May 23, 2024

More Than $180 Million In ICO May Be Lying In Estonia

The world seems to be buzzing at the moment, with excitement over everything from Donald Trump and Kim Jong Un’s Singapore Summit right through to the exponential growth in eSports. Everything seems to be moving at a pace of 5 million miles an hour, cryptocurrencies are certainly not immune to this, as anyone who has been keeping up to date with the trading value of Bitcoin and other cryptocurrencies over the past few months. In other news, a company that was recently established out of Estonia has informed the United States Securities Exchange Commission of a bold new plan.

Introducing The Company

The SEC was recently informed by a company that they would like to raise exactly $200 million through their very own ICO or Initial Coin Offering, talk about setting SMART goals. The application, which can be viewed by any member of the public states that NewTech Myning OU has a bold but definitive strategy; the startup plans to sell GoWeb tokens. The GoWeb offerings will be made legal through the Simple Agreements for Future Tokens or SAFT laws.

The nitty-gritty of the proposal states that all tokens will be sold at a standard rate of $3; investors are not obliged to purchase a certain amount of tokens and may only buy one of the ICO. The company is being extremely ambitious considering the application documents indicate that it was only officially started earlier this year, the company was initially laid out as a Limited Liability Company or an LLC according to the government’s framework.

The Application Form

The new venture which is based in Tallinn, Estonia and has already begun to drum up interest as many attempts to peak under the veil of mystery that is NewTech Myning OU. At present the application form has been made under Regulation D with the SEC; with the company seeking to make use of Regulation D they are stating that they would like to have standard regulations for ordinary financial securities and products.

The company states that the main reason for them not to be held under the policy outlined above, is Rule 506(c), the legislation states that only a person who is registered with the system may purchase any of the items offered by the company. Unfortunately, if you were attempting to snoop around any more information, I have to disappoint you, there is little to no other information on the actual application made by NewTech Myning OU.

Interestingly enough, the documents submitted by the company state that any tokens purchased by an individual give the individual mentioned above the right to gain access to the company’s private mining data center. The data center is stored in the cloud. The amount of storage you would receive on the site would be proportionate to your purchase.

Warning Signs Off The Bat

A red flag to note is that the person who has named himself CEO of the company on the form, Rainer Osanik, did not have their name show up on the company website under their staff tab. Analysts are currently predicting that if this little startup is successful, it will be the third most successful cryptocurrency to have been established within the global market.

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