token
A successfull tech entrepreneur starts thinking about his next venture
Vincent Jacques is the founder of Planorama (2009), a Paris-based AI startup which employs 90 people and which is turning profitable with a sustainable growth. Vincent (main shareholder) nominates a new CEO and starts thinking about his next entrepreneurial project. He’s a crypto enthusiast and wants to be part of a new revolution: the blockchain…
Vincent Jacques decides to disrupt the commodity derivatives industry through the blockchain
Among different ideas under review, disrupting the commodity trading industry is the choice of Vincent. He starts building a small project team and analysing the weaknesses of commodities derivatives markets worldwide. At that time, no blockchain startups exist in this field except for supply chain.
Platform architecture under construction, built on Ethereum
A team of developers hired by Vincent starts working on the development of smart contracts run on the Ethereum open-source platform. This is the foundation of the future ChainTrade Exchange: a derivatives market, partly decentralized, partly centralized.
Decision to prepare an ICO
The ChainTrade project is so far funded by Blue Tiger, Vincent’s holding which owns a majority stake in Planorama. ChainTrade needs to become independant in order to develop itself and get its own funding. As other blockchain startups raise crypto-funds through ICOs rather than fiat money from VCs, Vincent decides to follow the same path.
Legal entity behind the ChainTrade project established in Singapore
ChainTrade Tech. Ltd. is incorporated in Singapore for two reasons. 1st: Singapore is a good place to get a licence for financial markets. 2nd: Singapore is one of the main hub for the blockchain industry, a crypto and ICO-friendly country.
Official Launch of the ICO
The token is designed, the white paper ready. The ICO is officially launched, the sale of ERC20 tokens and the roadshow can start.
The ICO is closed with mixed results. On the one side we did manage to convince some crypto holders to support the team and the project, enough to pursue our efforts 6 to 12 months further, but on the other side we did not attract enough professional investors and corporate ventures from the commodity industry.
Strategy to address derivatives starts also to be questionned internally
After being warned by merchants, brokers and trade finance professionals that we are targetting the wrong market, we are now facing a new challenge: the time and cost to get a licence exceed what we can afford considering the money already invested before the ICO and the money raised through the ICO.
First split between a derivatives project and a physical trading project
We start to work on an equity fund raising on one side. On the other side, some of us start thinking about another way to use the blockchain technology as a disuptive tool within the physical trade of commodities (first split bewteen what we call internally ChainTrade Derivatives and ChainTrade Physical)…
ChainTrade Derivatives: decision made for a turnaround plan
Failing to raise new funds against equity on the ChainTrade Derivatives project, we decide to adapt: we will use our in-house technology to create a crypto and ERC20 tokens exchange. The new project is called Nebula.exchange. Decision communicated to CTT holders via Medium and Telegram.
The team is officially split into two groups
Rohan Juneja, INSEAD, is appointed Head of Nebula’s business. The technology behind is ChainTrade Derivatives, the only change being the underlying assets supported for trading. Sebastien Blanchard, who joined end of 12 2017, is in charge of ChainTrade Physical as Private Equity starts showing interest provided that we stay focused on trade finance.
2 proposals made to CTT holders
Without committing to any calendar, an alternative proposal is transmitted to CTT holders: a 1 to 1 conversion of their CTT tokens into Nebula Tokens (to be issued when Nebula will launch its own ICO). Or a conversion of their CTT tokens into ChainTrade Physical equity shares, provided a fund raising occurs in 2018.
Nebula.exchange: BETA version ready
Restricted access to crypto enthusiasts and CTT holders (play token only, no real tokens traded).
Nebula.exchange launches its own ICO, CTT holders can switch their tokens if they want to
CTT holders can trade their CTT against Nebula Tokens on a 1 to 1 conversion rate, taking into account that the price in Ether or Bitcoin for 1000 Nebula Tokens will be the same price than the price for CTT during the ChainTrade’s ICO.
Deadline to convert CTT into Nebula Token or equity shares of ChainTrade
If not converted into Nebula Token or ChainTrade equity shares (provided legality of such an operation in the country of residence of the token holder) by the end of the year 2018, CTT will be destroyed on the 1st of Jan 2019.
ChainTrade Tech Pte. Ltd. – 28 Stanley Street – Singapore 068737