Press Release
Valued at $100 Million, Russian Charity Auction Platform CPAI Reaches 1 Million Users
CPAI is the first Russian innovator business to be valued at $100 million this this year. CPAI has surpassed ThredUp in transaction volume and is expected to be the next unicorn of online resale platform.
CPAI, after seed round on May 19, 2019, has its trading volume almost doubled each year. CPAI operates a one-stop second-hand trading market featuring online resale, charity auction and vertical recycling. Its award-winning business model adopts an innovative way of auction — one auction and one re-auction a day. Different from the traditional second-hand trading platform, the same commodity can be traded several times on CPAI platform, and the price of each transaction will be maintained in a fixed range until the buyer takes delivery of the goods.
What is the status of CPAI after this fund raise, according to its financial disclosure and strategy?
The Number of Users Exceeds 1 Million
For e-commerce platforms, number of users is a very important indicator. Since its launch in 2019, CPAI has seen steady growing in user base, with 710 thousand users worldwide in March 2020 and more than 1 million CPAI users by the end of 2020.
Trading volumes continued to grow, however, with heavy volumes in the domestic Russian market and light volumes in the European and US markets. According to data released by CPAI, its trading volume is shown below. Please note that the six-month period means a full fiscal year calculated backwards.
June 2019:3.1 billion rubles
June 2020:7.2 billion rubles
January 2021 to March 2021 (3 quarters in total) : 12.4 billion rubles
Based on this trend, it is expected that in June 2021, trading volume will exceed 2 billion rubles (about $240 million).
In 2020, after the outbreak of COVID-19, the online sales of some categories, especially groceries, increased significantly. Take, for example, Wildberries.Ru, one of the largest online platforms in Russia. Order number on Wildberries has almost doubled during the pandemic, which means every one in three Russian consumers has purchased from Wildberries. CPAI platform hosts at least 6,000 auctions a week; orders for second-hand items in circulation reach 1 million a year, combined with such growth rate, CPAI has a comfortable position in the market and shows promising growth.
Focus on “Talent” and “Marketing”
On the other hand, the number worth paying attention to is the operating loss of CPAI. Up to Q3 of this year, the operating loss was about 200 million rubles, of which the personnel cost was 360 million rubles (210% compared with cost in the same period last year) and the advertising cost was 1.28 billion rubles (154% compared with cost in the same period last year).
The Cambridge graduated Entrepreneur, Ivan Morozov, CEO of CPAI has stated that CPAI will not focus on short-term gains, but on medium – to long-term development, so big investments now are necessary for future growth. Even if the company went public, short-term profit improvements would not be on his mind.
This is in line with the fact that many big tech companies, like Twitter and Netflix, have been losing money for years in order to grow in the long run. So, to maximize long-term profit, investment in growth is the key.
Reflection: The Inspiration and Opportunity CPAI has brought
Recently CPAI has been recruiting engineers aggressively. This year, CPAI has started recruits outside Russia. It’s a great opportunity for whomever with relevant skills, as reportedly the annual salary offered by CPAI can reach 10 million rubles.
On the other hand, why can CPAI attract so much traffic in the short term? We are very familiar with offline auctions in Southeast Asia, but in the post epidemic era, everything is going digital, and the business innovation of CPAI is in line with this trend. 2020 has accelerated the growth of user base, and this momentum ushers in the second wave of growth in the post epidemic era.
We are familiar with traditional auctions, but CPAI is truely unique here. Many entrepreneurs have good ideas of business, but having idea, technology and capital at the same time is a rare combination. Now with the raised fund and user base, CPAI will only embrace a faster development now, providing customers a safe space for their usual activities.
CPAI is actually not the first Russian business to do second-hand goods trading. FRIL offers this service a year before. However, CPAI quickly gained an upper hand with aggressive channel marketing, creating an image of the go to place for charity auction, thus attracting large number of users.
Future challenges for CPAI
Some media regards Rakuten as a strong competitor of CPAI, as Rakuten merged its two flea market apps (Rakuma & Fril) into a single App called Rakuma. Rakuten has always used low prices (Rakuma charges only 3.5 percent), existing members (about 95 million) and points to connect other Rakuten services, using all strategies to gain market share.
However, Rakuten’s victory in the price war usually occurs when its rival’s IT capability is weaker. This allows Rakuten to reduce manpower and streamline workflow to drive down cost. But CPAI’s IT capability is as good as, if not better than, Rakuten’s.
On the other hand, giving points back to members as Rakuten does is just an alternated form of price competition. Price wars will not bring benefit for the market in the long run, but only to squeeze profit margin and kill innovation.
The biggest challenge for CPAI is still from overseas. Will the investment be rewarded? Can trade volume in the US, European, and Southeast Asian market grow substantially? That’s what CPAI is going to focus on next.
About Author
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.
SAUDI VISA FOR BRITISH CITIZENS
People from the UK who want to travel to Saudi Arabia need to get a visa from Saudi Arabia. At present, individuals from over 50 nations, such as the United Kingdom, have the option to request a Saudi electronic visa. After approval, the eVisa is electronically connected to the British applicant’s passport. This visa permits the individual to remain in Saudi Arabia for up to 90 days each time, reaching a total of 180 days annually. The streamlined digital application process eliminates the necessity of visiting a diplomatic post and enables applicants to apply from any location with an internet connection.
SAUDI ARABIA VISA REQUIREMENTS
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A passport must be valid for at least 6 months from the intended date of entry in Saudi Arabia.
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Providing a current email address at which to receive the Saudi Arabia visa online.
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Paying the Saudi eVisa fee with a valid debit or credit card.
What is the Saudi Arabia Electronic Visa?
The eVisa Saudi Arabia is a digital permit that allows qualified foreign tourists to enter Saudi Arabia for multiple short-term tourism visits (up to 90 days). The goal of the Saudi eVisa is to make obtaining a visa to travel in Saudi Arabia easier.
How long will my eVisa for Saudi Arabia last?
The Saudi eVisa, according to the Saudi government, will be valid for 90 days, which should be enough time for visitors to experience the culture and tour the country.
What is the processing time for a Saudi Arabia eVisa?
The processing time for a Saudi electronic visa might range from a few minutes to 24 hours.
When was the Saudi Arabia eTA implemented?
On September 27, 2019, the eTA Saudi Arabia was launched by the Saudi government, and it can now be accessed online in 50 eligible countries, including the United States.
The rich history, stunning scenery, and lively culture of Saudi Arabia attract a diverse group of individuals. In order to travel to this beautiful nation, you need to acquire a tourist visa for Saudi Arabia. The tourist visa program of Saudi Arabia, also called the Saudi Arabia Tourist eVisa, is known as the Saudi e-Visa. It aims to streamline visa processes and boost tourism in Saudi Arabia. Saudi Arabia can be found in the Middle East. The eVisa is an online visa that grants entry for tourism in Saudi Arabia to citizens of around 50 nations. In the year 2019, the Saudi government implemented the tourist eVisa in order to simplify the visa application procedure and greet international tourists. Multiple entries are permitted with the Saudi Arabia online visa. This suggests that you can take it with you on multiple travels to the country. It allows for a 90-day stay with each entry into the country, for a total of 180 days throughout the validity period. The Saudi visa issued online is valid for one year from the date of issue. It is the quickest and most straightforward method of obtaining authorization to enter Saudi Arabia. Simply complete a brief Saudi visa application online and you will receive your Saudi Arabia eVisa through email.
SAUDI ARABIA VISA REQUIREMENTS
-
A passport must be valid for at least 6 months from the intended date of entry in Saudi Arabia.
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Providing a current email address at which to receive the Saudi Arabia visa online.
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Paying the Saudi eVisa fee with a valid debit or credit card.
Saudi Arabia is welcoming the world by launching a new tourist visa. Visitors can explore Saudi Arabia’s hospitable people, diverse history, lively culture, and stunning landscapes. Tourists visiting Saudi Arabia can now receive a Visa on Arrival (VoA) from 50 countries. The Saudi government launched the eVisa for tourists in 2019 to simplify the visa application procedure and greet international travelers. The validity of each entry is 90 days, giving a total validity period of 180 days. There is no limit to the number of entries permitted with the online visa for Saudi Arabia. This means you can bring it with you on several trips to the country. The online Saudi visa is valid for one year from the date of issue. It is the quickest and simplest approach to obtain permission to enter Saudi Arabia. Simply complete a brief Saudi visa application online and you will receive your Saudi Arabia eVisa through email.
SAUDI ARABIA VISA REQUIREMENTS
-
A passport must be valid for at least 6 months from the intended date of entry in Saudi Arabia.
-
Providing a current email address at which to receive the Saudi Arabia visa online.
-
Paying the Saudi eVisa fee with a valid debit or credit card.
SAUDI ARABIA VISA REQUIREMENTS
-
A passport must be valid for at least 6 months from the intended date of entry in Saudi Arabia.
-
Providing a current email address at which to receive the Saudi Arabia visa online.
-
Paying the Saudi eVisa fee with a valid debit or credit card.
About Author
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.
SAUDI ARABIA CRUISE TOURIST VISA
Saudi Arabia is situated in the Middle East. The electronic visa, known as eVisa, permits citizens from around 50 countries to travel to Saudi Arabia for tourism. The Saudi government implemented the tourist eVisa in 2019 in order to simplify the visa application procedure and greet international tourists. The duration of validity for each entry is 90 days, resulting in a total validity period of 180 days. The Saudi Arabian eVisa permits entry multiple times. This means you can bring it along on multiple journeys to the countryside. The Saudi e-visa remains valid for a period of one year starting from the date of issuance. Once approved, the visitor can access Saudi Arabia via any of its seaports, airports, or land borders. The Saudi Cruise Tourist Visa permitted travellers to visit the country’s ports as part of a cruise group. This visa did not allow travellers to travel independently within Saudi Arabia outside of the designated ports of call. Individual tourists were unable to obtain an ordinary tourist visa to enter Saudi Arabia outside of the framework of a cruise. To acquire a Saudi Cruise Tourist Visa, you must normally arrange a cruise package that includes Saudi Arabia as one of the locations and be a member of an organized group. The cruise line or their authorized representatives would typically manage the visa application process. Passengers on cruise ships can apply for an e-visa to visit and stay in Saudi Arabia. It is worth noting, however, that cruise passengers must present multiple travel documents to border check officials.
SAUDI ARABIA VISA REQUIREMENTS
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A passport must be valid for at least 6 months from the intended date of entry in Saudi Arabia.
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Providing a current email address at which to receive the Saudi Arabia visa online.
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Paying the Saudi eVisa fee with a valid debit or credit card.
SAUDI ARABIA ENTRY PORTS FOR TOURISTS
The introduction of an electronic visa system by the Saudi government, also called online visa or e-visa, has made it much easier for foreigners traveling to Saudi Arabia. People intending to visit Saudi Arabia through air or sea now have the convenience of submitting their visa application online and obtaining official travel approval within a short period. Not all of the 15 domestic and 13 international airports in Saudi Arabia accept e-Visas, which is a crucial point to keep in mind.
ENTRY PORTS FOR TOURISTS
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King Khalid International Airport (RUH) – Located in Riyadh, the capital city of Saudi Arabia, this is one of the busiest airports in the country and serves as a major entry point for international tourists.
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King Abdulaziz International Airport (JED) – Situated in Jeddah, the airport serves as the gateway to the holy cities of Mecca and Medina. Many pilgrims visiting for Hajj or Umrah enter Saudi Arabia through this airport.
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Prince Mohammed bin Abdulaziz International Airport (MED) – Located in Medina, this airport is another common entry point for pilgrims visiting the holy sites in the city.
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King Fahd International Airport (DMM) – Situated in Dammam, the airport serves the Eastern Province and is an important entry point for both business and leisure travellers.
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Abha International Airport (AHB) – Located in Abha, in the Asir Province, this airport serves the southwestern region of Saudi Arabia and is known for its scenic beauty and mild climate.
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King Fahd Causeway – This is a land border crossing that connects Saudi Arabia with Bahrain. It is a popular entry point for tourists arriving by land from Bahrain.
SAUDI ARABIA UMRAH VISA FOR EGYPTIAN RESIDENTS
Every year, Mecca is visited by millions of Muslims. People from around the globe visit the city considered the most sacred in Islam and where the Prophet Muhammad was born. Muslim Egyptians are able to travel to Saudi Arabia for the Umrah pilgrimage by obtaining a visa specifically for Umrah from Saudi Arabia. Egyptian citizens need to acquire a visa before they can enter Saudi Arabia as it is not one of the countries on the visa-free list. The Saudi government has tried multiple times to improve the visa application process for better functionality and efficiency. One of the initiatives involves implementing the Saudi Arabia electronic visa for citizens of 50 countries for short visits. In contrast, Egyptian citizens cannot apply for this type of visa and must submit their application in person at an embassy or consulate. A Saudi visa is an official document that allows the holder to lawfully enter the country. You may be unable to board your flight if you do not have a valid visa, but you will be denied entrance by immigration agents upon arrival in Saudi Arabia. Tourist visas to Saudi Arabia for Egyptian people are normally provided with a one-year validity period. This implies that if your tourist visa is approved, you will be able to enter Saudi Arabia within the given validity term, which is typically one year from the date of issuance. We provide a Multiple Entry visa, which allows applicants to stay in Saudi Arabia for 90 days throughout a year. The application process requires basic personal information such as name, address, and passport information. The visa fee is due at the time of application, and processing periods vary by embassy or agency.
SAUDI ARABIA VISA REQUIREMENTS
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A passport must be valid for at least 6 months from the intended date of entry in Saudi Arabia.
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Providing a current email address at which to receive the Saudi Arabia visa online.
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Paying the Saudi eVisa fee with a valid debit or credit card.
SAUDI ARABIA UMRAH VISA FOR UAE RESIDENTS
Every year, countless Muslims from various parts of the globe journey to Mecca, Saudi Arabia, to complete the Umrah pilgrimage. Umrah is a non-obligatory religious journey that can be done at any time of the year, unlike the Hajj. Muslim pilgrims have the opportunity to undertake Umrah in Saudi Arabia by obtaining the Saudi Arabia Umrah Visa, also known as the Saudi Arabia Tourist eVisa. This visa permits both Muslims and non-Muslims to travel to visit loved ones and friends in this lovely country and undertake Umrah. In 2019, an online application system was introduced by Saudi Arabia for international tourists, including UAE residents, who are seeking to get a Saudi tourist visa. The Saudi government launched the tourist eVisa in 2019 to simplify the visa application process and welcome foreign visitors. Multiple entries are permitted with the Saudi Arabia online visa. It allows for a 90-day stay with each entry into the country, for a total of 180 days during the validity period. The online Saudi visa is valid for one year from the date of issue. It is the quickest and simplest approach to obtain permission to enter Saudi Arabia. Simply complete a brief Saudi visa application online and you will receive your Saudi Arabia eVisa through email.
SAUDI ARABIA VISA REQUIREMENTS
-
A passport must be valid for at least 6 months from the intended date of entry in Saudi Arabia.
-
Providing a current email address at which to receive the Saudi Arabia visa online.
-
Paying the Saudi eVisa fee with a valid debit or credit card.
COMPLETE GUIDE TO SAUDI ARABIA E VISA
The Saudi Arabia eVisa permits citizens from around 50 countries to travel to Saudi Arabia for tourism through an electronic visa system. In the year 2019, the Saudi government introduced the tourist eVisa in order to accelerate the process of visa applications and greet visitors from around the world. The Saudi Arabia online visa permits multiple entries. This implies that you are able to take it along on multiple journeys to the countryside. One can stay for up to 90 days each time they enter, with a maximum of 180 days within the validity period. The online-issued Saudi visa remains valid for one year starting from its date of issue. Foreigners who wish to travel to Saudi Arabia for purposes other than leisure, such as business or education, must get in touch with the Saudi embassy or consulate in their country of residence. It is the quickest and most straightforward method of obtaining authorization to enter Saudi Arabia. Simply complete a brief Saudi visa application online and you will receive your Saudi Arabia eVisa through email.
SAUDI ARABIA VISA REQUIREMENTS
-
A passport must be valid for at least 6 months from the intended date of entry in Saudi Arabia.
-
Providing a current email address at which to receive the Saudi Arabia visa online.
-
Paying the Saudi eVisa fee with a valid debit or credit card.
About Author
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.
Saudi Arabia, situated in the Middle East, has introduced the eVisa, an electronic visa that enables citizens from approximately 50 countries to travel to the country for tourism reasons. To increase tourism and decrease dependence on oil, the Saudi government introduced the Tourist eVisa program in 2019, simplifying visa processes and receiving visitors from around the world. This website allows people from different countries to get visas more quickly. The Saudi Arabia eVisa permits multiple entries, enabling visitors to come back to the country multiple times. Every entry permits a stay of 90 days, with a cumulative total of 180 days during the visa’s validity period. The online-issued Saudi visa remains valid for a period of one year starting from the date of issuance. Those who apply for a Saudi online visa are given a Mandatory Insurance Policy that is linked to the eVisa, which is a mandatory condition for traveling to the Kingdom of Saudi Arabia. The Saudi government assigns an insurance provider at random at the time the eVisa is processed. It is the quickest and simplest approach to obtain permission to enter Saudi Arabia. Simply complete a brief Saudi visa application online and you will receive your Saudi Arabia eVisa through email.
SAUDI ARABIA VISA REQUIREMENTS
-
A passport must be valid for at least 6 months from the intended date of entry in Saudi Arabia.
-
Providing a current email address at which to receive the Saudi Arabia visa online.
-
Paying the Saudi eVisa fee with a valid debit or credit card.
Saudi Arabia attracts a diverse range of tourists due to its fascinating history, stunning landscapes, and lively culture. In order to step foot in this captivating nation, you need to secure a tourist visa for Saudi Arabia. The eVisa for Saudi Arabia is an online visa created for tourists from approximately 50 countries, enabling them to visit the Kingdom of Saudi Arabia. The Saudi government implemented the tourist eVisa in 2019 to streamline the visa application process and attract international visitors. Every submission is valid for 180 days, with a limit of 90 days for the duration of stay. In addition, the Saudi Arabia electronic visa enables tourists to take numerous trips to the nation. The online Saudi visa is valid for one year from the date of issue. Those who apply for a Saudi online visa are given a Mandatory Insurance Policy that is linked to the eVisa, which is a mandatory condition for traveling to the Kingdom of Saudi Arabia. The Saudi government assigns an insurance provider at random at the time the eVisa is processed. It is the quickest and simplest approach to obtain permission to enter Saudi Arabia. Simply complete a brief Saudi visa application online and you will receive your Saudi Arabia eVisa through email.
SAUDI ARABIA VISA REQUIREMENTS
-
A passport must be valid for at least 6 months from the intended date of entry in Saudi Arabia.
-
Providing a current email address at which to receive the Saudi Arabia visa online.
-
Paying the Saudi eVisa fee with a valid debit or credit card.
SAUDI VISA FOR UNITED STATES CITIZENS
Americans intending to visit Saudi Arabia for tourism must initially secure an online travel visa in accordance with the visa requirements of the country. This is an electronic visa from Saudi Arabia. Individuals from over 50 nations, such as the US, are now eligible to obtain a Saudi eVisa. American citizens need to fulfill Saudi Arabia’s eVisa criteria. In 2019, the Saudi government launched the tourist eVisa to simplify visa processes and attract international tourists. Every item remains usable for a period of 90 days, resulting in a total of 180 days within the duration of validity. The online visa for Saudi Arabia allows for multiple entries. This implies that you can bring it on numerous excursions to rural areas. The application process for US residents flying to Saudi Arabia is simple and can be completed from the applicant’s own home. The only thing US citizens need to apply for a Saudi Arabia eVisa are an internet connection and the necessary documents.
SAUDI ARABIA VISA REQUIREMENTS
-
A passport must be valid for at least 6 months from the intended date of entry in Saudi Arabia.
-
Providing a current email address at which to receive the Saudi Arabia visa online.
-
Paying the Saudi eVisa fee with a valid debit or credit card.
Annually, Muslims globally journey to Mecca, Saudi Arabia, for the Umrah pilgrimage. Contrary to the Hajj, the Umrah is an entirely optional yearly religious journey. The Saudi Arabia Umrah Visa, also called the Saudi Arabia Tourist eVisa, allows Muslims to undertake the Umrah pilgrimage in Saudi Arabia. Both Muslims and non-Muslims are invited to participate in Umrah and visit relatives and family members. Umrah visas in Saudi Arabia are valid for multiple entries within one year and allow a maximum stay of 90 days per entry. Applicants for a Saudi online visa get a Necessary Insurance Policy attached to the eVisa, necessary for trips to Saudi Arabia. The Saudi government selects an insurance provider at random when the eVisa is processed. It is the quickest and most straightforward method of obtaining authorization to enter Saudi Arabia. Simply fill out a simple online Saudi visa application and you will obtain your Saudi Arabia eVisa through email.
SAUDI ARABIA VISA REQUIREMENTS
-
A passport must be valid for at least 6 months from the intended date of entry in Saudi Arabia.
-
Providing a current email address at which to receive the Saudi Arabia visa online.
-
Paying the Saudi eVisa fee with a valid debit or credit card.
Saudi Arabia is a country located in the Middle East. The eVisa is a digital visa that permits residents of around 50 nations to travel to Saudi Arabia for tourism. In the year 2019, the Saudi government introduced the tourist eVisa in order to streamline the visa application process and greet international tourists. The total validity period is 180 days, with each entry being valid for 90 days. The online visa for Saudi Arabia permits multiple entries. This allows you to bring it on various journeys throughout the country. The Saudi e-visa remains valid for a year starting from its date of issuance. It is the simplest and quickest way to get into Saudi Arabia. Simply complete a brief Saudi visa application online and you will receive your Saudi Arabia eVisa through email.
VISA APPLICATION PROCESS
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Create an account for visa application on the official website of the Ministry of Foreign Affairs (MOFA), Kingdom of Saudi Arabia.
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Choose the type of Saudi Arabia visa you need.
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Fill the visa application, mention accurate details, and pay the fee.
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Download the form and print it out.
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Attach the supporting documents for your visa and visit the nearest Saudi Arabian Embassy.
About Author
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.
Saudi Arabia Umrah Visa For Egyptian, UAE Residents
Saudi Visa For British Citizens, Online Visa Application From UK
Saudi Visa For United States Citizens
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