Goodbye-Safein
Cryptocurrency

Safein Abandon their ICO and Project, but let’s Show them Respect

You may well remember reading a post about an airdrop from a blockchain startup company called Safein which was posted by me a couple of months ago. It was one which looked like it had promise and the people behind the company appeared to be genuine.

Well, today, I received an email which proved to me that the people behind the company are, in fact, genuine, but also stated that they will no longer be pursuing their blockchain based venture with the Safein company. The email stated that, due to the overwhelming competition already in the space they wish to occupy (identification), their advisors have deemed it to be unwise to follow through with their ICO, airdrop and bounty program.

While this may come as a bit of a kick in the privates for many who spent time writing articles, making YouTube videos and following social media accounts, I would personally like to implore everybody who was involved with this project to actually respect the honesty and decisiveness of the team behind it.

Although they may not have been able to fulfil their overall goal with their crypto project, the team have shown that they care about the overall longevity of cryptocurrencies, and of blockchain technology, by acknowledging their inability to take their project to market and holding their hands up to the public.

This is a great show of integrity and, in my personal opinion, our industry needs more of this. It would have been so easy for the team to keep quiet and continue, as planned, then taken money, though an ICO, to simply announce at a later date that their project is being abandoned.

So, to the people at Safein, sorry to hear that you cannot fulfil your goals but a huge thank you on behalf of the Something Decent community for your honesty. We need more people like you in crypto and blockchain.

If you would like to read the email I have quoted it below.

Happiness.

Dear Safein Community,

With utmost regret we have to announce our decision to cease further development of Safein and cancel our plans for the token sale (including the issuance of any bounty or air drop tokens as well).

Regardless of the fact that the ICO space and cryptocurrency market as a whole quieted down in 2018, for a long time we were confident in their recovery. Indeed, we were highly optimistic about the maturing blockchain industry and were confident in our project idea to stand out of the crowd.

However, our countless meetings with investors, influencers and experts have demonstrated that identity solutions are no longer an attractive niche, which is one of the key reasons of our decision. As unfortunate as it may be, competition in the space has taken its toll on Safein: the multitude of projects that emerged in this area, albeit none of which fully successful, have discouraged investors from taking further opportunities with projects like Safein.

Furthermore, user- and business-oriented projects, such as Safein, are receiving very little interest from investors, whether institutional or private. As much as we believed in demand for services we have been developing for the last 9 months, investors have shifted their focus to infrastructure projects that tackle technological advancements of the blockchain. Despite our huge successes recently in ICO pitches and startup accelerators, these did not have sufficient weight to affect their decisions.

Finally, the cryptocurrency market still remains stagnant, and there is little interest from private individuals to take part in ICOs that are still perceived as high-risk investment opportunities. Although this was not a crucial factor in our decision, our key aim was to scale fast, and the amount of interest from the community in our project was insufficient to justify our costs to proceed with development and marketing of Safein.

Our founders extend the sincerest apologies to those disappointed in the outcome. We thank you for believing in our idea and vision, and we wish you all the best in the future.

With kindest regards,

Your Safein Team

Please remember that this article is not to be taken as any form of investment advice and that you should do your own research before investing your hard earned cash into anything. We would also like to remind you that Something Decent is not in anyway responsible for the distribution of airdrops, bounties or giveaways unless it is stated that we are personally conducting them