Update #42: Financial Report Q&A, BitGo, Web Shop, and a New Team Member.

Posted by The Bullex team on Jul 10, 2019 2:05:27 PM
The Bullex team

In this week's update you'll find an extensive Q&A about our recently released financial report, an update on our BitGo migration, an updated preview of the web shop and announcement of a new team member.

Financial Report and Proposal

Our financial report covering the ICO to Q1 2019 was recently sent out and can be found here. We received a significant amount of feedback and have worked on a Q&A to address concerns and add clarifications where needed. Questions were gathered from Telegram and a Google form sent out recently.

  • Q: When are you planning to send out the proposal?
    • A: We're planning to send it out in one week with voting running from July 24th to July 31st.
  • Q: Hansco and Frank paid for the ICO. How much did they pay "as a loan" and how much did they get back in ETH/EUR? 
    • A: They each paid half of the ICO costs in ETH out of pocket. Upon successful completion of the ICO, each received the same amount of ETH in compensation regardless of the price of ETH in EUR at the time of either transaction. There was no interest for this short-term loan of ETH.
  • Q: The report shows that Kraken and Bitfinex both hold a portion of the remaining funds. Why is this?
    • A:  These balances are held by Bullex in various currencies on each exchange to allow the remarketer to function. As an example, assume someone wants to buy 37 ETH for 1 BTC at Bullex. If there is no other customer on Bullex who wants to sell 37 ETH for this price, we can use the remarketer to complete this trade. If there is a customer at Kraken who's interested in buying 1 BTC with 37 ETH, we will execute the order at Bullex and then hedge the order at Kraken. This is only possible when we have a balance at Kraken of at least 1 BTC, so Bullex needs to hold balances in various crypto on each exchange to support trades at Bullex.
  • Q: Outside of the remarketer, the report says DCORP is only holding ETH, EUR, and DRPU. What has happened to the OMG that was airdropped? What has happened to the GLA that was to be used in the Academy course airdrop? How about the BNT?
    • A: The GLA and OMG can be seen here and remain untouched. The BNT has been sold for DRPU to facilitate the token challenge as described in the report.
  • Q: You have taken a 160.000 EUR loan of from 3 guys within the team. Why was that not done with the acception/rejection of the community? And who made the decision to take this loan? Something like that should probably be up to the BoA.
    • A: In the first period following the ICO, DCORP did not have access yet to the ETH from the ICO, because there was work that needed to be done on the smart contracts. The loan was necessary to enable DCORP to cover the first costs. At that time the loan was definitely discussed with the BoA.
  • Q: What is the plan to pay back the loan?
    • A: This will be detailed as part of the upcoming proposal.
  • Q: A few people from the BoA no longer seem to be in the picture. What has happened to these BoA openings?
    • A: The current BoA has the following members: Frank Bonnet, Corben Leek, Hansco Leek, Sangho Grolleman, Jorn Holtus & Erik Lyppens. William Rice and Marc Van Broekhoven are not active anymore with DCORP. Maarten Jansen is still very much involved with DCORP but is not a member of the BoA anymore. We plan to update the DCORP whitepapers with this information soon, but it isn't the highest priority at the moment.
  • Q: In the cash use under legal, accountant and insurance, is that in house or a 3rd party?
    • A: The accountant is completely external with no involvement with DCORP or Bullex. For the insurance there is only the actual insurance costs. Our legal officers Maarten Jansen en Ruud de Kleijn provide most of our Legal support. The Legal fees we have paid are mainly for services provided by the office they worked for such as for support from their colleagues.
  • Q: The report goes up until Q1 2019, which is about 3 months ago. It then showed a cash remaining of 100.000 EUR, but with a product from Alphapoint at nearly 18k a month, salaries, an undisclosed payment to BitGo and a 40.000 Bill for marketing it must be close to empty now, right?
    • A: We are keeping our spending very low at the moment. With respect to Alphapoint, we are still in the initial period for which we prepaid the monthly fees, so for now we don't have to pay the 18k per month. This payment will start when Bullex is officially launched.  During the last months, multiple team members have been working for temporarily reduced salaries. We're trying to only spend for the clear benefit of Bullex.
  • Q: Why has Bullex not been launched yet considering the low budget? It seems as though the sooner we launch, the quicker we can grow and make money.Are you planning another pivot and ICO?
    • A: We are all very eager to launch, but we feel first impressions are very important for the general public. Two major things are holding up the grand opening. The first is the wallet migration to BitGo, which is very important for security purposes. We are currently also finalizing the web shop. In the upcoming proposal we will provide more detail on how we want to launch, but it does not include another pivot or ICO.
  • Q: Are some employees were getting IOU’s or DRP(U/S) instead of payments for their work? If so, what are the details of this arrangement and why was it not disclosed in the report?
    • A: As funds are running low, Bullex has made special deals with a number of colleagues that include deferred payment until such time funds are available. More details will be in the Q2 financial report and/or the proposal.
    Q: How much money was paid in salaries? Who got how many months paid? Who got how much money?
    • A: In total 2751 ETH and 280k Euro has been paid out in salaries over a period of about 21 months. This includes both salaries and payments to temporary additional work force. The team size has been anywhere between 10-16 during this period. We are not currently planning to reveal any individual salaries.
  • Q: Who is on the team as of 2019-07-10?
    • A: At this moment the following people are working for Bullex: Sangho Grolleman, Frank Bonnet, Jorn Holtus, Ami Mandel, Hansco Leek, Corben Leek, Mark Reuvers, Jonathan Moore, Jon Beaulieu and Erik Lyppens. On July 1st Zimri Leijen also joined the team. For Marketing purposes we are also getting support from Nadav Dakner and various people from UpMedio & InboundJunction. Ruud de Kleijn & Maarten Jansen are fulfilling the role of Legal & Compliance Officer when support there is needed.
  • Q: Is it possible to get numbers from Bullex? - Accounts verified, deposits, trade volume etc.?
    • A: We're planning to develop a public dashboard for information like this.

New Team Member

On July 1st, Zimri Leijen joined the team! Many of you will recognize him as an active member of the community, so please join us in welcoming him! He will be help Bullex and DCORP as a developer and as additional support staffing. 

Web Shop Update

The web shop is continuing to progress, and we've iterated on the design again to a point where we're feeling pretty good about it. Below you can see how it currently looks. We don't expect it to change radically before launch, but there may be some adjustments and tweaking along the way. The payment methods seen in the image are subject to change and are not necessarily indicative of the payment methods supported at launch.


BitGo Migration

The integration with BitGo was intended to be complete during the site maintenance that occurred earlier today (2019-07-10), but unfortunately the patch provided to us introduced a new issue that we're working to resolve now. Unfortunately we can't provide a further update on this since it has just happened, but we will update you when we can.

Deposits remain disabled, and we've also taken withdrawals offline temporarily. We will update you when they're enabled again.

Closing Remarks

In case you missed it, you can find our last update here and the feed of all our recent updates here!

If you’re interested in learning more about DCORP and Bullex and would like to join our community, please subscribe to, or join, our social channels:

Thanks for reading and happy trading! Love Bitcoin, join the Bull.



Topics: Bullex, DCORP, token challenge, proposal, BitGo, Web Shop