Skip to main content

March 2022 Investor Update

· 4 min read
Matt Galligan

This has already been a big month for us, and we’re just getting started. Developers are already building on the protocol, we’re shipping new websites for XMTP and XMTP Labs, and making more information about the project public.

🚀

Current tagline

XMTP is the web3 communication network, enabling messaging between wallets.

Financials

  • Cash in bank: $24M
  • Current burn target: $250k/mo
  • Runway at current burn: 78 months
  • Team size: 8

Asks

  • Join our Community Forums & Discord. We’d love to start getting your feedback and participation in the community!
    • Follow this link to get in if you aren’t already
  • We need to meet founders, teams, and builders behind leading projects across these verticals and start getting their feedback, or investigating integration:
    • Wallets (Consensys & Metamask, Phantom)
    • Top-tier NFT Projects (e.g. Yuga Labs, Artblocks, Larva Labs)
    • DeFi (e.g. Maker, Uniswap, Yearn)
    • DAO Tooling (Snapshot, Gnosis, etc.)
    • web3 Social (any projects you’re familiar with)
    • Any other projects that you think need or want messaging, re-engagement, push notifications
  • If you lean technical, please leave some feedback on XIP-5
  • We’ve still got a bunch of open job opportunities, but in particular we’re looking for some more crypto-specific engineers
    • https://careers.xmtp.com
    • Engineers that have had experience in crypto before building protocols, or interfacing with blockchains are a focus for us right now

Updates

  • We’ve been working for about a month on recruiting Anoop Ranganth, a Staff eng manager at GitHub, and yesterday he accepted our offer to join the team and lead engineering
    • Head of web3 executive recruiting at a16z (Shannon Barbour) had hired him at GitHub a few years back and recommended us to him when he started looking around
    • Will be responsible for eng management, and leading our eng recruiting efforts as we scale the team a bunch this year
  • Developers have been building on XMTP and sending messages in the playnet
    • Texts.com is testing out integration into its all-in-one messaging app (which is awesome)
      • Even helping out with a PR to improve some code!
    • Poolsuite is building a messaging app for its members
  • Promising conversations with web3 messaging apps to replace their centralized back-ends with XMTP
    • Inb0x, which is run by the Parallel NFT team, probably has the nicest web3 messaging experience yet, and is interested in building with us
  • We’ll be launching our new public presence by the end of March
    • XMTP.org
      • This will be the primary web presence for the XMTP project moving forward
      • For most purposes we’ll be driving people to this site to get started with building, and get a familiarity with the project
      • I’ve attached a preview of what it will look like
    • XMTP.com
      • This will be the XMTP Labs site, primarily used for our list of career opportunities and our company blog
    • github.com/xmtp
      • We’ll be releasing a number of our repositories to the public including our JS SDK, XIPs directory, example app, and documentation
  • Earlier this week I participated in a Twitter Spaces on web3 social hosted by Elena Silenok and the Superlayer team
    • You can listen to it here, podcast is coming soon
    • Also on the call was XMTP investor Dan Romero talking about web3 social networking
  • Our first meaningful XIP (XMTP Improvement Proposal) is out and we’re soliciting feedback on it. Have a read if you want to nerd out on message formats.
    • XIPs are heavily influenced by the Ethereum Improvement Proposal and a few other formats. It’s a tool to propose and work on new features as a community.
  • WalletConnect recently announced that they’ve raised an $11M Series A, and are interested in pursuing general-purpose messaging among WalletConnect users
    • We’ve been told from multiple sources who have spoken with the team that this is still an announcement-only type thing, and the shift in direction was driven largely by developer demand
    • We’re going to be meeting with their team to see if there are opportunities for collaboration