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.

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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

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, the Netherlands where he has set down his anchor to raise a family and write.

Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications.

Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the EuropeanCommission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.

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