Monetha, the company that raised $37M in 18 minutes during its ICO, has just released the results of a legal analysis comparing the project described in the white paper and the actual services the company offers today
Monetha is among the first of post-ICO companies to initiate such an evaluation, carried out by the Swiss law firm Kellerhals Carrard — one of the leading Swiss commercial law firms, in the post-ICO era.
“Trust is fundamental not only for Monetha but it is also key to the entire industry. Therefore we entrusted well-known Swiss law professionals to conduct thorough examinations and tests of our services. The positive results of such an investigation not only reaffirms our investors but also contributes to the general reliance on the blockchain businesses in the post-ICO era,” stated Justas Pikelis, Co-Founder at Monetha.
According to examinations and tests, Kellerhals Carrard lawyers stated that they:
“…did not identify contents in the WP (white paper) that were not developed in the Monetha platform and are not working from an operational point of view.”
The mentioned analysis was performed without previously informing the Monetha team.
“Promises that were given to the investors during the ICO rush, unfortunately, does not always match the actual operations of some companies. If they operate today at all. The deficit of trust is clearly the issue contributing to the general precaution towards the industry. This is one of the key factors slowing the broader implementation of blockchain technology. Monetha intends to set a completely different standard”, he added.
The text of the WP has been available on Monetha's website since June 2017, before the start of the ICO, and is still available for investors, regulators, and anyone willing to delve. The results of the comparative analysis have been made public today as well.
Monetha Gmbh is a Decentralised Trust and Reputation System for global commerce working flawlessly together with a mobile payment solution on the Ethereum blockchain. Founded in Zug, Switzerland, Monetha's headquarters is in Vilnius, Lithuania.
Monetha's co-founder — Justas Pikelis — was selected for Forbes Europe 30 Under 30 Finance and Big Money lists.
Also published on Medium.