I hope whoever keeps managing these pivots back and forth from Wooboard to crypto has a nice swivel chair - this is, what, the 4th or 5th time?
Loyyal is dangerously close to being the tech startup equivalent of a Ponzi scam. It's been a way for people to extract big salaries while they build demos for the next round of investors, using the capital injected from the previous round. What's the point of recapping it? They've been bumbling around for 6 years under a bunch of different names (Loyyal, Circuits of Value, Ribbit Rewards), have been through tons of employees, and all they've achieved is press releases.
The primary value-add of Loyyal - over, say, any one of the half dozen open source blockchain stacks - seems to be the fact that if you are a key customer they will come in and build your demo/solution for you at their expense so they can issue a PR.
The point of a tech startup is to be scalable. Loyyal has struggled for years to get one customer (now basically gone). Clearly their tech either doesn't work "off-the-shelf" or offers no real advantage over competitors (or freely available stacks) sufficient to make anyone spend money on it.
Given the history, what company would say "oh, yeah, let's commit a lot of time and effort to base our infrastructure around tech components from companies as trustworthy and successful as Reffind and Loyyal"?
RFN Price at posting:
0.3¢ Sentiment: Sell Disclosure: Not Held
