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Glo Q1 2023 update

What we've been up to for the past 3-4 months. Why our launch is postponed, how we are building our community, and website/doc updates.

by
Seth
Green
April 27, 2023
About Glo

Hi! 

Since our last update, we have hired six new team members, built our community and organization out, and are currently gearing up to launch Glo. 

We were expecting to launch at the end of Q1, but we decided to push it back a few months. Basically we want to be 100% sure that we’re launching Glo in a fully compliant way, and given recent turmoil in banking and crypto, we think that requires more prep work.

We’re also doing a lot of fundraising. We’re in a secure financial position, but more funders = sturdier organization.

Launching Glo: why the delay?

  • In our last update, we said that we expected Glo to be live in January 2023. So we’re behind schedule. 
  • Basically, given recent events, we wanted to be as sure as possible that we’ve identified and implemented partnerships that will lead to a robust, compliant stablecoin. 
  • We’re in the final stages of selecting partner institutions on stablecoin issuance and for custody of Glo reserves. 
  • This sucks, we know. But in general we’re trying to think long-term, and that means not taking any shortcuts on compliance.
  • At the same time, we want to get to market as quickly as possible. We hope to share more on this front ASAP.

Community building

We had an awesome ETHDenver!

We've also added a lot of new early adopters!

  • We’ve had about 150 people sign up so far
  • Early adopters help us create a bridge between USDGLO, a stablecoin, and Glo, the antipoverty dollar, and we’re stoked to have you.
  • P.S. If you join our Discord and tell us you’re an early adopter in our early-adopters channel, we’ll assign you the “Glo supporter role” and your screen name will be colored in green. Not world-changing, but we must start somewhere!
  • Most importantly: sign up here to become an Early Adopter.

Team and organization building

We’ve added six new people to the team since our last update:

Also, we met up in Singapore for our Q1 2023 offsite! We totally neglected to take a team photo, our bad, but we ate a lot of really good meals and had three very productive days getting aligned and stoked about Glo

Speaking of the team, here’s how Glo is organized today:

  • We’re registered as a Delaware Corporation under the name “Glo Development Foundation, Inc.” 
  • We have fiscal sponsorship from an organization called Global Impact. They process donations on our behalf.
  • We are gearing up to register as a 501(c)3.

Website and documentation updates

Fundraising

  • As a nonprofit, we keep the lights on through donations.
  • We’re lucky to have generous support from the Sijbrandij Foundation, but, as is true of many things in life, more is better.
  • We’re ramping a founding donors campaign and reaching out to individuals and organizations for support. Our founders are leading these efforts, and have been meeting with VCs, foundations, and individuals who are inspired by Glo’s mission.
    Speaking of: if you know any people or foundations who are passionate about ending poverty, please be in touch!

 An update on the banking situation

  • Things are a bit chaotic in banking and by extension crypto!
  • We had no direct exposure to Silicon Valley Bank, Signature, or Silvergate. (Our payroll provider was affected but we made payroll manually as a precaution, so no direct impact there.)
  • Our operational banks are Chase and Westamerica.

That’s all for now, we’ll keep you posted on when Glo will be available for purchase 😀

Note: our Early Adopter program is now called our Glo Supporter program.

This could be the info box

In this program, GiveDirectly identifies impoverished African villages to give their citizens $30 per month, transferred via mobile money technology, for 3-5 years. For people living on less than $2/day this is a transformational amount.
Glo's economic model is to invest its reserve in short-term Treasury bills and give the proceeds away entirely to GiveDirectly.

References (this is a heading2)

  • This is a list for references
  • reference 2
  • reference 3

This is additional reference text

Articles
Glo Q1 2023 update

Glo Q1 2023 update

What we've been up to for the past 3-4 months. Why our launch is postponed, how we are building our community, and website/doc updates.

Everyone on this page is going to buy Glo at launch 👇

Hi! 

Since our last update, we have hired six new team members, built our community and organization out, and are currently gearing up to launch Glo. 

We were expecting to launch at the end of Q1, but we decided to push it back a few months. Basically we want to be 100% sure that we’re launching Glo in a fully compliant way, and given recent turmoil in banking and crypto, we think that requires more prep work.

We’re also doing a lot of fundraising. We’re in a secure financial position, but more funders = sturdier organization.

Launching Glo: why the delay?

  • In our last update, we said that we expected Glo to be live in January 2023. So we’re behind schedule. 
  • Basically, given recent events, we wanted to be as sure as possible that we’ve identified and implemented partnerships that will lead to a robust, compliant stablecoin. 
  • We’re in the final stages of selecting partner institutions on stablecoin issuance and for custody of Glo reserves. 
  • This sucks, we know. But in general we’re trying to think long-term, and that means not taking any shortcuts on compliance.
  • At the same time, we want to get to market as quickly as possible. We hope to share more on this front ASAP.

Community building

We had an awesome ETHDenver!

We've also added a lot of new early adopters!

  • We’ve had about 150 people sign up so far
  • Early adopters help us create a bridge between USDGLO, a stablecoin, and Glo, the antipoverty dollar, and we’re stoked to have you.
  • P.S. If you join our Discord and tell us you’re an early adopter in our early-adopters channel, we’ll assign you the “Glo supporter role” and your screen name will be colored in green. Not world-changing, but we must start somewhere!
  • Most importantly: sign up here to become an Early Adopter.

Team and organization building

We’ve added six new people to the team since our last update:

Also, we met up in Singapore for our Q1 2023 offsite! We totally neglected to take a team photo, our bad, but we ate a lot of really good meals and had three very productive days getting aligned and stoked about Glo

Speaking of the team, here’s how Glo is organized today:

  • We’re registered as a Delaware Corporation under the name “Glo Development Foundation, Inc.” 
  • We have fiscal sponsorship from an organization called Global Impact. They process donations on our behalf.
  • We are gearing up to register as a 501(c)3.

Website and documentation updates

Fundraising

  • As a nonprofit, we keep the lights on through donations.
  • We’re lucky to have generous support from the Sijbrandij Foundation, but, as is true of many things in life, more is better.
  • We’re ramping a founding donors campaign and reaching out to individuals and organizations for support. Our founders are leading these efforts, and have been meeting with VCs, foundations, and individuals who are inspired by Glo’s mission.
    Speaking of: if you know any people or foundations who are passionate about ending poverty, please be in touch!

 An update on the banking situation

  • Things are a bit chaotic in banking and by extension crypto!
  • We had no direct exposure to Silicon Valley Bank, Signature, or Silvergate. (Our payroll provider was affected but we made payroll manually as a precaution, so no direct impact there.)
  • Our operational banks are Chase and Westamerica.

That’s all for now, we’ll keep you posted on when Glo will be available for purchase 😀

Note: our Early Adopter program is now called our Glo Supporter program.

Alexander Drummond
Director of Partnerships
Deborah Lightfoot
Head of Finance & Reserves
Lisa LoGerfo
General Counsel
Marcia Blacken
Head of Operations
Garm Lucassen
Co-founder & CTO
Jeffrey Milewski
Co-founder & CEO
Jasper Driessens
Co-founder & Head of marketing
Bram Voets
Growth
Alexander Drummond
Director of Partnerships
Deborah Lightfoot
Head of Finance & Reserves
Lisa LoGerfo
General Counsel
Marcia Blacken
Head of Operations
Garm Lucassen
Co-founder & CTO
Jeffrey Milewski
Co-founder & CEO
Jasper Driessens
Co-founder & Head of marketing
Bram Voets
Growth

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