Here we go with our January recap! 

 

Korporatio aims to create a new generation of cutting edge, truly global businesses, led by entrepreneurs who are citizens of the world. A new era in which everyone is empowered to incorporate, innovate and realise their dreams.

 

GENERAL

First recap of the year. And yes, I know, you know, that there was no recap for December ;). 

It was the first miss in a long time, but as you can imagine, December is the month to have meetings with the investors and let them know how the year went. And as you have been reading these recaps month after month, you know it went good! Now, let’s start with some serious talk as we have a lot to do in 2021.   

 

STATUS OF MIGRATION

We are still not there with xDAI. We had multiple people joining our discord and asking for that, and trust me, it is a pain point for everybody. At this specific moment a swap on main net for some WBTC to WETH is literally costing $64….. Not the first time we talk about gas price. 

We are getting closer, Smart contracts are done, back-end is done and we are missing just a few points in the communication between the contracts and the front-end. I cannot wait to deploy the first company on L2 and write a very long (and boring) article on how to use it. 

This is probably the smallest paragraph I’ve ever written on development, but that’s it. The entire team is working only and exclusively on the migration.  

 

STATUS OF THE JURISDICTIONS

Here we have a lot more to talk about, let’s start with some sweet news. 

Panama has officially taken the lead for this 2021, scoring numbers that we have never seen before. Seychelles keeps the lead as the overall number of Smart Companies is still higher in the African country. However, if Panama keeps this growth it will take the top jurisdiction spot quite easily. 

Wyoming takes second position for the start of 2021 in particular as we are starting to see series of LLCs happening in serious numbers now. 

The rest of the jurisdictions don’t really have anything new happening. That said, I would like to share that renewals in Seychelles are currently on track with our expectation which is very positive news. First, it means that we are capable of running accurate projections, which can help to not over-promise on things. Second, it means that the budget for 2021 will not suffer and therefore we will be able to deploy all the ideas that we have. 

Last, but for sure not least as I know many are waiting for that announcement as well, Malta. We have unfortunately discovered one more step that needs to be cleared out before opening the offer to the market. 

Let me explain. 

The first Smart Company in Malta has been fully deployed and it is live, so the system is there. However, I’ve mentioned in the past that there is a bigger picture around the Smart Company in Malta and in order to achieve that, we need to deal with this final obstacle. 

The regulation in Malta is a bit different when it comes to transfer shares between individuals, and it seems that in the case of Maltese companies, operating like IBCs, there is the option to receive an exception from the government fees required in every share transfer. 

This path is something we believe will be very beneficial for a lot of possible users who’d like to set up shop in Malta. I may be wrong on this, but I believe that there is an interest for people to save around 300 EUR per share transfer and not having to deal with extra steps in forms creations. 

On top of that we are currently completing the steps to open a bank account in the country. As mentioned in the past, we really want to have a type of offer that will be as complete as possible. This requires a bank account as well. 

The need to deposit a new form to put the company in IBC status will probably increase the timeline a bit, but I will make sure to communicate accordingly from month to month. 

 

TEAM

It has been a long time since the last time I’ve written about the team, and I guess it is time to share some news. 

I’ve mentioned in the past that we appreciate very proactive individuals that reach out to us asking for opportunities but those who also think out of the box. 

So, a bit out of the blue, but with a lot of happiness, meet Dusan!

Dusan followed all the steps to get the attention from someone: wrote an email, wrote on the website, joined discord, wrote me in the DMs… Like, it was impossible to avoid giving an answer to this guy. 

Anyway, we talked a lot and ended up being quite aligned on the values of Korporatio and our mission, so when he asked to join the team, I said yes. 

Dusan will focus on something we are really weak on: brand and awareness. His scope of business will be to ensure a solid and valuable presence to Korporation around the web. This also means that he will build knowledge in the space and if you wish to share things with him, feel free to reach out. I already took him to an event on Decentraland, so yeah, don’t worry about going harsh 🙂

 

NEW IDEAS AND COMMUNITY

In the past few weeks our Discord server has been seeing a lot of actions. New users coming in, a lot of questions, chats around different subjects and in general solid brainstorming between the team and the community. 

First, thank you! Second, as this is such a unique opportunity, I would like to pick your brains more often and run ideas to the community before making them in motion. 

I believe in this year we can try to run a lot of different ideas as the market is growing and blockchain understanding is growing with it. I was thinking of creating an NFT in partnership with some artists and attach the option to destroy the NFT and redeem shares in return. Unfortunately that would basically mean the creation of an option, for which we would need a license if we wish to sell it and on which, our lawyers told me to drop it immediately as an idea. 

Fair enough, however, it doesn’t mean that we cannot play with NFTs. Would a branded NFT collection be something you would like to see? And if yes, what would you like to do with those NFTs apart from showing them as incredible pieces of art?

 

For this month, this is everything we have to share, as usual, if you like to chat feel free to join our Discord at discord.gg/g3m33DZ . 

Monthly recap Smart Companies