Dear Gimbl Backers,
I’m Dan, the co-founder, and CEO of Gimbl. After almost two years, my team and I have been focusing on developing a product that answers specific issues related to the esports live streaming industry:
· Audience retention and engagement
· Growing community
· Audience Monetization
· Interactions & Entertainment
As you all know, Gimbl was developed to provide streamers the tools that would answer those issues with several features. The first one was gambling on live streams. The second one was challenges & donations for countries that prohibit gambling or that would require a gambling license which could take a lot of time to acquire.
Since the project inception, we have always said we will cater to all users coming from regulated countries that prohibit gambling with a solution that will have a clear sense and answer to the same issues our product vision wants to tackle.
Betting is a fully regulated activity by gambling regulators in and outside Europe. The Maltese gambling license would have enabled us to operate in a very short list of countries within Europe. To onboard new customers from specific countries, a gambling operator has two options:
- Own a gaming license issued by the local gaming regulator.
- Own a gaming license from another country approved by the local gaming jurisdiction.
Our team has spent a tremendous time developing relations with EU gaming regulators. Unfortunately, It’s either we are waiting for a gaming license that will never be granted from the regulators because they don’t know how to treat crypto or we manage to find a way to still shine with the same vision.
There is no product registered out of Malta that could do gambling with crypto as of today. For the Maltese regulators, they are still processing cryptocurrency exchanges to be regulated and then they will have a full understanding to license crypto-based gaming products.
It’s of the utmost importance that we keep on marching toward creating value and delivering a product that could be used for the same purpose which is « Improving and enhancing the live-streaming experience both for streamers and viewers ».
At that point in time, we had to analyze the situation and decided on a new strategy, still in-line with the initial vision, to lead the company toward success.
TwitchCon came at the perfect time, as we had the chance to test our pivot strategy during this event that gathers all our targeted-users. We decided to promote “Challenges” as it is what we could do without requesting any license from any regulator. The feedback received from streamers was overwhelmingly positive. They loved the product and most of them asked if they could use it right away. TwitchCon was a complete success and it has cleared all the doubts people could have on the product.
So what were the key points that we tested during TwitchCon to confirm the pivot strategy?
- Crypto adoptions: Would streamers feel comfortable using and promoting a product that would rely only on cryptocurrencies?
- Gambling: Do the eSports industry key actors are ready for a gambling tool to go mainstream?
- Challenges: Would offering challenges to the audience would enhance and improve the live streaming experience?
- New features: We explained the features we thought to add on Gimbl to prioritize development according to streamers’ feedback.
Unfortunately, the majority of streamers, companies and game studios we approached had the same answer. Cryptocurrencies have not yet been adopted and it is way too complex for a non-crypto enthusiast to understand and use a crypto-only product. To overcome this issue and to focus on the Gimbl adoption success, we will launch a product with Euro, U.S dollar, ETH & the GIM token. By offering fiat alongside crypto, we believe it will only help crypto adoption.
We understand ICOs as a process where token buyers have contributed their own assets to the Gimbl project. With the transformation of our business model and the blockchain ecosystem, we wish to have the continued support of our token holders. They are important to us and we want them to be a part of the new Gimbl era.
This is why we are introducing a solution that combines this transformation with our token holders by exchanging GIM tokens with equity share, under certain conditions. Token holders will become shareholders of Gimbl, the company.
How will this transformation happen?
We will explain in a dedicated article that will be released in November, what will be the clear process and the guidelines to follow in order to claim Gimbl shares.
We have started thanks to our token buyers and we wish to continue with your overwhelming support.
Stay Tuned and GG!