Poseidon Announces Transition from Fundraising to Operations
Feb 13, 2019
The organization behind the climate change-fighting ‘reduce’ platform will dedicate resources to client onboarding and promotion of its services
Malta, 13rd February, 2019: Poseidon is proud to announce its transition from fundraising to operations, which will allow the group to focus on the ‘reduce’ platform, client onboarding and revenue growth. The decision follows multiple announcements over the past 18 months detailing the group’s success in building and operating a successful platform, onboarding clients from a variety of sectors, and establishing a strong financial position moving towards Q2 2019.
reduce is a 360-degree climate action platform that uses blockchain and AI technologies to empower everyone to rebalance the social and environmental costs of any transaction. In the retail sector, reduce has been empowering consumers since May 2018 to make micro-contributions to sustainable development projects, such as rainforest conservations, at the point of sale. In addition, reduce has also empowered governments and corporations to address their impact.
As part of this transition, Poseidon is cancelling the remaining public fundraisers. The public fundraisers were structured as crowdfunding campaigns in which contributors were able to purchase Poseidon’s proprietary OCEAN tokens at a discount. OCEAN are the instruments of payment for services on the reduce platform. Private fundraising discussions with venture capital and institutional investors are continuing.
Laszlo Giricz, Poseidon’s founder and CEO, said, “This is an exciting time for the Poseidon team, our clients, and our partners. For any young organization, growth is a balancing act. We’ve worked hard over the past 21 months to put ourselves into a position to scale our offering globally and empower everyone to address their social and environmental impacts. Transitioning away from crowdfunding is a clear indication that we’re ready for that next step.”