Token economy changed at Sportcash One
This year we made some tough decisions that had a big impact on our community/followers/investors etc. Regretfully we had to postpone our token sale back in May, and therefore we didn’t deliver the bounty tokens as promised. We do understand that this has damaged your confidence in us and our credibility with you. We would like to offer our sincere apologies to everyone for this turn of events and to clarify why the decision was made to postpone our token sale.
So why did we postpone the token sale?
We are a Brazilian registered company, and when we created our token economy in 2018, we were in compliance with all Brazilian rules and regulations regarding token economies and token sales. We had originally planned to have our token sale in May 2019, however, prior to our launch, Brazil created some new rules and regulations that were to become effective August 1, 2019. These new regulations required technical changes to comply with the new accountability, Know Your Customer and tax rules.
Since Sportcash One is a Brazilian company and we fully intend to comply with the laws of the land, we have been working diligently to incorporate these new regulations. It was not an easy decision, but these new regulations would prohibit us from continuing with the Token sale as originally planned, therefore we decided to postpone the it before tokens were sold to anyone.
After we postponed our token sale, we were selected by the HYPE Sports Tech Accelerator to make a presentation of our pitch to a large group of investors and professionals at Barcelona University. Based upon the feedback we received in Barcelona and the changing Brazilian regulations we decided to re-work our token sale to comply with these new regulations and to create a new token economy. With the creation of our new token economy we have improved the overall value of the token in our ecosystem and have incorporated much of the feedback that we received in our run up to the last token sale and feedback from potential Investors, Users and our very own Sportcash One Community.
What will happen with people that participated in our previous bounty campaigns?
We could not give the original tokens out before the token sale because those were not in compliance with the new regulations. The bounties earned in the original campaign are all saved locally. Therefore, upon completion of the new token sale; an equal amount of “Euro’s” that you would have received in the old tokens will be paid out in our new token.
When do we release the new token economy and token sale?
We are in the final stages of creating our new token economy, we just need a few more weeks to complete it. Keep your eyes on our upcoming new website; all updates, ecosystem details, explanations, programs, bounties and the new launch dates will be posted here.
We are working on many new tech solutions for our network! So, sign up for our online newsletter to be kept in the loop on these solutions and to be the first to know when our Private sale dates are released.
For more information about our presentation at Barcelona University please check out the link below.
Thank you
Roberto, Jarno and the rest of the Sportcash One team.
Sportcash One at the University of Barcelona event HYPE
https://medium.com/sportcash-one/sportcash-one-join-hype-accelerator-f669b29765f3
