Sovereign Cash Token lists, values First Growth Funds’ investment at US$3.89M

By Megan Graham. Published at Oct 24, 2018, in Juniors

First Growth Funds Limited (ASX:FGF) has today announced that CryptoData Vault’s sovereign cash token (SOVC) has successfully listed on a digital currency exchange, BTCEXA as of 6pm, 23 October.

In April, FGF announced it had invested US$250,000 and successfully secured US$2 million for CryptoData Vault, based in Washington DC, USA, to “develop a hardware wallet for a fully compliant, secure and geo-fenced solution for storing digital currencies”.

As part of this project, CryptoData Vault built a utility token — Sovereign Cash — to be used in conjunction with the hardware wallet, and also issued 4.3 billion Sovereign Cash tokens.

Today it listed at a price of $0.0058 per token, giving a total market capitalisation of US$25 million.

However, the initial list price will not necessarily reflect the subsequent price at which the tokens are publicly traded.

FGF had already secured 15.56% of all Sovereign Cash Tokens and based on today’s list price, it puts FGF’s holding at US$3.89 million. The small cap also has a 50% interest in Crypto Data Vault LLC that owns 30% of all tokens valued at US$7.5 million.

In addition, FGF is entitled to a 6% success fee for all tokens sold by CryptoData Vault.

Over a period of time, FGF will seek to convert the Sovereign Cash tokens to Australian dollars and as soon as is practical.

The company stated that, as Sovereign Cash is listed on additional exchanges and linked with “more trading pairs”, it expects to find additional opportunities to sell the tokens.

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Facebook
Twitter
LinkedIn