Dibbs | Marketplace Closure

To Our Valued Customers,

We have made the decision to wind down operations of the Dibbs Marketplace, effective immediately. This was a tough decision, but ultimately the right decision for the company and our customers, as we put the full focus and resources of the business towards our growing Tokenization-as-a-Service business. The decision to shutdown Dibbs Marketplace activity was influenced by a variety of factors, including unforeseen changes to offerings from our payments provider and their partner banks. In order to ensure our customers' ability to withdraw their funds from the platform, we needed to act swiftly and decisively.

As of 12:00 pm PDT (March 15, 2023), we have halted all buying and selling functionality on the Dibbs Marketplace. Simultaneously we executed a buyout of all remaining customer-owned assets on the platform consistent with the terms of the Dibbs User Agreement. This means that any remaining balances of Item Tokens on Dibbs Marketplace have been converted to a USD balance and made available for withdrawal. All Dibbs Marketplace customers will receive a personalized email with specifics about their individual accounts, USD balances, and instructions on how to withdraw your USD balances in a timely manner.

We want to thank each and every one of you for your support over the past two years. Your support, feedback, and time are deeply appreciated by everyone here at Dibbs and from the bottom of our hearts, we want to thank you for all you have done for us.

Best regards,

Evan Vandenberg
CEO

BUYOUT TERMS

As per the User Agreement, and to protect our customers, we have bought out all customer holdings in collectibles at a price equal to the higher of the two prices below:

30-Day Volume Weighted Average Price on the Dibbs Marketplace, per the User Agreement
The fair market value as determined by a third-party price guide or similar service, if available.

We chose this structure in an effort to do right by our customers, and to ensure that, subject to the User Agreement, every customer receives the going price on the Dibbs Marketplace, or higher where supporting data is available.

RECEIVING YOUR FUNDS

There are three options for withdrawing funds from your account:

USDC: All eligible customers will have the ability to take their account balances in the form of USDC stablecoins and send them to a supported wallet of their choice. If you need assistance (step-by-step instructions), please contact our support team: support@dibbs.io
Other Providers: Customers who were unable to remove their funds via USDC transfer by 3/30/2023 will be able to receive their remaining account balance funds through a digital or physical payment from echecks.com. Echecks provides a free transaction option for users that would like to print and deposit into their bank accounts as well as other convenient electronic transaction options. We will provide more details and instructions in the next few days.

Dibbs Marketplace Closure