Visioncraft will lay off most of its employees

Tallinn-based Visioncraft, founded by Estonian entrepreneur Nils Grossberg, the founder of crypto company Dagcoin, will lay off most of its employees.

Founded in 2019, Visioncraft offers solutions related to project management, software development, web design, digital marketing, and customer support services. It has developed, designed, and launched fintech, telco, payment systems, marketplace, gambling, lottery and e-commerce platforms. Visioncraft employed more than 30 people. 

Visioncraft is also developing a digital platform for managing and selling tourism services Travelguider, which has received support from government organization Enterprise Estonia's (EAS) funds. According to Enterprise Estonia, Travelguider got a €148,6K grant for developing its project. The total cost of the project is €270,3K. However, EAS has suspended financing due to Visioncraft's tax arrears. Because of Visioncraft's unfavorable financial situation, it might not be possible to implement the project fully. 

In addition, Visioncraft's team worked on some crypto and e-commerce projects. According to the company's former CTO, he also helped to develop the infamous Dagcoin crypto scheme.

In October 2022, Estonian police detained the owner of Dagcoin Nils Grossberg, Kristjan Ress, and two other men, who owned businesses affiliated with Dagcoin. The police suspected them in an investment scam worth €8M. The entrepreneurs gave off the impression that there were a lot of individuals involved in the creation, development, and sale process of the cryptocurrency Dagcoin and that's why the users could trust the platform. To receive investment, they artificially increased the price of Dagcoin and the number of its users, pretending that Dagcoin is a functioning and constantly increasing value virtual currency.