Everest Newsletter — July 2024
Dear All,
This quarter has been a dynamic period of growth and accomplishment for Everest. As we reflect on our progress, here’s a concise summary of the major milestones we’ve achieved since our March announcements:
Key Updates
- March: Launched custody and infrastructure services to bridge digital assets.
o May/June: Announced partnership with Upland and partnered with hot wallet solution provider (TBA).
- March: Initiated custody and minting of a utility token on EverChain.
o July: Currently undergoing QA; look for press in August.
- March: Established distribution partnerships.
o July: One of these partners is actively involved in the $GEMS sale for July and August.
- March: Commenced tokenization of a mining company.
o May/June/July: Conducted on-site inspections at Limitless’ mines, met with owners and management, and finalized legal frameworks to ensure a secure launch.
Strategic Advancements
As emphasized in March, all these initiatives leverage the $ID functionality, with $IDs being consumed at varying rates depending on the application. You can see the various ways in which the $ID is used, and understand different scenarios with the tokenomics calculator here: https://foundationnetwork.org/tokenomics-calculator/
In addition to fulfilling our March commitments, we’ve made pivotal strides:
- Began initiating necessary adjustments to secure a MiCA license.
- Closed a major seven-figure deal for “tokenization-of-fiat” to streamline payments. This customization will take months and paves a clear path to profitability.
- Secured another partner for a similar service, launching this Fall, further expanding our user base into the millions.
Everest’s Unique Value Proposition
Everest’s ability to “tokenize fiat” is highly valued by enterprises seeking to streamline payments, offering a faster, cheaper, and superior solution through our combined fiat rails, permissioned chain, custody/license, and public chains.
Similarly, bridges and utility token issuers require our unique suite of services in “tokenizing crypto,” relying on our licensed custodian abilities to manage fiat and crypto infrastructure, ensure compliance, and provide audited services. Tokenizing physical assets (RWAs) demands a unique blend of custody, licenses, and infrastructure — Everest’s strength lies in its comprehensive capabilities from custody to primary issuance and secondary trading facilitation.
Product-Market Fit and Future Vision
This quarter marks a significant milestone for Everest as we’ve found a product-market fit in a crucial market. Our platform, originally designed to support a multitude of applications (payments, health, voting, trading), started with deduplicated, human/unique identity and eGov. Our initial vision was to empower individuals globally with control over their identities, facilitating secure transactions with minimal data sharing.
However, the reality of centralized governmental control over databases presented scalability challenges. Similarly, our identity + wallet solution for X/Twitter, while effective, lacked scalability in a closed network. Fiat-on/off ramps, though valuable, are merely features rather than stand-alone solutions. As y’all know, we kept buidling…
Understanding the initial vision of Everest — a platform to power a freer, better society based on the $ID, with user-controlled identity at its core — within the context of achieving product-market fit is akin to Google discovering the profitable addition of millions of users with search. This base enabled them to offer single-sign-on, G Suite, and numerous other applications. Similarly, Everest will onboard millions of users through these signed deals and “tokenization of fiat, crypto, RWAs and financial instruments”, which will ultimately empower them with control over their identity data. As the Everest ecosystem expands, users will gain access to a plethora of applications, many of which will be developed by external parties.
$GEMS Sale Insights
We recognize that many are eager for news about the $GEMS sale, so let’s dive in. Mining companies often face significant markups (i.e. 5000%) from traders, wholesalers, distributors, and retailers, alongside restricted and expensive capital costs. Limitless, our mining partner, is leveraging Everest’s infrastructure to bypass this supply chain and allow consumers direct access to their gemstones via a utility token. This approach addresses the egregious cost of capital for miners and provides a more equitable market.
For example, an operating gold mine was offering nearly 3X returns over five years to investors.
This scenario is common across various resources, including oil fields, lithium mines, and copper reserves. Everest’s unique combination of licenses and fiat + crypto/blockchain infrastructure allows miners to go direct-to-consumer (D2C) and potentially displace traditional stock and bond exchanges. Everest is leading this transformative shift, one application at a time.
Thank you for your continued support and belief in our vision. We look forward to an even more successful quarter ahead.
Warm regards,
Bob
CEO, Everest
