A Message from Airfox on Form 10 security filing

Update for AirToken holders

3 min readFeb 13, 2019

Hello AirToken community,

In November last year, Airfox reached a historic settlement with the U.S. Securities and Exchange Commission (SEC) related to the issuance of AirTokens in our October 2017 initial coin offering. As part of the settlement, Airfox is preparing to file a Form 10 to register its AirTokens under Section 12(g) of the Securities Exchange Act of 1934.

Our AirToken is expected to become one of the first registered tokens in the United States. As this is a new regulatory framework for Airfox, there are many checkpoints and vast amounts of paperwork that need to be completed to proceed. Today, Airfox is letting our community know that we have received a 30-day extension on our filing deadline from the SEC. The new Form 10 filing deadline is March 16, 2019.

Airfox is committed to full transparency during this complicated process and notified AirToken holders as soon as the SEC granted the extension. The original SEC order included an option for this situation: “Respondent may apply to Commission staff for an extension of the deadlines described above before their expiration and, upon a showing of good cause by Respondent, Commission staff may, in its sole discretion, grant such extensions for whatever time period it deems appropriate.“

We’re eager to complete this process and resume sole focus on the next stage in our platform-development roadmap — refining a robust and versatile digital bank for greater financial inclusion globally. We also strive to be diligent in meeting our obligations as a pioneering startup with a thriving community forging legitimate technological transformation.

Form 10 filing preparations are continuing. To comply with SEC directives and facilitate a fair claims process given the nature of the agreement, AirToken transfers remain temporarily paused. Once the Form 10 is filed, the claims period for eligible token holders will remain open for 90 days. During this time, Airfox aims to have exchanges or other trading mechanisms ready to go live when this period is over. We’ll keep you updated on milestones via social media, email, and Telegram.

We thank the advocates from around the world who believe in our vision for the continued support. You are the foundation from which we will grow and democratize financial services for the billions of unbanked in emerging markets.

More about the 2018 SEC agreement can be found here.

Plans for 2019

Continue rolling out the Airfox national retail partnership

With the initial retail pilot active, we are using the feedback from the two stores to improve the training process and implementation as we expand to more locations throughout 2019. We plan to be operational at additional stores around April and May, and eventually accessible in all 676 Casas Bahia stores across Brazil.

As Airfox becomes available in more stores, we expect user adoption to increase rapidly, which will exponentially accelerate algorithmic improvement and alternative credit scoring development opportunities.

Launch prepaid debit card for the unbanked

Within the next four to five months, Airfox plans to launch a debit card that does not require a traditional bank account to continue empowering the 50 million Brazilians who are not equitably or reliably served by traditional banking services. The new card, which is much safer than carrying around large amounts of cash, will allow users to effectively access all the benefits of common prepaid credit card services (deposit and withdraw money as well as shop online). The planned Airfox card differs from alternative cards like NuBank by offering free cashback on all purchases made with the card.

As we add new features to the Airfox app, extend services, and bolster our partnership with Via Varejo, the Airfox team will continue to keep you informed at each step along the way. More about the Airfox mission and strategy are available in our current white paper here.

First and foremost, we will always respect our community and strive to keep you up-to-date with details on our evolution as we grow and progress through this pioneering regulatory process.

Looking forward,
Victor Santos
CEO and co-founder




Accelerate financial inclusion in emerging markets using technology built with trust and inclusion. www.airfox.com