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This is the ICO of the Summit Token.
The counterpart of the ICO is the issuance of a token, the Summit Token, sometimes visible in the format “$SUMMIT”.
The Summit ICO is a cryptocurrency fundraising operation whose counterpart is the issue of tokens called Summit Tokens. This operation is initiated by the company Summit Mining Limited, whose head office is located at 5 the Grain Store, Distillery Lofts, Distillery Road, Drumcondra, Dublin 3, Ireland.
“Summit”, “Summit.io”, “Summit Group”, “the Summit Group”, or even “the Group” are the names which refer to the entity Summit Mining Limited.
Summit offers a diverse range of eight core products and services, all centred around cryptocurrency, blockchain and Web3.
These issues make it clear that Summit aims to fill existing gaps in the world of cryptocurrency, blockchain and Web3, offering comprehensive and well thought-out solutions to meet the diverse needs of users and investors.
To bring all these solutions together, we have designed an innovative platform, named Summit 360, which serves as a gateway to all Summit Group services. This platform is designed to be user-friendly, reliable and comprehensive, providing users with everything they need to successfully navigate the world of cryptocurrency and blockchain.
Finally, the last key element at the heart of our products is of course our exclusive token. This token is not just another cryptocurrency. It's a token that lives at the heart of our ecosystem. Holders of this token will have the opportunity to access a comprehensive and inclusive loyalty programme.
They will enjoy a variety of benefits, from discounts on services to access to exclusive resources. Most importantly, the number of tokens a user holds will determine the level of benefits they are entitled to, rewarding our most loyal members.
Summit is a complete ecosystem based on Web3, cryptoassets and blockchain, which has grown step by step for almost 5 years. This offers high value-added services that allow everyone to familiarize themselves with the world of cryptocurrencies, while offering turnkey investments adapted to the risk profile of individuals. Summit allows you to acquire the necessary tools to be ready to seize all the opportunities that blockchain and cryptocurrencies offer.
Our mission is to develop a range of responsible investment, support and learning solutions in blockchain that rely on an open and inclusive ecosystem with our community.
Our vision is to develop the financial system of tomorrow by creating a virtuous universe that offers millions of people around the world simple and secure tools to access the various blockchain applications.
Summit, it's all in the name: transporting our customers to the summit of their financial success and success in understanding the mechanisms surrounding blockchain and cryptocurrencies.
In French only, available with subtitles:
- ICO and future of Summit - Summit Anniversary: https://youtu.be/aTiyXZRUo8Y
Other resources (in French only, available with subtitles):
- Summit Anniversary Conferences (4 years) - Part 1/2:
https://youtu.be/gjvHdRrOtIw
- Summit Anniversary Conferences (4 years) - Part 2/2:
https://youtu.be/d6T1Rv78lcA
Raising capital is a strategic decision that responds to a company's various needs and aspirations. Here are Summit's main reasons for doing so:
Accelerate growth: The funds raised will enable us to stimulate our growth, extend our reach and conquer new markets. With additional resources, we will be able to respond more quickly and effectively to opportunities as they arise.
Development and innovation: In the rapidly evolving technology sector, it is essential to continue innovating. The funds will enable us to accelerate the development of new products, improve existing ones and invest in research.
Geographic expansion: With additional resources, we will be able to penetrate new geographic markets, expand our global presence and serve a wider audience.
Strengthening the team: To support our growth and ambitions, it is crucial to attract and retain the best talent. The funds raised will help us to expand our team, invest in training and offer competitive terms and conditions.
Optimising operations: Investment in infrastructure, tools and processes is essential to ensure the efficiency and scalability of our operations.
Market consolidation: In some cases, it may be strategic to acquire other companies or technologies to strengthen our market position. The funds raised can facilitate these acquisitions.
Raising brand awareness: A successful fundraising campaign can also act as a showcase, increasing the visibility and recognition of the Summit brand.
Financial security: Having a solid financial reserve allows the company to navigate more serenely through uncertain economic times, invest in long-term initiatives and make strategic decisions without immediate financial pressure.
Stakeholder engagement: Raising funds often involves strategic partners who contribute not only capital, but also valuable knowledge, networks and expertise.
Market validation: Successfully raising funds is also a form of validation. It shows that external investors believe in the company's vision, strategy and ability to generate returns.
In short, raising funds for Summit is not just a question of capital. It's a strategic step that catalyses our growth, solidifies our position in the market and allows us to realise our vision on a larger scale.
Launching an ICO is a major step for any business, and the timing of this decision is crucial. We made the strategic choice to wait until our product was mature before beginning this process, which is after over 3 years of existence in our case. Here are the reasons behind this decision:
Credibility and trust: Launching an ICO with an already mature product strengthens investor confidence. They can see and concretely evaluate what we have achieved so far, rather than relying solely on future promises.
Risk Reduction: By having a mature product, we reduce the risks associated with initial development. Investors are therefore more inclined to believe in our ability to deliver and innovate in the future.
Protecting investors: By avoiding raising funds too early, we also ensure that we protect the interests of investors. Their investment is less exposed to the vagaries of initial development and is more likely to bear fruit.
Focus on Growth: With a solid foundation in place, funds raised during the ICO can be directly allocated to accelerating the development and expansion of Summit. This means that each euro raised has a direct and immediate impact on our growth.
Differentiate ourselves from others: The ICO landscape is saturated, with many startups seeking to raise funds sometimes too early, without having a concrete proof of concept. While waiting for our product to be mature, we stand out from these companies and send a clear message to investors: we are serious, determined and have already demonstrated our ability to achieve our ambitions.
Commitment to quality: Waiting for product maturity before an ICO demonstrates our commitment to the quality, robustness and durability of our solutions. This reflects our business philosophy of substance and real value.
Summit stands out for its range of innovative products, combining blockchain technology with modern financial requirements.
By integrating the latest advances in the crypto world with traditional investment tools, Summit offers solutions suitable for novices and experts alike, both in terms of investing and learning.
The platform focuses on transparency, security and ease of use, offering investors an unprecedented cryptocurrency experience.
The compelling initial use case of Summit Mining lies in its unique approach to crypto mining.
Starting as a 100% bootstrapped venture, Summit Mining has quickly established itself as a preferred solution for over 5,000 clients. The scale of its operations, with more than 20,000 mining machines across 13 sites in 5 different countries, underscores its robust infrastructure and capacity.
What sets Summit Mining apart is its mutualized crypto mining service. By pooling resources, it allows clients to drastically reduce individual risks associated with cryptocurrency mining, ensuring a more stable and predictable return.
The overwhelming client trust, reflected in investments surpassing €60 million, further validates its strong value proposition and its innovative approach in the ever-evolving crypto landscape.
Within 6 months, we are going to list the Summit Token on one DEX (Decentralised Exchange).
Within 12 months, we are going to list the Summit Token on more DEX and CEX (Centralised Exchange). We will also launch Summit Consulting and Summit Technologies, services almost ready that simply require some time to recruit the proper talents for the specific type of marketing and sales they require.
Within 24 months, if the ICO is a success, we will launch the Summit Bank, a modern Web3 bank that aims to make access to cryptocurrency easy. Our goal is indeed to enable anyone to invest in cryptocurrency by eliminating the difficulties encountered with traditional banks.
The full roadmap is available on our website, at www.summit.io/ico.
The Summit team is a melting pot of experts from a variety of fields, from finance to the military, creating a unique synergy. This diversity of backgrounds ensures that skills complement each other, with each member adding value to the whole. The majority of members were initially investors before becoming fully involved, reinforcing their commitment to Summit's vision. Their shared passion for cryptocurrency and blockchain unites this diverse team, which aims to deliver the best to its investors. This culture based on complementarity and passion is the beating heart of Summit, with nearly 40 dedicated experts working in harmony to achieve its vision.
Here is the management presentation:
Mathieu Vincent, CEO | LinkedIn
After missing the opportunity to invest in Bitcoin in 2013, due to its complexity at the time, Mathieu, with a 20-year career in trading and a successful real estate business, decided to dive into the world of crypto in 2017. He experimented with mining before founding Summit, initially for his family and friends. With Summit, Mathieu has one mission: to democratise access to cryptocurrencies. He wants to educate the public about the challenges, risks and opportunities of cryptos, with an emphasis on transparency and guidance. The main aim is to give everyone the opportunity to understand and invest in the digital economy with confidence, avoiding past mistakes due to lack of information.
Tatiana Yakim, CAO | LinkedIn
At the age of 20, Tatiana, who holds a Master's degree in logistics, specialised in rail logistics in Russia. Today, she plays a key role at Summit, overseeing the supply of thousands of mining machines. Every stage, from delivery to machine start-up, is under her responsibility, as is the management of payments to suppliers. In a time-critical industry, his expertise ensures that Summit operates efficiently and maximises profits. Tatiana's control, planning and coordination are major assets to Summit's financial performance.
Stéphane Mathurin, Head of Customer Success | LinkedIn
In 11 years, Stéphane has acquired solid engineering expertise at giants such as CNES and Airbus Defense and Space, overseeing major deployments. At EDF, he led qualifications and production of applications, leading two teams of experts. At the same time, he ventured into rental investment and founded a computer repair company. His passion for cryptocurrency brought him to Summit, where he guides newbies to the crypto market. As director, he aims to clarify this universe for investors, ensuring that Summit Customer Success makes crypto investing accessible to everyone..
Régis L., Head of Compliance
Régis, current Head of Compliance at Summit.io, has a rich background in economics, management and banking compliance. After starting out at BNP Paribas and Oddo & Cie, where he specialised in compliance and anti-money laundering, he played a key role at EY in Moscow and was Head of Compliance at Avilon AG for eight years. Passionate about new technologies and an investor in cryptos since 2013, he sees his role at Summit.io as an opportunity to combine his passion and expertise. His regulatory know-how and passion for crypto make him an added value to Summit.io.
Rémi Guillard, CTO | LinkedIn
Rémi, who has been passionate about IT since he was a teenager, started out as a freelance developer before co-founding a digital agency working with prestigious clients such as Kedge Business School and Mazars. His growing interest in cryptocurrency turned him towards Web3, leading him to become Vice President Tech at a specialist agency. Meeting Matt at NFT Paris was the trigger to join Summit as CTO. Today, he combines his Web2 and Web3 skills to develop the Summit Group's future applications.
Our distribution and user acquisition strategy is multifaceted and tailored to the unique nature of our services. We have already identified, for each service, which of the means below is the most appropriate:
1. Personal Branding by Matt, the CEO: Matt uses his personal branding to highlight his expertise in the field. By sharing his knowledge, experience and vision, he helps to establish not only his own credibility, but also that of Summit. This strategy, centred on trust and transparency, is essential for attracting users who are looking for an authentic and expert relationship.
2. Paid advertising: For some of our services, paid advertising on targeted digital and social platforms has proved effective in reaching a wide range of potential customers quickly, particularly in education with Summit Academy.
3. Word of mouth: Given the nature of cryptocurrencies and the trust required to invest, word of mouth remains one of the most powerful methods of attracting new customers. Our satisfied users are our best ambassadors.
4. Physical events: Face-to-face meetings at events, seminars and conferences provide an invaluable opportunity to present our services, build direct relationships with customers and establish mutual trust.
5. Network connections: Our existing network is a valuable resource. Formal referrals and introductions to trusted partners can open new doors and provide unique opportunities.
6. Collaboration with international influencers: By working with trusted influencers in the crypto space, we can reach a wider audience and benefit from their credibility to promote our services.
7. Media: Media placements, whether articles, interviews or features, help to educate the public about our offerings while strengthening our market positioning.
Yes, we have several advisors that helped us with different areas :
ERA 2140 - a leading Web3 studio, with a world-class team of strategists, economists, designers, developers and marketing specialists.
Markchain - a well-known marketing and PR firm for blockchain and cryptocurrency companies, having supported more than 50 renowned projects to date.
Chantal Läng - a recognised figure in the world of crypto and blockchain. As a holder of the BCP (Bitcoin Certified Professional) and the prestigious IPMA Level B certificate, she has solid expertise in the field. She has created a great deal of content on blockchain, notably for her YouTube channel "Crypto Expert". She also played a key role in the "Blockchain Project Manager" training course.
Wagmi Studio - an independent French agency specializing in Web3, offering complete coverage for all your needs in this area. With a team of senior experts, the agency is able to support companies in the creation of NFT collections intended for employees or customers, to develop or audit smart contracts on various blockchains and to launch a variety of technical projects, whether onchain or offchain.
We also have the privilege of working with highly qualified and experienced advisors who prefer to maintain discretion regarding their identity. These advisors play a key role, notably by providing valuable guidance to our CEO on essential topics such as scaling the business, operational management, strengthening the mindset, optimizing productivity and effective decision-making. This collaboration ensures that we remain at the forefront of the industry while respecting the confidentiality and privacy of those who help us behind the scenes.
We don't currently have any strategic partners as such. However, our network is gradually growing. A significant part of this network is made up of business introducers and influencers who connect us to new opportunities, strengthening our presence and influence in the market.
We now have over 5,000 customers.
What's more, we've built a close-knit community of over 15,000 people (Discord, Instagram, Twitter, LinkedIn).
Not applicable at the moment. As the token has not yet been launched, we will answer this question when the time comes.
Not applicable at the moment. As the token has not yet been launched, we will answer this question when the time comes.
Most products are already launched and produce incomes. At the current stage, the following services are up and running, while being profitable:
- Summit Mining,
- Summit Gravity,
- Summit Quantum,
- Summit Ventures,
- Summit Research,
- Summit Academy,
- Summit Nodes,
- Summit Market,
- Summit Hosting.
Web2 technologies:
- Internal marketplace system for Summit Mining.
- Internal crypto portfolio management system (PMS) for Summit Gravity.
- Internal mining machine park management system.
- Internal and client dashboard with front and back office.
- Front :
- Angular 16,
- Firebase Auth,
- NGRX.
- Back :
- Nest.js,
- Postgres,
- Typeorm,
- Websocket,
- Bull Queue.
- Infrastructure :
- Google Cloud Plateform,
- Firebase Hosting.
- Versioning :
- Github.
- CI/CD :
- Jenkins.
Web3 technologies:
- No own development, but use of tools for custody (Fireblocks).
- Mint of our own Token.
- Heavy cryptomining technology set.
AI Technologies:
- ChatGPT.
- Midjourney.
- Dall-e.
- Hygen.
- Captions.
For additional details, please contact our CTO Rémi : remi@summit.io.
The current target is a total of 40 million euros. We'd like to reach this target by the end of April 2024 (6 months after the public launch on November 2, 2023).
The token will be listed in May 2024.
The bulk of the funds raised will be allocated to the launch of Summit Bank, which brings together all our services and will serve as a gateway for our customers between traditional finance and the world of cryptocurrencies.
If the €40 M hard cap is reached, the funds will be distributed as follows:
* Summit product or service not launched
We have already raised 6.5 million euros privately (from our customers only), corresponding to our target for 2022 (out of the 40 million euros to be raised by the end of 2024) as part of the ICO.
1,822 investors took part in the private fundraising.
In addition, there has been no equity financing to date.
We are not raising equity for the Summit Group, unless there is an interesting offer.
For a specific services, we are open to offers:
- Regulated investment services (Summit mining; Summit Gravity; Summit Quantum),
- Nodes hosting (Summit Nodes),
- Professional mining (Summit Market; Summit Hosting),
- Financial publication (Summit Research),
- Education (Summit Academy).
We are aware that the current period is not the most favourable for raising capital. As a result, we are cautious about giving away too much of our business in exchange for capital. We value the vision and direction of our company and wish to maintain a degree of decision-making autonomy.
Globally, we are looking for investors who are passionate about Web3 and want to be actively involved in this innovative world. The acquisition of Summit Tokens would provide an opportunity to take full advantage of the services offered by our group, thereby strengthening our mutual collaboration in the Web3 ecosystem.
Specifically, we are targeting two categories of investors:
1. Professional investors and business angels: Those who are looking for a robust, proven institution in which to place their investments. They have the expertise and are looking for solid, reliable structures in which to allocate their funds. On the other hand, they can advise and guide us, thanks to their considerable experience, which creates a mutual benefit.
2. Individuals: For those who are new to cryptocurrency but want to seize the opportunities it offers. By investing in a well-established project like ours, with a proven track record over several years and a clear vision, they can explore this world while minimising their exposure to risk. For them, this is a secure and serious gateway to the world of crypto.
At present, our main investors are our customers. The initial phase of the ICO was offered exclusively to our customers in recognition of their interest in and support of our project.
We invite you to take a look at the table below, and find all the information you need in our White Paper or Lite Paper.
* Does not take into account regular burns. These burns refer to the permanent removal of a certain quantity of tokens from circulation, thus reducing the total number of existing tokens. As a result, the total number of tokens is likely to fall, making the offer all the more scarce.
** Amount calculated in relation to the listing price of the token, set at a maximum of €0.13639. However, this price may fluctuate according to market and economic conditions, as may the value of any other currency or asset.
We are currently raising funds on the basis of an average valuation of €25 million. This valuation is determined by taking an average over the first 6 months, as there is a vesting mechanism that is gradually being rolled out.
A vesting is a process that limits the availability of tokens or shares to team members until a specified period has elapsed. In our case, this period is 48 months for the team, with an additional cliff of 3 months. A cliff is an initial period during which no token or action is accessible. So the total period before the team can fully access its tokens or actions is 51 months.
At the end of this vesting period, we project a valuation of €270 million. This projection is based on a realistic outlook, assuming that the long-awaited bull market, which the crypto community has been anticipating for over two years, takes place. This means that we anticipate continued robust growth, supported by a favourable market.
Our strategy is to balance healthy growth in market cap while protecting the interests of our token holders.
When the Summit Token is listed, several factors will influence its market capitalisation (market cap):
LInitial market cap: At the beginning, only a fraction of the tokens will be in circulation. Many tokens are often held back by mechanisms such as "vesting" and "cliffs", which are waiting periods before certain holders can sell or use their tokens. This means that the total quantity of tokens on the market will initially be limited, leading to a lower market cap.
Burning of unsold tokens: After the ICO, some of the tokens that have not been sold will be "burnt" or destroyed. This means that they will be taken out of circulation, reducing the total supply. This reduction in supply can have a positive effect on the value of each remaining token, while reducing the overall market cap.
Long-term perspective: As time progresses, more tokens will be released following vesting periods and cliffs, gradually increasing the market cap. However, it is important to note that this increase will be consistent with Summit's growth and evolution. If we look four years ahead, with Summit's expected rapid expansion and anticipating a new bull market in the cryptocurrency sector, a high market cap will not only be justified, but also reasonable. The world of cryptoassets is dynamic, and a company that innovates and grows can see its value increase significantly within a few years.
New bull market: We are optimistic about the cryptocurrency market. The entry into a new bull market cycle could propel the value of many tokens, including Summit Token, to unprecedented levels. This expectation is reinforced by Summit's expected growth, which could benefit from favourable market conditions.
€2 M : Sales figures
€1 M : Equity capital assets
€6.5 M : Funds already raised (with the ICO)
€3.5 M : Cryptocurrencies held
Financial data and 4-year projections, with no growth in market share
It should be noted that the detailed calculations associated with these projections remain confidential. However, based on an extremely conservative scenario that includes no growth (i.e. simply maintaining our current customer base), we have estimated potential revenues for the next four years as follows:
- Summit Mining: €20,817,725,
- Summit Gravity: €3,550,200,
- Summit Research: €915,000 in revenue.
Total: €25,282,925.
These figures highlight the financial solidity of our business model, even in a scenario where we do not experience further growth. It's a testament to the resilience and potential of our ecosystem.
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