For those who missed our announcements on social media, we are thrilled to share the exciting news that our Mainnet v1 will be relaunched on May 31st! The past few weeks have been demanding and challenging, but we couldn’t be happier with our progress.
At Paribus, we have always emphasized the importance of security. While we were shocked and saddened by the exploitation of a loophole in our code, we firmly believe in finding the silver lining in every cloud. The steps we’ve taken following this unfortunate incident have made us stronger and more secure than ever before.
Our dedicated developers have been working closely with Hacken, and we have also collaborated with other audit companies to cross-reference the security of our code. In addition, we have implemented additional features from Hacken to ensure quick detection of any potential future exploits. We are confident now that we are now in a much stronger position, both technically and financially.
The additional funding of $700,000 we recently attracted not only extends our runway by a further 24 months but also demonstrates the strong fundamentals of our project. While we strive to be transparent and open with our community, there are certain commercially sensitive factors that we cannot disclose publicly.
However, for investors who have signed non-disclosure agreements, we can provide deeper insights into our progress and future potential. This additional funding is a powerful indicator of the exciting progress we have lined up for the coming months.
In the fast-paced world of blockchain technology, balancing security and releasing new iterations can be challenging. This challenge becomes even more pronounced when artificial intelligence and machine learning are involved, as with our NFT lending iteration.
Furthermore, the regulatory landscape in crypto is undergoing significant shifts that could trigger the next bull run. Despite the SEC continuing its aggressive litigation of projects, it’s worth noting that crypto is also becoming a prominent topic in the 2024 US election and is gaining traction in other parts of the world, such as China.
China’s recent embrace of cryptocurrency, such as integrating their Central Bank Digital Currency (CBDC) into their economy, signals a significant shift many in the crypto community have yet to grasp fully. Several investment bankers in mainland China we have spoken with reveal that Hong Kong is being used as a testing ground for crypto’s role in international trade.
President Xi has been actively meeting with leaders from countries that oppose the dominance of the US Dollar, urging them to explore alternatives. One crucial aspect is finding efficient cross-border settlement solutions without relying solely on the SWIFT network.
He has used the data gathered from China’s CBDC rollout to show that blockchain technology can do this, and that’s why they’re opening up crypto more widely in Hong Kong. This development not only places the US behind in the CBDC race but also poses a risk to the global strength of the US Dollar due to their reluctance to embrace crypto.
While the rest of 2023 will have far-reaching effects for crypto from a global perspective, it also promises to be equally exciting for Paribus. Early next month, after the successful relaunch of our Mainnet v1, we’ll reveal details of our new advisor, who has an impressive background.
While preparing for the relaunch, we have also been diligently working on the NFT lending side of Paribus. As Deniz, our CEO, teased on Twitter yesterday, we’ll be “going live with this soon.”
We want to express our gratitude to our steadfast and loyal community. Your unwavering support and belief in us have carried us through the many challenges of building a groundbreaking protocol. Thank you for being a part of our journey.