In our latest post we mentioned the details on upcoming IEO. Since the process was quite new and challenging for us, we want to share some lessons we’ve learned along the way.
Community is an asset
One of the most important lessons we learned during the last year is that active community matters. It matters even more than we expected. As you know, recently Paytomat was able to raise 100 Bitcoin in less than 2 minutes. That’s not an accident. We put a ton of effort 24/7 working with thousands of hungry people.
As a result, we were able to attract high quality funds and get massive support from public cryptocurrency communities, including Cryptobazar, Cryptoart, Cryptonet, Problockchain, 10 dollars of buffet and others.
We treat our community as an asset and advice you the same.
Good product beats the market conditions
During the last year Bitcoin was not in the best shape. It obviously caused lots of projects to close and leave cryptocurrency industry completely but that a good thing. It was a tough time for us as well but we handled it. We worked hard to deliver new products and integrations on time and received lots of great feedback that made us inspired to create even more.
Unfortunately an interest and involvement in cryptocurrency is currently correlated with its price movement and direction. That will change eventually when the market will mature but we’re 2-3 years away from that.
Such correlation is not the most appealing for our product line either but we found a way to survive and create an extreme level of engagement within our community. We are making relevant updates to Paytomat Wallet that our users really need and receive positive feedback generously.
This shows a simple case that you can’t just build a product for the tech audience, you have to go further.
Company’s transparency matters
The critical factor for a successful IEO is transparency, both the team and the company. Reputation is very important for any exchange and they can’t risk it by choosing the projects that don’t meet certain conditions.
EXMO, an exchange partner that was hosting Paytomat IEO showed us how the process is done. They spend several days in our office filming the whole process, starting from due diligence, ending with countless interviews of the core team members, including our CEO, CTO, lawyer, business development and product directors. Our team was very open to share all of the recent updates, improvements and partnerships. That’s our job to let people know what we’re building and heading towards.
IEO is not that easy as people think but it’s totally worth it if you prepare properly, i.e. complete the campaign in two minutes.