Redefining Wyrify – the IBO and the new way forward
The developers and management team of Wyrify has moved the technology out of the locked situation with Stockholm IT, and have placed these assets “under management” in a new company, named Wyrify Limited, based in the UK. This company has been given funding by a group of private investors, and will continue the Wyrify work. As a part of this, we have been in contact with several funding sources, bond specialists, funding brokers, and obviously our partner companies including NXChain (NXCN.US). This is concluded in a new roadmap, new resources, a redefined IBO strategy, and a new corporate structure.
For several purposes, the company intends to seek its own listing once the necessary measures are met, in Europe. As such, Wyrify will become a new-age technology POS payment provider, bridging the gap left between VISA/Mastercard and current payment terminal providers, and all the merchants that for a number of reasons (size, cost, region, reach etc) are being denied digital POS services.
We have developed several apps and interfaces to our middleware over the past years, developments we will continue and evolve further. Some applications have been discontinued while others are still available, like the iOS app on AppStore, but this is mainly for existing customers and demonstration purposes. Once our new structure is in place with new middleware and other/new transactional platforms fully integrated, we will re-set and upgrade the apps accordingly, providing much of the same user interface but a vastly improved functionality and added features. This is expected to be released later in 2018. We also have an increasing demand for hardware beacons for testing and piloting, an area which we will be focusing more on in 2018. However, our current stock is limited so delivery of new solutions are being restricted until we have new upgraded beacons available for delivery.
The “new” Wyrify will be described in detail in the investor memorandum, ready for release upon the completion of the move of corporate entity. This also includes renewed contracts and agreements with both existing as well as new partners, advisors and possible corporate customers, where NXChain will be one of the key partners for both production funding and technical support, as well as direct support of the IBO.
As previously announced the Wyrify IBO has been recreated on the basis of the ICO plans, but has given us the opportunity of evolving the ICO instrument in several directions. We have gone back to the drawing board, and made several key changes, broadening the envelope on what can be done with these crowdfunding hybrids. This includes using the bond-part of the IBO for legally issuing conversion rights to shares/options, utilizing the IBO tokens in our app as a means of direct payment at POS locations with added benefits, and a buy-back program.
With the opportunity of regulated securities as a backing, we can open the doors of token investments to institutional investors, and we have also experienced an increased interest from “non-crypto” hypertech companies for doing token+bond based offerings. We expect great things from this segment, and are willing to be very experimental in our approach to IBOs. We are also in the process of launching our own token exchange for simplification of the buy-back programs, and for piece-of-mind against fraudulent exchanges and/or hacking by fully underwriting the security of tokens held with our exchange service. We are currently converting ICO subscribers to the new tokens, and will release more information shortly where further details will be revealed in the IBO document.
We are excited and eager to get back up to speed with Wyrify through it’s new entity!