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Is there something fishy going on with Substratum's new partnership?

25 Oct, 2018
by Will Heasman
News
Is there something fishy going on with Substratum's new partnership?

According to a Reddit post, the cryptocurrency firm Substratum has made claims of a partnership with the National Christain Foundation (NCF), something which one of the members of the foundation has denied.  

The cryptocurrency tasking themselves with decentralizing the web, have ended up in hot water over the aforementioned claims. The debacle started with a video announcement via Substratum’s YouTube channel. In the video, Justin Tabb, CEO, and Co-Founder of the Substratum Network talks of “exciting partnerships” such as the National Christian foundation, who Tabb asserts have “agreed to work with [substratum] exclusively for their donations”. Tabb then goes on to stress the important of this partnership, stating that the NCF nets “1.5 billion dollars a year in revenue, so that’s going to be great for everyone”.

However, it doesn’t seem as though everyone got the memo, as the seinor Vice president of Donor Adviced Fund Services at the NCF, Brian E. Grable, denied any collaboration with Substraum stating explicitly in response to a community member that the “NCF does not have an exclusive agreement with any cryptocurrency provider”.

The community members email:

The reply from the NCF:

A blog post by the community member in question took a deep dive into Substratum's partnership claim. Within the post, the member addresses allegations of falsifying the email from the NCF by sharing a text file containing raw email headers.

In response to these claims Substratum released a letter of intent allegedly from the NCF claiming their intention to use “Cryptopay, a division of Substratum, as our sole means of accepting cryptocurrency as donations to National Christian Foundation”.

However, There were still a few raised eyebrows from Redditors who didn’t seem to buy the excuse.

In the end, this is most likely a simple case of poor execution and mismanagement of an announcement. Something firms such as Substratum need to get better at in order to satisfy the ever astute crypto community.

A recent example of an announcement gone awry is TRON’s proclamation of a partnership with Baidu. The ‘partnership’ it turned out was little more than an arrangement between Tron and Baidu for the use of their cloud services, something, the crypto community was quick to point out.

Read more: TRON officially announces "partnership" with Baidu, most aren't convinced 

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