Dear Community, Partners and Friends
With a heavy heart and deep reflection, we announce our decision to put Chains in stasis, which may or may not result in final and complete shutdown at the end of 2023.
WHY:
Chains found itself operational and financially stuck in a position that neither our team nor investors found a way to navigate out of.
Chains is too big to be managed leanly, but it’s also not strong enough financially to commercialize its products and reach profitability.
Chains, being a startup, relied on venture capital for growth, and unfortunately, we failed to secure sufficient funding to continue this journey. To prevent further damage to our partners, we decided to cease operations immediately.
What happens now:
With over 500,000 registered users, a AAA tech stack, a liquid token, strong network of partners, and a multinational community, it could be a great fit for the right team and backer.
We don’t wish to destroy all this value and will keep Chains in stasis until the end of 2023. Contact us hello@coinomy.com if you are interested in exploring that possibility.
What about CHA, The Token:
Unlike most companies that have faced similar fates, Chains:
- Hasn’t sold any CHA team tokens
- Hasn’t sold any CHA treasury tokens
Not a single CHA token allocated to the team and treasury pools was liquidated on the market. It is important to our team that the community knows this. Our team made a decision that entrepreneurial rewards should come only with entrepreneurial success and not on the back of market liquidity.
This isn’t farewell — just yet.
Instead, we see this as an opportunity for new beginnings. Chains is still a vessel of potential, innovation, and passion. As such, we are actively exploring options to transfer the baton to new owners or investors who have a vision and can infuse a fresh perspective and energy into the mission we started.
This moment may seem like an end, but it is a crossroads that promises a renewed and possibly even more vibrant future for Chains.
Thank you
We are incredibly grateful for the unwavering support and trust of our customers, partners, and the larger Chains community. Every interaction, feedback, and partnership has contributed immensely to shaping Chains into what it is today. Even as we step back, we’re hopeful that the legacy and potential of our startup will live on and continue to make a difference.
In closing, a heartfelt thank you to each one of you. Our paths crossed for a reason, and we hope they’ll cross again in new and exciting ways.
With deepest gratitude,
The Chains Team
