SONOCOIN ANNOUNCES BUSINESS UPDATES AND GUIDELINES FOR FUTURE DEVELOPMENTS
Geneva, Switzerland: January 23, 2019– In response to the dissappointing performance accross the market in 2018, SonoCoin’s management slightly shifted its strategy. Despite the rise in scepticism and decline of investor confidence in the future of cryptocurrencies, SonoCoin has managed to achieve some important milestones and strategically orient the development towards the right path.
Below you can find a short overview of our recent progress and developments:
· In October 2018, SonoCoin has completed the application request for a no-action letter from the Swiss Market Regulator FINMA (a mandatory approval in Switzerland in order to launch an ICO). Up to date SonoCoin hasn’t received a feedback yet. Until FINMA provides SonoCoin with the no-action letter, the launch of the public sale will be on hold.
· SonoCon has been approved to be listed on two European-based cryptocurrency exchanges representing a decent daily turnover of $30–40 million (cumulatively) — a more detailed press release on the exchange listing will follow shortly. The listing is expected to happen immediately after the ICO, if everything goes according to plan, offering everyone a direct liquidity event.
· SonoCoin began its private sale fundraising efforts end of Aug 2018, resulting into a pipeline of more than a dozen highly interested investors as well as the first commitments. However, the recent market shake-up has delayed the process and made it more complex.
· Since then, SonoCoin has decided to focus on the commercial use cases and to directly approach businesses in order to explore the solutions that can be offered. Within a couple of months of commercial efforts, the SonoCoin team has developed a pipeline of 5 different commercial use cases in the following sectors: Media, eSports, Real Estate, Events and Music. The names of the companies we are in discussion with for these use cases will be revealed soon. Considering the extremely high interest of businesses to explore the benefits of the enterprise-grade solutions the SonoCoin technology can offer, SonoCoin is at the stages of defining the initial LOIs/ MoUs and structuring the first proof-of-concepts.
· Other exciting updates will be revealed in a news release we will publish in the following days.
Leonid Afanasyev, SonoCoin’s CEO & Founder, commented: A successful ICO and exchange listing is our highest priority and we are doing everything we can in order to lay the foundation for that. Our goal is to be fully ready when we reach the ICO stage. And what I mean with fully ready is to be able to present to the world a project with a developed technology, working product, and the first proof-of-concept or commercial use case in place. These characteristics have not appeared often in the ICO. Stay tuned for future updates.”
About SonoCoin
SonoCoin is the first cryptocurrency to transact via encrypted audio files. The .WAV file format gives anyone the power to transact utilizing simple methods of delivery such as sound, messenger, QR and Bluetooth.
Cautionary Note Regarding Forward-Looking Statements
The statements made in this press release may contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of SonoCoin. The words “will”, “may”, “anticipate”, “intend”, “plan” and similar words and expressions are used to identify forward-looking information. The actual results of the specific items described in this release, and the Company’s operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of SonoCoin’s team as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, SonoCoin’s dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of SonoCoin. SonoCoin disclaims any obligation to update information contained in any forward-looking statement unless required by applicable securities laws.
