We are pleased to report that our company has achieved a significant milestone: Ballet products are now trusted by users to secure an aggregate total of more than 100 million dollars worth of crypto assets. Before the Ballet REAL Series wallet was released in September 2019, this number was zero. We are incredibly grateful to all of our wonderful customers who have made this possible, especially those of you who have been with us on this journey since the early days, our VIP superfans who collect every single Ballet product and spread the word about how Ballet is making crypto easy for everyone.
The growth from zero to 100 million dollars worth of assets secured is the result of two compounding factors: an expanding user base for Ballet wallets and the spectacular cryptocurrency bull market that started in 2020, led by Bitcoin. The predictable four-year market cycles that are correlated with the block reward halving have become a defining feature of Bitcoin, and this has been at the forefront of our mind since the company was founded in 2019. The bull market phase of the cycle is characterized by much more than just the surging price; it is accompanied by a spike in attention from the media followed by a huge wave of new mainstream adoption.
Ballet’s founding vision was to promote global mainstream adoption of cryptocurrency by providing an easy, safe, reliable cold storage solution for the common man and woman (people without advanced technical expertise). The Bitcoin block reward halving from 12.5 to 6.25 BTC was set to occur in May 2020, and we hoped and expected that growth in price and mainstream user adoption would play out as in previous cycles. So it was our objective to have developed the Ballet REAL Series wallet and Ballet Crypto app to an elite standard of security and usability in time for the tens or hundreds of millions of new cryptocurrency users that will be looking for a good way to store their crypto assets. The existing hardware and software wallets on the market are too complicated for most ordinary people, and we strongly believe that users should hold their own private keys, not give custody of their coins to third parties. Ballet wallets are easy enough for anyone and they give users full and exclusive control of their private keys. We are constantly working to improve upon our products and we know that there is much work to do, but we are proud of the progress we have made and we feel that we already have a strong claim to be the world’s easiest cryptocurrency wallet for mainstream users.
We are confident that there is still much more growth to go in this four-year cycle. How much the aggregate value of crypto assets secured by Ballet wallets grows in the coming months and years is an indicator of success that we’ll be paying close attention to. Now that we have reached the 100 million dollar milestone and with the bull market in full swing, we have our sights set on the ten-digit realm. In the world of crypto, a ten-fold increase is not unrealistic. We will keep working hard every day to live up to our promise and continue to earn your trust.