Current Media — Q4 $CRNC Token Timeline Part 2: Securitize Registration Open, Unlock & Listing Update, & Up to 450M $CRNC Token Burn

Hey Everyone!

Since our last update, we’d like to thank all of our investors and advisors that provided further feedback on our unlock and listing plans.

Public registrations on Securitize will be available as planned today, Tuesday, December 17th, by 10:00 AM PST. New users can begin the registration process by going directly to https://dashboard.crnc.us/registration.

To become whitelisted on Securitize, a user must sign up, successfully perform KYC/AML, and register their wallet before they’re able to interact with the token regardless of whether or not it’s locked or unlocked. The purpose is to understand who owns the token at any given time, which is an important component when required to report to regulators with complete accuracy. This is accomplished through the Securitize DS Protocol’s Compliance Service, which, in their words, is the “…component that oversees all token transactions to ensure that they are within the parameters defined by the issuer, to comply with specific regulations and their own requirements.” Additionally, the DS Protocol provides other added benefits that would block unauthorized exchanges, including decentralized exchanges, from listing the token without our authorization, which may have the unintended consequence of a market developing ahead of an authorized listing. To read more about the DS Protocol in further detail, including the technical aspects, their multi-part blog series is worth the read.

Much of the feedback and questions we’ve gathered since our last update is outlined below.

The first was centered around unlocking the token ahead of the listing. Many were under the impression that the token would hit unauthorized OTC desks and decentralized exchanges to the detriment of the token and investor interests — as many have seen in the past from projects that have experienced this. Normally we would agree, however, $CRNC is no longer a standard ERC-20 token and with the added protection from Securitize’s DS Protocol, we are confident that this would/will not be an issue.

Additionally, we have received feedback from those of you who reside in countries where Openfinance is currently not operating. U.S. registered financial entities, like Openfinance, are committed to strict adherence to AML and KYC standards and other rules that apply when dealing with investment securities. Outside of the U.S., there are many countries with rules and standards far below what is required to be compliant. As a result, Openfinance must conduct more comprehensive checks on investors on a country by country basis. This is ultimately beneficial for Current and you, the investors, and protects us all from potential compliance issues. You can find a list of Openfinance approved countries here. The Openfinance team is working to approve additional countries and has prioritized those where Current investors reside.

For those investors in countries that are not approved when the token is listed, we are working on a solution to provide liquidity via an OTC transfer through the Securitize platform. It’s our goal to ensure everyone has equal opportunity and no one individual is disadvantaged at any point. For those interested in registering for Openfinance, you can do so here. We encourage everyone to register regardless of whether or not they currently support your country as they’re continually adding more. Once they do support your country, you’ll be notified by email.

The final source of feedback has been around the potential lack of liquidity when the token lists for trading. This concern stems from the international partner network and buyback plan not being ready on day one. We are committed to delivering both of these components and believe having them in place, albeit with a delay, is an important part of this process.

We continue to work with a registered entity to serve as a liquidity provider for the $CRNC token to maintain an orderly order book. An important metric for assessing market efficiency is the wideness of the bid-ask spread for an asset. A very wide bid-ask spread typically signifies a market for an asset with very low liquidity. A limited audience of traders may lead to an imbalanced, and therefore, an inefficient market for the trading. Accordingly, the finalization of relationships with an international exchange partner(s) with a wider audience of traders and/or buyback and burn plan is a key component of the establishment of an efficient trading market for the $CRNC token.

The international partner network continues to progress, but the myriad regulatory hurdles left to satisfy have pushed back our original timeline. We still expect our first partner to go live early next year, not far away from the first company sanctioned buyback & burn that is expected to occur around the same time.

“As announced in our last update, the token buyback mechanism will work so that the $CRNC tokens will be bought from open market transactions as well as in privately negotiated transactions from time to time through at least October 1, 2021. Tokens repurchased, as part of this plan will be burned by Current Gibraltar (Limited) and, therefore, will no longer be in existence after that- continually removing supply.”

In addition to the buyback plan, we also announced moving forward with a dividend plan that we intend to execute in 2020:

“Furthermore, we have made substantial progress on a formal quarterly token dividend plan. This is an effort to provide additional value token holders through the redistribution of profits from our products. This is something we’ve been looking at since partnering with Securitize, and an exciting development that we anticipate will be announced and executed at some point in 2020.

The details of both of these plans will be introduced and published in a formal press release ahead of listing. From the time we unlock and list, our buybacks will be effectuated on a quarterly basis and announced ahead of time.”

Thus, after much consideration, and listening to the feedback outlined above, it has been decided to postpone unlock and listing to coincide with the launch of our international distribution partners and/or our first token buyback and burns. We believe this will lead us to the most advantageous outcome for all parties. During this time, Openfinance will continue working to support additional countries where $CRNC investors reside, decreasing the need for off-platform OTC transfers. Additionally, this provides more time to clear up any remaining regulatory hurdles with the international distribution network as well as be able to provide more liquidity through the buyback mechanisms in addition to the benefits from the dividend plan.

Should there be any SAFT holders that would like to exit their position ahead of unlock, it is possible to do so via SAFT transfer where you transfer the rights of your SAFT to another party. This was recently done where an existing SAFT holder approached Current with a buyer. Current facilitated the necessary documentation, the buyer was set up with an account on Securitize, passed all KYC and accreditation requirements, and a deal was reached privately between the buyer and seller. Once this was complete, the tokens were burned from the seller’s wallet and issued to the new buyer. The one caveat here is that you cannot sell parts of your SAFT and must sell the entire SAFT.

You can see the first part of the transaction here:

https://etherscan.io/tx/0x284af72af054af4b8a7b5fff1c28acac3f14716bebb4c1b9c89fc80a9c17ad3c

When it was placed into the buyer’s wallet here:

https://etherscan.io/tx/0xc7b425cf52665e6a578c4c50cd21114e25cc4ced526eb4519ec38f3637c99962

For those that watch CRNC’s official contract address, you may notice tokens being transferred from time to time. Should the company move any portion of tokens, we will make an announcement as to not alarm anyone while the token is locked or otherwise. As a reminder, Current has committed to burning up to 300-450M $CRNC tokens, bringing down the total supply to ever be issued to approximately 550–700M $CRNC tokens.

We’ll continue to update our investors and community as we gain further clarity on the revised unlock and listing timeline in coordination with our international distribution network, buyback, and dividend plans

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If you ever need to reach out to our community managers, or leadership team, please feel free to write to info@current.us, and assure you that we will respond in a timely fashion. Please keep an eye on our Telegram Announcement channel or Medium for all future updates. If you’d like to ask a question specifically for one of our upcoming AMAs, reach out to us on Twitter or add a question in our Google Form that we’ll use from here on out for all future AMA’s.

[PLEASE READ] Important legal disclaimer: No money or other consideration is being solicited by this communique, and if sent in response will not be accepted. Our discussion may contain forward-looking statements that are based on our beliefs and assumptions and on information currently available to management. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “is designed to,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words.

These statements involve risks, uncertainties, assumptions, and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each such forward-looking statement, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. Forward-looking statements include, but are not limited to, statements about: developing and designing the Current network, including the $CRNC token and its future utility; the anticipated development and growth of the Current Network; maintaining and expanding our base of users; our anticipated growth and growth strategies and our ability to effectively manage that growth and effect these strategies; our expectations regarding regulatory developments and their effect on the Current Network, including the ability of applications on our network to develop a user base and a successful business model; and potential future listings on an exchange or ATS. We cannot assure you that the forward-looking statements will prove to be accurate. Furthermore, if the forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. We undertake no obligation to update any forward-looking statements publicly, whether as a result of new information, future events or otherwise, except as required by law.