DOVU works with KPMG to Set New Benchmark for Token Sales

The recent regulatory crackdown in China signals the end of crypto’s ‘Wild West’ ICO days, but DOVU are staying ahead of the curve.

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DOVU, a Blockchain-powered market for transport data, has taken steps to ensure its token sale will be conducted to the highest standards – including crime risk management measures – collaborating with global accountancy firm KPMG on its company and financial structure.

Monday’s announcement that Chinese authorities are banning fundraising through Blockchain crowd sales for Chinese operators for Initial Coin Offerings (ICOs) sent shockwaves through the crypto markets. Since the beginning of 2017, well over $1 billion, mainly in bitcoin and ether, has flowed into such token sales. Blockchain has established itself as a powerful tool for crowdfunding new tech platforms, but still the growing token sale industry also has brought with it the risk of scams, hacks, pump-and-dump schemes, and a general lack of corporate governance and accountability.

DOVU: raising standards

Now DOVU, which is backed by Jaguar Land Rover’s innovation arm InMotion Ventures, is establishing a new benchmark. DOVU aims to provide the mobility industry with large and high-quality data sets, sourced from a wide range of stakeholders including grassroots users. Businesses will pay for access to this data using Ethereum-based DOV tokens, which are offered through a crowd sale on 3 October.

The DOVU team has spent the last 12 months ensuring that they are structured correctly for a properly managed token integration, working with Blockchain legal experts Ramparts to create a distinct corporate entity.

‘We are pleased to welcome KPMG, one of the top 4 global accountancy firms, as our advisors, working with us on our company and financial structure,’ said Irfon Watkins, Founder and CEO of DOVU.

DOVU’s most recent adviser is Andrew Hodgson, Senior Partner at KPMG Corporate Finance. Hodgson joins a highly professional team of transport industry and Blockchain experts. The project’s token sale includes wallet risk profiling and high value customer due diligence processes (using a risk-based approach) to better deal with the risk of crime. With the industry under scrutiny, many will find DOVU’s token sale precautions reassuring.

Chinese ban

The news that China’s regulators will prevent Chinese entrepreneurs from raising funds via token sales is likely to bring further focus on this sector in other jurisdictions. Whilst there is some speculation that this is strongly related to concerns about capital flight by Chinese residents, whatever the reasons for the new prohibition in China, it highlights the need for organisations in this sector to carefully structure their sales, consider the risks of crime and the potential applicability of crowdfunding and securities law restrictions.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) – Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He’s written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein’s professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he’s travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, “The Hitchhiker’s Guide to the Seas’ travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he’s raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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