Greetings from the Chaintip HQ in Eindhoven. It’s been a busy time and it’s time for an update from the Chaintip team. There have been some major developments and recent changes in our project that we want to share with you and outline the course we have set going forward.
To start off, we have opened our new office in the heart of Eindhoven, one of the most innovative cities in Europe. We are looking to expand and hire more people in the coming months. Having a pleasant work office is an important consideration for potential new team members and essential for creating an inspirational environment for the development and the sprouting of new ideas. If you want to meet the team behind Chaintip in person, shout out to us and we’ll try to arrange a meeting.
As you all have undoubtedly seen, the SEC and CFTC have shared their statements with the public the first week of february. Although the meeting was very positive for the space in general, the chairman of the SEC basically said that all ICO’s have been securities offerings. However, none of the US based offerings have registered with the SEC. The recent increase in international regulatory activity will inevitably lead to the majority of token sales and ICO’s being viewed as security offerings, including utility tokens.
We care strongly about compliance as it creates trust in the cryptocurrency space and we believe it’s the only way for long-term success. We also recognize that the cryptocurrency space is a grey regulatory area. However, as this space evolves we want to be on the forefront when necessary regulations regarding token offerings and ICO’s will take shape. Therefore, we have set a new course for our project to ensure that we act in accordance with all current and future regulatory requirements. Our aim is therefore to engage with the Dutch Authority for Financial Markets (AFM), to create trust in the cryptocurrency space.
For the success of this course we believe it is of paramount importance to be guided through the legal and regulatory aspects. We are happy to inform you that Stan Berings, partner of PwC Eindhoven is part of our advisory board and will be leading a team to advise us on our mission to reaching a fully compliant token sale.
The necessity of a secure and audited exchange became clear once more in January 2018, when Japanese exchange Coincheck lost over 500$ million dollars to hackers. This hack-event is one of the biggest heists ever in modern history and now also the biggest heist in the cryptocurrency space: even larger than the losses of Mt. Gox in 2014.
Our first priority is to create a proof of concept of the federated private blockchain, the core of our exchange. The goal is to have a working proof of concept and specification ready in the next quarter. After this milestone, we aim to expand our development-team significantly to start working on the exchange back-end and front-end. This way, we hope to reach our main goal: having a public beta version ready where all core features are available by the end of this year.
The website has also gotten a bit of an update. As we have shifted our focus, we have removed the roadmap for now and aim to perform one of the first fully compliant token sales towards the end of the year. We have also put up an FAQ and included a career section where we will post new job vacancies. Finally, the whitepaper will undergo a transformation from whitepaper to full prospectus before it will be published.
Keep following us on Medium and don’t forget to join our Telegram channel! If you have any questions regarding our project, do not hesitate to contact us!
The Chaintip team.