Today we’re introducing you to a Netherlands-based company, that aims to reconnect local food ecosystems powering (local) businesses and consumers. Bistroo already onboarded 267 merchants, counting over 20,000 users and more than $1.8M USD platform revenue.
In an environment where merchants pay up to 30% commission to intermediaries, with no way around them in order to compete with competitors, it’s clear change is needed. Intermediaries got the restaurants exactly where they want them, charging high fees while also maintaining ownership of all customer data.
This makes it rather impossible for restaurants to build a loyal customer base, making them depend heavily on these intermediaries.
The issue has been known for a long time now, for which reason the team founded Bistroo in the Netherlands, in order to start the fight locally and ultimately expand worldwide through their peer2peer marketplace for food & beverages. A marketplace in which the consumer and restaurants are in control, and in direct contact with each other.
Upon the launch of their main platform in the Netherlands, it was clear there’s interest from both parties. With more than 25,000 orders for 12,500 unique consumers processed within just nine months after their launch.
Unlike many other projects, Bistroo already launched and has successfully tested their MVP since March 2020, and further developed and grown the platform to its current state.
Bistroo recently raised 4,166 ETH and sold out during their initial token sale, selling 30 million BIST tokens. Their token is scheduled to start trading on Uniswap on May 16th. This raise allows them to further accelerate growth of their business and ecosystem. And to further develop their direct-to-consumer peer-2-peer marketplace.
Next up for Bistroo is their wallet integration into the platform, user profiles for customers, and a timeline feature for customers to fit their individual taste and preferences. Restaurants can start promoting (paid in BIST) their products on user’s timelines upon a match in preferences, which increases the restaurant’s return on advertising. As well as the recent start of the BIST affiliate & ambassador program. All scheduled for Q2, 2021.
They’re looking to build this on the Ethereum Network, however they’re considering using bridge solutions for the BIST token until dPOS is implemented to reduce the gas fees.
So, what does their platform look like? Check it out yourself!
Rather than a 30% fee, restaurants pay a flat commission of 5% on transactions within the platform. A second source of revenue for Bistroo are their premium tiers, which restaurants can pay for in BIST in order to get 30% discount on fees on the platform and to get access to various other premium features.
By directly connecting customers and restaurants, transaction fees are lower than with typical intermediaries as well, and even more so if BIST payments are accepted by the merchant. Benefiting both users, merchants and token holders. Rather than having to wait 1-8 weeks for revenue to be received by the merchant, they now directly receive their revenue.
As stated, Bistroo is located in the Netherlands. Their team is fully non-anonymous and displayed on their website.
Part of the management team are:
Bas Roos: Bas is the founder and CEO of Bistroo. Bas has experience in business administration, technology and management, and also founded Entropy. A company specialised in consultancy and management for Blockchain/DLT & iOT.
Bob Dohmen: Bob is the Co-Founder, CTO & a developer at Bistroo. Bob is a serial entrepreneur experienced in technology, web development & creative technology.
As stated Bistroo is leveraging the Ethereum Network, and therefore they start of with their ERC-20 token ‘BIST’. BIST is the utility token used throughout the Bistroo ecosystem, for various (premium) features.
As they’ve just raised funds and have yet to list on exchanges, it’s important to take a look at their token allocation. Which has been allocated as follows:
Team tokens are vested for 6-months, after which there’s a 10% monthly unlock. 31% of total supply is in circulation upon Uniswap launch, increasing to 51% within 16 months. During the private sale, BIST was sold for $0.10 per token with a 2 month cliff and a 10% monthly unlock afterwards.
The operational pool is to be used for marketing campaigns, burn programs, staking rewards, operations and partnerships.
The Uniswap listing price has been set at 7,200 BIST / ETH ($0.56 per token at the current ETH valuation of $4,000).
BIST is used for all sorts of features, best summarised on their website:
Overall, we’re excited to keep track of Bistroo’s progress in the Netherlands. As our team is located in the Netherlands as well, we’ve known Bas for a couple of years now and have been following the creation of Bistroo since the early days.
We congratulate him for his early success, and hope to see Bistroo grow to a platform adopted by merchants and consumers world-wide. We also sincerely hope to see the value and growth of the platform reflected back in the utility token BIST.
Bistroo aims to do so through their community & merchant staking program, as well as through secondary market buyback programs using the protocol’s token revenue. For example, a small fee is charged on orders paid for in FIAT rather than BIST for buyback purposes.
Bistroo built a platform that’s already live and growing in the Netherlands. They raised 4,166 ETH ($14.5M at current ETH valuation) to further accelerate this growth and the development of the platform. There’s a clear need for change for merchants and early feedback from both merchants and users has been positive.
Trading and investing in cryptocurrencies (also called digital or virtual currencies, altcoins) involves a substantial risk of loss and is not suitable for every investor. You are solely responsible for the risk and financial resources you use to trade crypto. The content on this website is primarily for informational purposes and does not constitute financial advice.