Fly Away: Startup Escapes Regulatory Burden by Skipping Borders
CBlocks, a cryptocurrency startup firm based in southeastern Florida’s Miami, in the United States of America, has enjoyed such great success in 30 days that the company is planning to move to Canada in order to flee the US regulatory burden.
The company holds chief specialization in the cryptocurrency wallet organization, management and supervision. In its very initial stage, this firm has achieved quite splendid success. In a span of 30 days, they scaled up to an extent quite motivating.The startup team came with a plan to shift their firm from Miami to Canada with a view to escape the burden of US Regulations.
CBlocks was started by Auston Bunsen, Mario Aguayo and PK Banks, within some days. Their company’s USP is their innovative product : a mystery box of Cryptocurrencies delivered in a physical USB pouch. The inspiring vision of CBlocks was drawn from CryptoRoulette, as said by Auston Bunsen, chief executor of CBlocks. CryptoRoulette is a website which tells its users about the profit that can be made by an individual by investing $1,000 in 6 random cryptocurrencies on any date in the year 2017. In the words of Auston Bunsen:“I had recently seen this website cryptoroulette.info and told him he could literally buy anything and he would probably learn something and make money.”
Stepping into the market in mid – January, the company witnessed huge demand of its product with an approximate monetary equivalent of $32000 in just a month. The first day of the venture was aided by buying by family and friends. Featuring in TheNextWeb caused the sales to touch $3000 on the second day. Later, Forbes, LifeHacker and The Outline also featured the enterprise in their respective columns causing the sales to grow to a huge extent. This growth overloaded the company and in the mid of March, the firm got backlogged for orders.
CBlocks randomly generates a set of five different cryptocurrencies for its customers and accumulate them into a safe and secure USB wallet via AES 256 bit encryption, also utilized by banks to secure their networks. The purchaser can select from four subscription tiers ranging from $75 to 500, with each tier costing $25 extra. After this, the USB drive is shipped inside a collector’s case and delivered to the purchaser’s address.
The enterprise claims that by market capitalization, they have devised an algorithm to randomize the five cryptocurrencies selected from the list of top 100 digital currencies. This is especially helpful for the people who are new to this and don’t know much about how to enter in this field. Customer may also skip the registration with an exchange trade organization.
The enormous success and huge demand made CBlocks’ founders to research whether the startup venture is a cash company enterprise or not. The situation of being thought of as such by US Regulators led the company to decide to shift their main working base to Canada.