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News

Sovrin Foundation fires staff after token issuance mishap

Friday 26 June 2020 14:15 CET | News

US-based blockchain-based SSI umbrella organisation Sovrin Foundation has laid off employees in March 2020, officially becoming a volunteer-run operation, according to coindesk.com.

There appears to be some difference of opinion about Sovrin’s fundraising process, pre-dating the COVID-19 financial meltdown, particularly around procuring the funds needed to conduct a regulated token sale, known in US Securities and Exchange Commission (SEC) parlance as a Regulation A+ (Reg A+), an amendment to the JOBS Act which came into effect in 2015.

Launching a token under Reg A+ would require USD 1 million to USD 2 million in additional funding to file with the SEC, and a further USD 1 million to USD 2 million to complete the registration. The Sovrin Foundation experienced a shortfall in the funds needed for issuing a regulated token. In October 2019, a new potential investment of USD 5 million emerged, but terms were found unacceptable by Sovrin Foundation staff.

More: Link


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Keywords: Sovrin Foundation, token issuance, blockchain, SSI umbrella organisation, layoffs, volunteer-run, COVID-19, regulated token sale, SEC, Regulation A+, Reg A+, JOBS Act, Token, funding, regulated token
Categories: DeFi & Crypto & Web3
Companies:
Countries: United States
This article is part of category

DeFi & Crypto & Web3

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