Blox in 2018
It is always important to reflect back on your work, evaluate it, notice accomplishments and understand how you can do better in the future. For that end we are proud to go back and mark the events that shaped our company to what it’s now.
January 2018 — new offices
For 6 months we’ve been in our investor’s offices, eToro. We grew and took more and more space until a point where we felt we needed our own home. In January 2018 we moved to a prime location in the heart of TLV.
March 2018 — Blox product launch
We’ve worked hard for 4 months for this launch, and although not everything went according to plan it was still amazing!
Our philosophy was always to ship our products as fast as possible to get user feedback, and boy did we. Within a few months we had almost 100K registered users on the Blox platform. 30% from the US and 10% from China. The average user connected 2.4 wallets/ exchanges to his Blox account to automatically keep his/ hers transactions synced.
B2B + API product launch
As we’ve built our infrastructure we quickly realised that tracking crypto assets across multiple blockchains and exchanges is a challenge that many companies are facing as well, including us. We decided to try and answer those challenges, quickly, to get a feedback. We’ve approached a few of our trusted partners and set to introduce their financial teams a very early version of Blox for Business. It took off from there, now we serve 40 of the top crypto companies from the industry, collectively tracking and managing billions via Blox.
As part of Blox for Business we introduced a highly scalable API that serves as an infrastructure for companies wanting to develop crypto products involving multiple blockchains, fast. It’s based on our work with tens of blockchains and exchanges to provide a reliable way to pull data from such complex data sources. The cost for them is a fraction of what they would have paid to develop it in house, they seem to love it!
July 2018 — beginnings of Crypto winter
By July the industry realised that crypto winter is not only coming but seems to be already here. Blox was always very conservative with it’s funds, not investing in other ICOs (as many others did) and focusing on the product instead of “advising” other projects. Because of this we’ve managed to hedge our assets to a point where we are happy to say Blox has enough runway using it’s fiat (USD, EUR and ILS) money for another 2.5–3 years of operations (continuing the current burn rate). Blox has converted less than a third of it’s crypto assets into fiat, the rest is in ETH and BTC.
During 2018 Blox has executed several buybacks, amounting to more than $500K.
All year long — team grew
While the industry seems to lay off considerable amount of people, Blox is actually recruiting. For the past year we always had open vacancies and are looking for great people constanlty. As of now Blox is 32 strong, 22 in Israel, 4 In China, 2 in Gibraltar and 4 in SF.
September 2018 — Blox offices in the SF
As part of our expansion we opened a new office in San Francisco to lead our efforts in business development and sales in the US.
CDT in 2018
CDT had an incredible year, it was traded almost a $1,000,000,000 in volume in 2018, went up as high as 27 cents and as low as 0.7 cents. It’s traded on the best crypto exchanges out there and will continue to be an integral part of our product and especially our services for companies and professional individuals (they use the paid service tiers of Blox)
All an all we had an incredible year. In the next weeks and months we will unveil what 2019 has in store for Blox, its community and its product. Happy to be doing what I'm doing!