ICO that Raised $37M in 18 minutes – Monetha – Passes Legal Audit on White Paper Commitments with Flying Colours

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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

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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.

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About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission'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 in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

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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