Monthly Archives

July 2017

SEC provides guidance that token launches may be subject to US securities law

By | Public Announcements

One of the big questions in the nascent cryptocurrency industry has been the applicability – or not – of securities laws to token sales. This week saw a major announcement on the issue when the US Securities and Exchange Commission (SEC) issued a report on its investigation of the token issuance related to the Ethereum DAO.

While the SEC said it would not bring any charges related to the DAO, it did say, upon its investigation, that the DAO tokens would have been considered securities under US law. Its report was intended to provide guidance to investors that “the U.S. federal securities law may apply to various activities, including distributed ledger technology, depending on the particular facts and circumstances.”

Along with its report, the SEC released an investor bulletin on ICOs, warning among other things against fraud.

For more:


CVA member Twenty Thirty raises 25 million for Pillar project

By | Member News

The Pillar Project, which is being run by Crypto Valley Association member company Twenty Thirty, just concluded its token generating event (TGE). The launch garnered over USD 25 million based on the price of ether at the time of writing*.

Pillar aims to build “the world’s best cryptowallet”, which it hopes will “become the dashboard for your digital life,” according to its website.

Twenty Thirty was founded by serial entrepreneur and author David Siegel. As he told the CVA, one of the things that differentiated the Pillar TGE from others recently was its broad base:

“We raised ETH 113,674.4 from 13,446 transactions, with an average of less than 10 ether. This was first-time buyers struggling to part with 1, 2, 3 ethers, asking for tech support endlessly, thousands and thousands of messages saying how excited they were, dozens of people making videos, and more. It’s much more like the Ethereum crowdsale than anything of this year’s vintage.”

For more see:

*20 July, 5:30pm in Zurich.

Xapo CEO says Switzerland offers world’s best financial and regulatory environment

By | Public Announcements

In a recently published testimonial on the Switzerland Global Enterprise site, Wences Casares, the CEO of Xapo, offers high words of praise for Switzerland and Crypto Valley as a location for blockchain businesses.

Xapo, which is known for its easy-to-use bitcoin wallet, its highly secure bitcoin vault and its innovative bitcoin debit card, is the largest custodian of bitcoin in the world. Casares had this to say about the company’s experience with the Swiss financial regulator, FINMA, as it was looking for a location:

“Many regulatory bodies in similar situations would have rejected Xapo and bitcoin entirely. By choosing to persevere, however, we believe FINMA has positioned Switzerland as a hub for fintech innovation and ensured Switzerland’s primacy in global financial services for decades to come.”

For more, read the testimonial and watch the accompanying video.

Xapo testimonial


Wired magazine interviews CVA member company 20/30 during Pillar token launch

By | Member News

The Pillar project, which is being run by CVA member company 20/30, is currently running its token launch online. This was the occasion for Wired magazine to interview 20/30’s founder David Siegel as part of a larger article on token launches.

As Siegel told the magazine, while the Pillar idea has been around for a long time, until now he had not been able to raise money in the traditional VC world. Thanks to the advent of the token launch, he can now do so directly with the public.

“I couldn’t raise any money for Twenty Thirty from investors, because they didn’t get what we were doing; now we have ordinary people hammering our email about Pillar,” Siegel says. “These people really want to fund this open source project.”

The article goes on to discuss the pros and cons of token launches – often called ICOs though, in the opinion of an increasing number of people, more properly referred to as token generating events or TGEs – and the opportunities and challenges they represent.

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Crypto Valley featured in Newsweek

By | CVA in the News

American magazine Newsweek has just published a long feature on the Crypto Valley, describing it as a “worldwide hub for entrepreneurs working with digital currencies” and a growing community of cryptographic technologies businesses drawn by “Switzerland’s political stability and Zug’s smooth bureaucracy.”

The piece includes quotes from CVA members Johann Gevers and Olga Feldmeier, among others, and focuses in particular on Switzerland’s relative regulatory “openness” to blockchain and cryptocurrencies.

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Zug-based wine merchant now accepts Bitcoin

By | Public Announcements

Since the move by the city of Zug last year to accept Bitcoin as payment for fees, wine merchant House of Wines now follows suit. From now on you can pay for all the products of this shop in Zug with Bitcoin. Thus, crypto adoption is also reaching the Swiss retail trade – not accidentally in Crypto Valley, which, in the Zug region, houses a world-leading ecosystem for crypto- and blockchain companies.

Nachdem die Stadt Zug seit letztem Jahr Bitcoin als Zahlungsmittel für Gebühren akzeptiert, zieht der Weinhändler House of Wines in Zug nach. Ab sofort kann man alle Produkte dieses Fachgeschäfts in Zug mit Bitcoin bezahlen. Somit erreicht die Cryptowährung auch den Schweizer Detailhandel – nicht zufälliger weise im Crypto Valley, welches in der Region Zug ein weltweit führendes Ecosystem an Crypto- und Blockchain-Unternehmen beherbergt.

Read the full article (German).