Crunchfish (CFISH) Status update summary

Market opportunity and architecture

• Offline payments present a significant business opportunity, with architecture being the key determinant of success.

• Acceptance is central to payment systems; without acceptance, the system cannot function.

• Offline capability is inevitable due to recurring disruptions in connectivity and infrastructure.

• The architecture choice determines where money and risk reside, impacting system design and credit risk.

Governed offline model and global relevance

• Governed offline allows payments to occur offline while funds and authority remain online, with settlements processed as usual.

• The solution is validated and patented in key markets, with integration into regulated environments and ongoing global dialogues.

• Offline capacity is reserved at banks, supporting liquidity and interest income, making it a business opportunity for banks.

• Small reservations across millions of users can generate significant value annually.

• Governed offline is relevant for real-time payments, card systems, central bank currencies, and mobile operators globally.

Business model and scalability

• Integration offers a scalable software business with a simple model, recurring license revenues, and global upside.

• Licensing occurs at both system and payment service levels, with value creation for banks and revenue sharing.

• Technology is delivered as software, with scalability driven by payment system operators and service providers.

• A single national system integration can activate an entire market, increasing profits with volume.