Our beginnings in the field of real estate tokenization are the result of our professional experience and private interests. After many years of experience in private banking and establishing numerous contacts, we started to obtain financing for development projects. At the same time, we observed the evolution of the cryptocurrency market, which was heading towards the wider adoption of solutions known from the traditional market. We were convinced that the world’s largest class of real assets, real estate, would also emerge in this world, it was only the matter of time. It was with great excitement that we started a project that we wanted to be able to call as real estate tokenization. Building a business based on the world of cryptocurrencies turned out to be very difficult, which, on the one hand, made the challenge more ambitious, and on the other, it created the risk of making a mistake.
Very quickly, when decomposing the business model that was born in our heads into its first parts, we realized that we needed the support of experienced advisors. At the same time, we were not able to verify their experience, since the topic of adopting real assets was so new and immature that there were no people with the appropriate competences and experience, as we know today from the perspective of time.
Each stage of creating FCQplatform in the original version was arranged according to the recommendations of our advisors, which today we can describe as an expensive lesson. It was the beginning of the path to acquiring our own competences and knowledge to the expert level today. The project assumptions at that time were based on the willingness to finance their own development projects, thanks to the capital obtained from the sale of tokens and the distribution of profits with investors (tokens) in a 50/50 proportion. Surprisingly, the business model, its scale and structure did not raise any objections, which from the perspective of today confirms our opinion about the ungrounded tokenization market of real assets.
Thus, in 2018, we prepared the entire model to conduct an ICO, which practically ceased to exist due to a series of abuses and a correction on the market in 2018. The search for an alternative led us to meet representatives of the Coinsbit exchange in order to conduct the IEO. The joint arrangements resulted, inter alia, in the implementation of airdrop in the amount of 10% TS, or the spending of significant funds for marketing agencies.
The argument for the Coinsbit exchange was that we were to be the first project on their IEO launchpad, which in a sense was justified if not for the fact that the Coinsbit exchange was not technically prepared to handle the collection. On the start of the IEO, i.e. on July 4, 2019, we received information from everywhere that the Coinsbit exchange system at the stage of registration and undergoing the KYC procedure was freezing and it was not possible to pass the necessary formalities to invest in our FCQ token.
We did not realize the scale of the problem at the time, because according to the data on the Coinsbit website, the collection rate was satisfactory, and the total amount after the closing of the IEO could be described as a success. As it turned out immediately after the end of our IEO, it was only a propaganda of success and a farce. The counter indicating the level of collected capital on the Coinsbit exchange website stopped at the amount of less than USD 5.2 million, while the actual value of the collected funds was around USD 3,500.
Taught by the above-mentioned experience and motivated by receiving the concept of implementing real estate assets into the world of digital currencies, we decided to concentrate the FCQ token that has been distributed so far, suspend the FCQ token listing on the exchanges where we were listed, and rebuild the project and adapt it to the needs of cryptocurrency users and give it appropriate design and scale.
The work took about 3 years, we received support for the project, among others from the European Union budget and VC funds. The result of our efforts is to enable our investors to purchase some shares or entire real estate located in different parts of the world, for investment or personal use in a few moments, without leaving home. In our road map, we describe the increase the usability of the platform itself as well as the native FCQN token, which is a new token built on the Terra network and is the only token associated with our project. At the same time, we undertake to exchange the FCQ tokens PURCHASED UNDER THE PREVIOUS IEO for FCQN.
Among other things, for this purpose, we have maintained the continuity of the project name, so that every user knows that the current state is the evolution of the project, while respecting our investors under the IEO. At the same time, we would like to inform you that the website fortemcoin.io does not belong to the FCQ company. It has been copied by persons not related to the company and we warn you against taking any actions through this website.
As part of the new utilities, the FCQplatform will provide users with the possibility of pledging the purchased shares against a low-interest UST loan or, in the future, the possibility of purchasing a holiday trip through the FCQN token from among properties offered by FCQplatform.