Refereum Likely Shutting Down

Blockchain marketing program Refereum is shutting down its organization for restructuring. The company wants to reevaluate its business and rebuild their product. However CEO Dylan Jones told that there is a chance that Refereum will never come back. The online platform will close down on May 16th 2020, after being online for approximately three years.

Refereum was partnered with video streaming platforms like Twitch, Mixer and Dlive, which was announced in November last year. The platform allowed content creators to monetize their viewers through social activities. As a result viewers and users could earn RFR tokens by doing community activities. Since the platform launched, it distributed over one million dollars worth of RFR tokens.

Our goal will be to apply our three years of learnings onto a fresh slate, iterate on where gamers and developers find value, wipe away technical debt, streamline operational and team requirements, all which allow Refereum to faster adapt and succeed going forward.

Dylan Jones, May 2020 update - blog

Jones noted that Refereum might become a completely different product in the future. He didn't provide any ideas for this new direction though. However, he also suggested that platform might not come back at all.

Through working with users and partners, it’s potentially possible we might not find a sustainable and valuable solution that enable a re-launch - but these changes give Refereum the best chance.  

Refereum advices gamers to spend their RFR tokens on games in their store. Despite the news, Refereum shutting down isn't a complete shock. In the past 12 months the RFR token already lost 71.6 percent of its value. Those who invested in the ICO even lost 94.2 percent of their investment, according to data from Coingecko.