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Government Partnership

Background

Beyond the Foundational Phase, the growth direction for CoviCoin in the coming months is now well defined.

After much negotiation with a government agency in the past few months, we are proud to announce that a Letter of Intent (LOI) has now been signed that sets the stage for an extensive partnership arrangement. As long as we meet certain straightforward criteria (as detailed below), this arrangement will kick off with a first round of investment in March 2022, making CoviCoin the first ever government-backed DeFi token in the world.

There had been much at stake when deciding on whether to go ahead with this partnership, as it conflicts with our initial plan to list on a CEX by early December 2021. Citing a myriad of compliance and exclusivity concerns, the government agency insisted that we not only delay the CEX listing till March 2022, but also list on a specific exchange of their choice when the time comes.

Through a community poll conducted on 24 November 2021, the results were overwhelmingly in favour of the government partnership. Results were as follows:

Hence, the decision was made - forgo the early December 2021 CEX listing in favour of the government partnership.

Outline of Partnership

The government partnership centers around the adoption of CoviCoin for various aspects of their healthcare system. It will commence with a drive to stabilise the CVC currency both in terms of liquidity and price, followed by actual adoption alongside the launch of CoviHub.

Which government are we partnering?

Unfortunately, we are required to withhold this information until the primary contract is signed in February 2022. That is always the issue with mainstream bodies and the crypto space at this point - similar to Project X, they prefer to keep mum until the eventual reveal.

From an investment perspective, here are some key highlights of the partnership:

  • Investment totalling $700 million over 3 rounds in 2022
  • Automatic listing on a top exchange in March 2022
  • Full integration with CoviHub upon its launch in Q3 2022

The investment will come in in 3 phases in 2022:

  • Phase 1 - $200 million in March
  • Phase 2 - $200 million in June
  • Phase 3 - $300 million in November

Around 20% of these investment rounds will go into CoviHub development, while the rest will be used for stabilising CVC price at $0.10 (ten cents) by buying back and adding liquidity in several stages.

Certain Criteria

With the LOI in place, the partnership is as good as confirmed. However, it states that we must fulfil the following criteria by February 2022 for it to move ahead:

  • Price - at least $0.002 (7 day average)
  • Liquidity - at least 600 BNB or $300,000 in dollar value (14 day average)

As of now, the price criteria is already fulfilled. By carrying on with constant marketing efforts and possible dev buy backs/liquidity additions, we will be aiming to hit 600 BNB in liquidity by February 2022 at latest.

Conclusion

Through this government partnership, we will probably become the first ever government-backed DeFi token, and one of the hottest projects globally. More importantly, we see this as a crucial step towards our goal of becoming a globally recognised and adopted healthcare currency by 2024.

We look forward to having you onboard with us on this beautiful journey.