A message from Airfox CEO Victor Santos to the AirToken community
More on Airfox’s settlement with the SEC
The following is a repost of an email sent form Airfox CEO Victor Santos to the AirToken community. Sign up for emails and keep up to date on all developments.
Hello AirToken holders and community,
As I’m sure you’ve seen, Airfox reached a settlement with the SEC andreleased an updated white paper. As part of the settlement, Airfox will pursue registration of AirToken under Section 12(g) of the Securities Exchange Act of 1934.
You’ve seen companies like Circle, Coinbase, and OpenFinance move into this arena as registration of tokens become more normal. We believe, as the industry matures, others may follow, allowing for easier listing of registered tokens. As part of registering AirToken, Airfox will be required to, among other things, prepare audited financial statements and publicly file quarterly and annual reports. Airfox also plans to form an independent board of directors. We anticipate that these actions will lead to additional clarity and transparency for token holders.
As part of this settlement, we are offering a chance for rescission at USD ICO price to a sub-set of token holders who bought directly from us during the ICO. Given the nature of the settlement and to facilitate a fair claims process, AirToken transfers are temporarily paused until we finalize the claims process.
2018 was a year for building the foundation
Over the past year, we grew the team 5x; hiring in key departments like marketing, product, engineering, and operations. In February, our mobile wallet app launched in Brazil. Since then, we’ve had about 15,000 people engage with the app providing them the opportunity to be a part of the digital economy without needing a bank account or credit card. During the summer, we ran an alpha universal experiment test for our microloan platform giving out 1,000 loans. Since launch, app users have earned 565,679.5 AirTokens.
We work with partners who enable many of the app’s features — people can ride on Sao Paulo public transit, top-up a prepaid mobile anywhere in the world, and send money instantly to another user for free, along with paying utility bills and third-party Boleto Bancario, a common payment method in Brazil, for online and offline goods — with one app. Digitalizing cash is easy thanks to partnerships that enable deposits at over 250,000 physical locations throughout Brazil. We also formed a strategic partnership with Via Varejo, the parent company of Casas Bahia that has 50 million customers.
Looking towards 2019 and beyond
After integration with Via Varejo in Q1, we anticipate 2019 being a year for user and platform growth. I believe we’re on the path towards mass adoption of blockchain and cryptocurrency by enterprises and financial institutions. We plan to use AirToken as a bridge for fiat currencies and as an abstraction layer to source capital around the world to fund microloan instruments.
I’m very excited to introduce new uses for AirToken throughout the Airfox ecosystem, as detailed in the updated white paper. We plan to facilitate closer communication with token holders by forming an advisory council voted and appointed by community through quarterly updates from me and other team members. More details to come in early January. Thank you for your continuous support, and I hope you continue to support us as we build the next generation of financial technology services on the blockchain.
Happy holidays and happy new year,
CEO and co-founder