Reversing the ICO; changing from an ICO to a IBO
As a result of careful deliberations, our management team has decided against completing the ICO in its current state, and re-doing it in a better, more regulated format. We consequently roll-back of the current ICO offer, and funding investors will be transferred to new IBO tokens on better terms, with a bonus of 25% more tokens, or will be fully refunded.
Investors requesting a full refund will get that in the currency originally paid, or in the cryptocurrency originally transferred. We highly appreciate all the support and incoming investors who placed their fate in us and supported our ICO, and thank you for that on behalf of the whole team.
For our new IBO we have joined forces with our new marketing team, BlockBuddy; replacing our roadshow team and ICO brokers in Asia. With close to 300,000 members in their combined, the new marketing team and network investment groups will effectively promote our new IBO/ICO ecosystem. We even intend to offer this bond-backed structural solution to third party tokens/ICOs, who wish to benefit from the same regulatory framework we follow for our IBO, while supporting/keeping the free flow of their tokens on an online exchange. The revised platform will offer a digital token exchange, integration of other cryptocurrencies, liquidity support and other trading support facilities.
We are very excited about this new improved setup, and believe it will vastly improve the regulatory side of token-based offerings.
Background information:
In recent months, ICOs have been under increasing scrutiny from regulatory and financial bodies across the world, due to general regulatory uncertainties and a number of possible illegitimate fundraising rounds putting uninformed investors at risk. This has resulted in a degree of confidence loss in this new fundraising path, even leading to total bans of ICOs in certain countries.
We have been monitoring these legality issues, and have taken legal advise both in the US and in Europe. We recognize and accept the current conclusions/views set forth by the US SEC (some token sales are straight forward securities and illegal if done unregulated), seconded by the view of the CFTC (Commodity Futures Trading Commission; that most tokens are in themselves commodities but that some may still come under securities regulations). We have even considered the use of Swiss foundations (sometimes referred to as the “Zug Defense”) for the ICO. Combined with uncertain taxation implications for us as a listed company, we are modifying our token strategy. Based on our review of legality, operations and environment of the ICOs done today, and have come up with a new ICO methodology, labeled IBO; Initial Bondbased Offering. We use fully compliant bonds as collateral backing for our tokens, thereby linking them to an actual fully regulated instrument. As a public listed company we can issue official bonds on specific terms and collateral which we combine with our Blockchain technology and create a completely new platform and fundraising medium. We are hereby moving towards a more regulated environment whilst combining this with the positive free-market powers of ICOs having tokens in free flow. Essentially turning an unregulated ICO into a regulated ICO/IBO for the safety of investors and to comply with regulatory and financial bodies.
-the Wyrify Team.
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