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.
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.
- Smartlands to Digitise Own Equity; Unveils Plans For Security Token Offering in the US - December 9, 2019
- ShareRing Partners with Thailand’s new E-Visa System: Mainstream Blockchain Adoption - December 9, 2019
- ELEV8CON adds BBVA, Bumble Bee Foods, State Street, Ticketmaster to Lineup for Enterprise Blockchain and Digital Asset Conference - December 9, 2019
- Mintdice – Playing it Fair with Blockchain - December 9, 2019
- Juventus Become The First Football Club In The World To Be Tokenized - December 3, 2019
- London’s Travala.com Teams Up With Amsterdam’s Booking.com In Massive Crypto Travel Deal - November 28, 2019
- High-Powered Group of Legal Experts Determine Cryptoassets and Smart Contracts Legal Under UK Law - November 21, 2019
- Hyperledger Adds Eight New Members – Rolls out Updates - November 21, 2019
- Failed ICO, Token Sale Project SNIPs Acquired by Sonos for $37.5 Million - November 21, 2019
- Algorand Launches Protocol Upgrade, Setting the Stage for the Next Wave of Distributed App Development - November 21, 2019
- ArcBlock Partners with Ride-Sharing Service GoFun to Develop Services and DApps on Blockchain - November 20, 2019
- Hacktivist Phineas Fisher Cracks Cayman National Bank and Trust – Offers $100,000 Bitcoin/Monero Bounty To Other to Hack Banks, Big Companies - November 20, 2019
- Graph Blockchain to Acquire Shroom Street – Cracking Psychedelics Market - November 20, 2019
- OpEd: Burned By Bitwala – Visa Card Money Gone When Wavecrest Wound Down - November 19, 2019
- Chinese Military Eyes Blockchain Technology for Rewards Programme – Boosting Training and Gamifying System - November 18, 2019
- FinCEN Boss: American Regulators to Strictly Enforce AML in Crypto Industry - November 18, 2019
- Visa’s Rolls Out New Blockchain LucidiTEE – Tackles Concerns related to misuse of sensitive user data, when shared with third-parties. - November 18, 2019
- Utrust Joins Forces with Alternative Airlines for Flight Bookings with Crypto - November 13, 2019
- Dark Web Drug Dealer Pleads Guilty To Using Cryptocurrency to Launder More Than $19 Million - November 13, 2019
- Dutch Police Bust CEO of Blockchain Game Firm, Komodore64 – €78 million Gone? - November 13, 2019