Hypercube Ventures LP officially informs you that at the time of publication of this notice, our company does not conduct any ICO, token and other similar activities related to raising funds. Information telling about us conducting ICO, disseminated on Internet resources or in the media which are not related to Hypercube Ventures LP, is unreliable. The only official source of information is the website of the company https://hypercube.fund/.
We have announced before that we are planning to move to our own blockchain. Now, this moment has come. The changes in cryptocurrency are accelerating, and we must keep a high rate to enter the top of the strongest companies. But first things first.
The investors’ access to the funding of the first portfolio of Hypercube Ventures fund projects will stop tomorrow. If you were planning to enter any of your favorite projects, then it’s better to do it right now. Who does not have time to do it now, will not be able to do it later. At least until the next round.
The goals of the ICO have not been fully achieved, but this does not mean that we just close the door, hide the key and go home. All projects will be financed by the Fund in a traditional way. In addition, the founders decided to reinvest profits received last year. All teams of the first portfolio projects of the fund are working on an early launch. More than half of them are going ahead of schedule. Some projects will be launched in the first half of the year, and investors will receive their shares.
But why don’t we hold an ICO till the very end or until we get the target fee? We are pushed to this by external factors, such as recent changes in cryptomarket regulations.
The hearings in the US Senate Committee on Banking, Housing and Urban held on February 6 this year, outlined the tendency to regulate the ICO / token sales arrangement by the state, particularly in the United States. The Chairman of the Securities and Exchange Commission of the United States expressed the point of view that in the vast majority of cases the issue of coins in the ICO process is the issue of securities. Accordingly, the token sales should be conducted in accordance with the requirements of the US securities legislation, with the preliminary registration of the prospectus. Otherwise, the ICO can be considered illegal, which will result in a lot of negative consequences which vary from the huge fines and freezing the accounts to the real terms of imprisonment for the organizers.
There is no doubt that many other countries will follow the path indicated by the United States, which means that the ICO will have to comply with the legislation of each country our investors live in. Thus, this makes conducting a lawful ICO virtually impossible.
We cannot ignore the requirements of the law and endanger investors’ funds, but we are not going to give up the funding of the platform projects either. Therefore, we took into account several options for getting out of the situation: for example, to register the VNN token issue in the Securities and Exchange Commission of the United States, or to look for alternative legal solutions.
The registration of the issue of tokens is a rather expensive procedure, both financially (it is estimated not less than one hundred thousand US dollars), and upon time (several months), which would inevitably affect our investors. And it should be taken into account that if such registration is be done, for example, in the countries of the European Union, Canada, Singapore, etc., then it is rather difficult to predict the amount of spent time and money for conducting the ICO. And it is unlikely that our investors are willing to pay these costs and wait patiently until the authorities of any of the countries deign to give their permission to conduct an ICO.
In addition, the observance of all bureaucratic formalities contradicts the idea of blockchain being a decentralized system, hence our goals of the blockchain enthusiasts. Therefore, it was necessary to make a decision that would allow our ICO to be conducted independently of possible changes in the world legislation in the sphere of regulation of cryptocurrency circulation. The search for reasonable solutions led us to the start of the unit sale https://vnn.money.
So, from tomorrow, the token sale https://ventureon.hypercube.fund will be stopped, and all the VNN tokens on the Ethereum platform will be destroyed. All token holders who purchased them earlier will be assigned premium purse addresses. These addresses will be credited to the UDNA (Unit of Demand Notes Accounting) VNN in the amount of the current balance of VNN tokens. All holders of ERC-20 VNN tokens will be able to exchange their VNN tokens for UDNA VNN, with the assignment of premium addresses to them. The entire exchange procedure will be available in your Personal Account. If you have any difficulties with this or questions, you can contact the support by creating a ticket in your Personal Account.
In addition, all token holders that fall under the indexation in UDNA will be granted a bonus issue (100% of the deposit amount). The procedure will be described in detail and communicated before the launch of Ventureon Blockchain https://vnn.money, which is already programmed and within a month we will submit a test version of MVP.
All the changes in the policy of building the blockchain infrastructure of the Hypercube Ventures fund are designed not only to preserve the resources of existing followers, but also to create conditions for attracting even more of them. We believe in the future of the blockchain and will continue to strive for its improvement and integration with real business, including the financial market. The advantages of the VNN currency give us confidence that it will become a new tool in achieving your financial goals. As the planned changes are introduced, VNN UDNA will gain increasing popularity and increase its value for its owners.