We would like to share a statement regarding some questions and issues we have read in our channels over the last couple of weeks. We have seen a lot of messages from users and investors who are disappointed with the current price development of the FLS coin. And we completely understand that when it seems that all markets are growing except Flits, this can seem a bit frustrating.
On the other hand, we do not think this rectifies some of the statements we have read about the Flits team not doing their work, not investing in the company, and us dismissing the project.
When we started out this project over two years back, we had a very clear goal, we wanted to build a non-custodial tool for users to host and manage masternode coins on a mobile device. So that is what we build. From there the urge came to incorporate more features, expand the ecosystem and reach for goals far bigger than just masternode hosting. One of the biggest steps we took in this regard was a partnership with TENT.
About a year back, they reached out to Flits and asked if we would be interested in partnering up with them to start offering a Flits branded card, fully incorporated with the app. Meaning the Flits app could, just like Crypto.com, offer its own personalized card to its users, who would be able to spend their master node and crypto earning directly from the app. The amount of money we have invested in this partnership is 1 BTC total. This would be the integration fee we had to pay to get everything in order, and eventually, we would also have to pay a small fee per user on a monthly basis. Unfortunately, it has never come this far and this partnership fell apart when TENT was not able to deliver and make up to their promises. For over a year we have been in contact with them and for over a full year, we have been kept on a leash. When we asked questions, there was no follow up and the answers we got were evasive without indicating a clear outcome. As many of you may understand, 1 BTC is a large amount of money, and we invested our complete BTC holdings at that time. We were promised a fully working solution by the beginning of 2021 but this never came. As for now, we are tired of chasing up with them as it seems we will never be provided with what was promised to us. Please understand, we are still in dialogue with TENT, but it is not looking like they are able to get us what was promised over a year ago. We are not trying to put any blame on TENT, of course, but things could have been done better and communication should have been better from them as well. But in the end, we are all projects operating in a new and fast-changing industry, meaning we need to be very careful with the promises we make to users, investors, and other projects. We hope they have learned from this experience, and we also hope they will take responsibility for their actions.
We have had our doubts about this partnership for about half a year, and we have also shared our concerns with TENT in our previous dialogues with them. Unfortunately, they were not able to make clear agreements and provide us with a clear future plan for the integration and partnership. We are very disappointed in the way they have been treating us and their lack of communication. Important to note as well is that their latest official announcement, which can be found on their website, also informs their users about the impactful changes of the TENT project itself (internally). We suggest you check out this statement, to understand the situation better. We provide a link to this announcement at the end of this statement, as well as a link to the TENT official website.
We have thought about what we should do with this situation, but we have decided it is better to inform the community and share this with you, as this should have been one of the main new features we were planning on introducing last year. A lot of research and money has been going into this partnership, marketing preparations, cards designs, legal advice, and the preparation of internal systems. But unfortunately, this has all been in vain. We would like to leave this behind us and start focussing on the future of Flits, but we also believe our users and investors can understand what the impact could have been if this worked out. We have been building our projects around the idea this feature would be incorporated, and maybe we have been too naive, but when you are invested in something like this it is not easy to quit and take your losses. Especially when you are a small project that is still building for its right to exist. I hope this provides a better picture of what we have been dealing with and struggling with the past months. Let's hope TENT is able to take their responsibility and is able to provide us with a comprehensive update and perspective of the situation. In the end, we can not wait and need to move forward.
We apologize for not informing the community earlier of this development, but we believe it is good we focus all our attention on the new app (version V5.0) and expand the Flits ecosystem with new features, better service, more tools, and a much-improved user experience. Thank you all for your attention.
Official Statement TENT: https://tent.app/big-changes-at-tent
Official Website: https://tent.app/