Jibrel Project Update: Q1 2020

A Focus on Jibrel Platform Build-out, JNT Solutioning, & Budget Optimization — despite COVID-19 Challenges

1. Organizational Build-Out

Jibrel, the COVID-19 Pandemic, and A Challenging Economy

  1. From a business continuity point of view, as a tech-company, the Jibrel team is used to working remotely — across teams, within teams, and with vendors and partners — so work has not been heavily affected. However, the demand side is definitely affected at least for the short-term. For example, the number of angel investors that are going to be willing to invest in startups in the coming 1–3 months is definitely lower than what it was in December of 2019. The number of ETH wallet users is also on the decline. While the short-term outlook for business/customers is weak given the circumstances, this is an excellent opportunity to redesign processes within capital markets using our technology. As mentioned earlier, we are working on finding ways to improve the alignment of incentives between token holders and Jibrel, and are hoping to share additional information on this as soon as we are legally and logistically able to do so.
  2. In terms of company health, at Jibrel, we’ve been quite conservative in spending our resources and remain largely in a healthy position to continue finding ways to deliver Jibrel Community wants. In contrast, the financial impact on companies holding a lot of volatile investments (such as crypto, or, risky equities) has clearly been disastrous as it can impact these companies’ ability to operate, pay bills, etc. — especially if the firm is operating with tight working capital. While Jibrel has been able to avoid such pitfalls by taking a conservative financial approach, further action is needed to enhance long-term financial health. Over the coming 2 months, Jibrel will be restructuring even more costs and resources to align with our short-term and long-term goals (which will revolve around improving the alignment of company incentives with community incentives, and jointly creating a successful business).

A. People & Capabilities

Jibrel is Concentrating Staff in the UAE

Jibrel is restructuring its team to reduce its cost base and focus on the MENA region

B. Marketing, PR & Community Management

Platform Media Assets, & Upcoming Changes to JNT

  • Turn JNT into equity in Jibrel
  • Assets backed by JNT
  • JNT as a method of payment inside Jibrel products
  • Token-burning of JNT via profit sharing

We plan to release additional info on changes to JNT by the end of Q2 2020 or earlier.

The Jibrel team has been representing the Jibrel alternative investment platform this past few months in North America and the MENA region.
  • Blockchain for Everyone (January 25, Jordan): Jibrel’s Operations Associate, Ala Haddad, gave a talk titled “Blockchain for Everyone” at the Princess Sumaya University for Technology in Amman, Jordan. In this educational talk, Ala explained the value of blockchain and cryptocurrencies, gave a demo of the Jibrel Wallet, and helped attendees create their own wallets.
  • TechWadi 2020 (February 6, USA): CEO Yazan Barghuthi, along with marketing team members David Doss and Daniel Elias, attended TechWadi 2020 in San Francisco, USA. Yazan gave a talk on the main stage (see above for video link), and the team ran a booth where we discussed the Jibrel alternative investing platforms with investors and startups from the USA and MENA regions.
  • DealMakers 2020 (February 9, Saudi Arabia): Sewar Nowwar (Business Development Manager) and Ala Haddad (Operations Associate) attended Endeavor’s DealMakers 2020 conference in Riyadh, Saudi Arabia.
  • STEP 2020 (February 11–12, UAE): STEP 2020 Dubai is one of the most important SME and startup events in the region. COO Talal Tabbaa, Business Development Manager Sewar Nowwar, and Operations Associate Ala Haddad all were in attendance.
  • MBRIF Welcome Event (February 25, UAE): This Dubai-based event welcomed Jibrel alongside fellow members of the Mohammed Bin Rashid Innovation Fund Accelerator. Jibrel was given a unique chance to showcase our business to UAE ministers, local and global innovation leaders, and MBRIF’s strategic partners. Talal, Sewar, and Ala all attended.

Due to the COVID-19 pandemic, all major planned events have been postponed by the respective organizers. We will update our community as more concrete scheduling updates become available.

Check out this 90-second video for a helpful overview of the Jibrel alternative investing platform!
Jibrel Founder and CEO Yazan Barghuthi: Reimagining How Companies are Built, Funded, and Managed

2. Asset Tokenization

Jibrel’s Core Mandate

The Jibrel Platform

The business development team has been hard at work vetting and approving startup applications and securing investor funds for the respective equity offerings. In particular, the team has concentrated primarily on startup applications as a key focus area. We have been actively building our pipeline and screening applications. The main acquisition channels are: email campaigns, our own network, and industry referrals. The application form (a.k.a. Fundraising Suitability Assessment) was sent to every startup that signed up for early access (a total of 1,350 startups). From there, we received applications, screened them, and either passed, failed, or requested further information from the startups in question. Whereas the initial process relied on email, startups can now apply online. Further, this process will become more automated in upcoming releases.

Other Assets & Overall Ecosystem Development

Partnerships: Since equity tokenization is our primary tokenized security focus for the foreseeable future, we have suspended involvement in some of our partnerships and memberships (for example, the Gulf Bond and Sukuk organization). That said, we continue active relationships with a wide variety of organizations, including the Central Bank of Jordan (CBJ), the Mohammed bin Rashid Innovation Fund (MBRIF), Abu Dhabi Global Market (ADGM), and many more. As our scope continues to expand, we look forward to adding on new organizational relationships and rekindling past ones as appropriate.

3. Technical Development

Related to our internal organizational restructuring, our approach to technical development is also undergoing significant changes. Jibrel will slim down its team to focus on core products and services. In addition, Jibrel will leverage a small lean internal team, as well as engage external providers to ensure a more cost effective approach to development.

Jibrel.com

The tech team has been gradually releasing four different upgrades of the Jibrel MVP over the course of the last month, conducting a stress-test on systems prior to a larger user acquisition push. In addition to tokenized equity offerings for 6 different startups, the current version of the Jibrel alternative investing marketplace (0.4.0) allows for startup applications and investor registration/KYC. Overall, the frontend and design teams were focused on building out more and better pages and features for the site, to deliver a higher-value customer experience that will drive engagement and retention of startups and investors alike. These include updates to authentication and investing processes, credit card payment processing, as well as startup application and onboarding procedures.

Jibrel Wallets & Secondary Products

Jibrel will wind down secondary products such as the Jwallet and Jcash imminently. This decision was not a light one, but the overall financial and resource sink associated with these products are not matched in terms of user adoption. We believe it is in the best interest of Jibrel, and subsequently JNT holders that the team focus on core products.We will continue to use Jcash and Jwallet components internally, particularly in the CBJ pilot.

What’s Next

The restructured tech team’s focus this year will continue to be on leveraging existing tech and product development towards building out additional functionalities for products and services with monetization potential. Jibrel will also focus on polishing and refining solutions implemented in Pilot programs include translating the Central Bank of Jordan pilot into a B2B remittance solution. In addition, Jibrel will need to develop short-term utility apps to service the revised JNT roadmap. More information on this will be released over the course of Q2.

Thank you to the Jibrel Community for your continued support!

If you require additional support or have a technical question, please contact the Jibrel Support team. Alternatively, join us on one of our social media channels, such as Telegram or Reddit!

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Jibrel

Jibrel provides tokenized financial assets such as equities, currencies, commodities and bonds, on the Ethereum blockchain. https://jibrel.network