1st Outside Investor
We have our first outside investor on board. It’s a big confidence boost to the team here as we haven’t started marketing or promoting to cryptocurrency investors/traders yet.
The JSE war fund now stands at $100 USD and 100 JSE has been transferred from the JSE Distribution account to the users JSE account.
The money is currently being collected via the funds page on the platform to my company Media Cambridge Ltd’s paypal account which isn’t ideal. Tracey will be setting up a new UK listed company next week along with USD,GBP,EUR bank accounts and a Paypal address.
JSEcoin Ltd will be the new company name. The four co-founders will all be shareholders. As part of our operating transparency philosophy we will be publishing monthly management accounts on the site showing all incoming funds and outgoing expenditure.
As soon as this is setup we will transfer any funding received across to the new company. At that point I’ll publish a breakdown of the expenses so far on the blog which are pretty insignificant server costs and marketing budget for the publisher launch. These costs will be written off as a contribution from Media Cambridge Ltd so we can start the new company with a positive balance sheet.
Its exciting and unnerving to have investors committing funds to the project. The hard work is still ahead of us and we will do everything we can to ensure JSEcoin is a success and early adopters and investors are rewarded accordingly.
Other things of note
Had some issues verifying the block data yesterday and have setup a double check system for the hashes. Had to reset the server a couple of times which caused downtime for approximately 60 seconds each time.
Dave will be handling all incoming email from the site contact form from now on. This will free up time for the developers.
We will be launching an affiliate/referral program later this week so users can earn JSE for referring new members.