Kriptomat, UAB was established with the aim of organising and implementing investment projects in order to attract Investors’ funds and allocate these funds to the strategic development of Kriptomat OÜ. Kriptomat, UAB intends to invest funds received into operations of Kriptomat OÜ. Thus, the business activity and financial condition of Kriptomat, UAB relate to the activities and results of Kriptomat OÜ. Kriptomat, UAB has no pending legal proceedings, claims, liabilities, or events that could reasonably affect the company’s operations for at least the current financial year.
The Kriptomat team spent 2018 focused on putting in place the fundamentals of a new start-up, with particular emphasis on reaching essential growth milestones and proving the business model of the platform. 2018 may have been a bear market for cryptocurrencies, but it was a great year for development as the cryptocurrency industry underwent rapid changes in regulation and stabilisation. It was also a year of advertising bans and the year that cryptocurrencies made their foray into mainstream financial markets — exciting yet turbulent times for the industry.
During the year we established the company, acquired licences, developed a reliable and secure service, and worked on setting up the perfect environment for future growth. By December we were ready to start working on user acquisition activities and developing partnerships (finance, blockchain). We believe this measured approach allowed us to prove that we know how to acquire new users and that our product environment is ready to process higher transaction volumes.
To date, the development of Kriptomat has been fully funded by the founding team. As we were not focused on generating revenue but rather on building the foundations for future success, we finished the 2018 financial period with negative capital of 20.000 EUR, which is typical for a start-up during the product development phase.