Update: on boarding and OMG distribution

Hi guys,

The attention that the Bitcoin Suisse allocation received was overwhelming. There was an unprecedented rate of funding follow-through (that is, people who submitted their registration and then committed funds). In previous ICO's Bitcoin Suisse has raised funds for, fewer than 1 in 10 people on average would follow through on depositing their funds after they submitted documentation. These figures led to the decision to open a second round of registration, even though the total amount already pledged was already greater than the allocation, because there was a very significant chance that new registrants would be needed to fill the increased allocation. Unexpectedly, for the first time in Bitcoin Suisse's ICO experience, nearly everyone who got on-boarded sent their funds. While this is good for the project as a whole, it will likely lead to the unfortunate situation that we will not be able to accept contributions from any participants in the second round of registration. We deeply regret the uncertainty and inconvenience the high demand for the OMG sale has caused. At the same time, we are truly amazed and grateful for the community's support for our project, and we are more committed than ever to delivering on our roadmap.

With this in mind, the timeline and next steps are below:

  1. Registration confirmation is ongoing. Bitcoin Suisse is rounding up people who registered from June 10th onwards.
  2. Bitcoin Suisse closes all registration confirmation on Saturday, July 1st 1am Bangkok time.
  3. Funds can be deposited up until the cap is filled or by Monday, July 3rd 1am Bangkok time.
  4. Lock-down rate for smart contract will be on Monday, July 3rd around 4pm Bangkok time.
  5. Bitcoin Suisse and ICOAGE plan to start redistributing OMGs to you mid to late next week (July 5th onwards).

On OMG redistribution: Bitcoin Suisse will individually be following up with contributors to confirm the different wallet address where you want your OMGs to be sent to. This will start mid next week (ref. Point 5). They will email more information directly to you.

Airdrop: Our team will issue a blog later next week to explain the airdrop mechanism and timeline.

Vansa, MD of OmiseGO.