Letter from Daniel Simic, PlayChip Foundation Director
To our valued PlayChip holders,
I would like to extend my appreciation to every supporter of our project around the globe. Whether you purchased tokens in our crowd sale last year, are a user of one of our platforms, or simply a follower who has an interest in what we will achieve — thank you. I want to assure you that our objectives remain and our dedication to our goals has never waivered.
Despite some of the fluctuations in value that the turbulent cryptocurrency market can bring, our team has stayed on track with our Q1 deliverables thus far. Since December 19th of last year, we have:
- Released Phase 1 of the PlayXchange, the economic hub of the PlayChip Ecosystem
- Generated and distributed PlayChips to over 12,000 PlayXchange accounts
- Completed identity verification of thousands of token holders
- Completed our Phase 1 integration of the PlayChip and PlayChain into PlayUp Fantasy
- Listed on four internationally recognised cryptocurrency exchanges
I’d like to take a brief moment to champion some of these achievements here. According to ICO Rating, less than 2% of ICOs from Q4 last year established exchange listings. For us to now have four internationally respected platforms listing the PlayChip is a strong step towards gaining greater recognition and traction in the crypto community.
We have since received many more listing offers so watch this space!
My team is committed to delivering on our 2019 roadmap, which primarily focuses on rolling out Phase 2 of the PlayXchange to integrate the buy/sell functionality of a multitude of cryptocurrency pairings, integrating more platforms with the PlayChip and PlayChain, and growing the user numbers of the PlayChip Ecosystem. This will add organic demand for PlayChip and help grow its brand and volume.
While it may be impractical to discuss the token’s value, we have had a strong response from some of our supporters who are unfamiliar with how cryptocurrency values are determined. Some have even gone as far to question the credibility and motivations of our project, hence my response.
Like many token sales, the PlayChip incurred some heavy sell pressure following listing that came from token holders who received discounted tokens in the presale, or users holding large amounts of tokens from playing (and winning!) free challenges on our platforms over recent years. Furthermore, the cryptocurrency market is currently considered to be a “bear market”, which holds a negative sellers sentiment and scares nervous token holders into selling out early before perceived losses become considerable. This is not a new phenomenon, indeed when we commenced our journey the cryptocurrency market cap was over $400 billion — over three times what it is today!
This type of sell pressure is not unexpected, and it is important to find a natural bottom where those who have no vested interest in the future of this project have left the market. It is from this point at which the market can rebuild and new buyers can come into the fold. Trading volumes of recent have been low, indicating small hands have been folding and the majority of our supporters are looking to hold long-term.
This is an exciting time for our project. We are motivated by integrating as many platforms and adding as many users to our ecosystem as possible. Our aim is to be the Universal Gaming Token. If the amount of platforms accepting PlayChip increases, as does the amount of users utilising them, demand will come naturally.
So, how are we going to do that?
- Phase 2 of PlayXchange, adding in trading pairs and trading functionality
- Buy/sell of PlayChip available directly from PlayUp platform
- Credit card gateway added to PlayXchange to facilitate credit card purchases of PlayChip and other cryptocurrencies
- PlayChain Integration into PlayUp Bet
- Global Gaming Licenses (Malta), increasing our reach into more international jurisdictions
- Digital Exchange Licence (Malta), to allow more countries access to our digital exchange and payment gateways
- Third party integrations of the PlayChip token and PlayChain network, including; Poker, Live Dealer, Casino slots, and much, much more!
We appreciate the patience and support that has been afforded us from our supporters. It adds further motivation to our cause seeing the amount of people believing in what we are doing. In the meantime, all we can ask of our current token holders is to;
- Hold on to your tokens (and if you like a bargain, grab some more now!)
- Wait patiently as the final discounted/rewarded tokens are depleted, and;
- Look out for our announcements regarding new licensing, technology and third party platform integrations
We have said repeatedly that this is only the beginning for the PlayChip. We understand that there is much scepticism out there right now for cryptocurrencies and token-based projects — we only ask that you look at what we have delivered upon thus far. We have come a very long way in a short time, and regardless of the price fluctuations of the last few weeks, we are very proud of what we have accomplished.
A vision as great as ours will not be built overnight. Look to what we have achieved in our small history, and join us in imagining what could be in the next few short years.
We thank you for your continued support and look forward to sharing more success with you throughout 2019 and beyond!
PlayChip Foundation Director