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PEC Digital Trends Stream and More News!

Two Digital Trends Breakout Sessions – 2019 Passenger Experience Conference

In last week’s issue of IFExpress we reviewed the opening session from the Passenger Experience Conference (PEC) held in Hamburg, Germany earlier this month. This week, we will focus on the conference’s Digital: The New Reality Breakout Sessions. We found these panel discussions to be informative and pertinent to the current trends in our industry.

From an important perspective, The Digital: The New Reality stream looked at how digital tools are surpassing the current mobile apps and will eventually be integrated across the entire journey, creating a seamless digital user space.

The keynote address for this stream was Practical applications of digital in the passenger experience. The cabin is a 3-dimensional object but the 4th dimension is time, and was presented by Anaïs Marzo da Costa, Head of Aircraft Interiors Marketing, Airbus. Anaïs discussed the current digital trends that Airbus has been looking at.  She said that Airbus has been working at connecting the airplane and they are now focusing on trying to connect the cabin. She stated that studies indicated there were 3 billion smartphone users in 2018 and that number is estimated to double to 6.1 billion by 2020.  Anaïs continued by stating that Airbus anticipates 23,100 aircraft to be equipped with connectivity by the year 2025. Looking back, there were zero airlines connected in 2007, and ten years later, in 2017 there were 106 aircraft connected. Needless to say, the forecasted rate of implementation over the next nine to ten years is impressive and enhances the fact that the integration of digitalization is growing rapidly.

How is connectivity coming onboard? Smartphones are used by travelers for booking and check-in – smartphones are the #1 travel companion. What does this information translate to onboard the aircraft? Passengers want choice! Airbus stated that the 2017 SITA IT Trends Survey & the Gogo Global Traveler 2018 Survey foresee more multi-screen environments in the future – both BYOD & inseat screens. This degree of digitalization provides an opportunity for a more tailored/targeted service and airlines are in the process of developing personalized offers that are enabled by: mobile connectivity, data analytics, and the passenger’s willingness to share personal data (right now that is roughly 27% of consumers).

Airbus has been actively pursuing the future of the connected cabin (the wireless network that links everything in cabin: galleys, overhead bag bins, flight attendants, passengers, cargo bays, lavatories, etc.), creating a cabin ecosystem for seamless connectivity of the various cabin elements, enabling additional value for both the airlines and the passengers. “The idea is to have every commodity in the cabin talking to each other, creating value for the airline and the passenger.”

Anaïs said, “There are three (3) pillars of the connected experience: 1) Operational Efficiency, 2) Ancillary Revenue, & 3) Passenger Experience.” Examples are:  Operational Efficiency – predictive maintenance, cabin crew operations and turnaround times; Ancillary Revenues – personalized inflight retail, tailored advertising, and news services; and the Passenger Experience – personalized catering, individual comfort settings, personalized services and the amount of bag bin space available. All the aforementioned will be achieved by using an IoT platform.

“At the moment we (Airbus) are doing predictive maintenance with the aircraft data but we want to be able to map that over to the cabin as well. Airbus is working with other aircraft manufacturers and suppliers in order to facilitate this in the near future. We, as an industry, are working on a common and secure language because this will benefit both the airline and the passenger”. In closing, Anaïs said, “I’ve recently asked Fritz Urban (Airbus’ cochair of the ARINC CSS committee) if CSS is going to write a standard for this network. As of today, there has been no response.”

The First Panel Discussion on Digital Trends pertained to Creating the Complete Digital and Physical Journey. This stream focused on how biometric technologies are providing an opportunity to reach the passenger on their journey through the airport and onto the aircraft.

Russell Holmes, Strategy Director & Partner of ico Design, was the first to address attendees. Mr. Holmes has been working with the London Luton Airport team over the past 5 years and has been instrumental in developing their brand.  His message evolved around the concept of looking at best practices. He said, “Everything should be underpinned by something that is not working as individual silos.” He went on to say, “The airport identity needs to work not only in a physical space but also in a digital space.” The airport identity should be completely flexible. One cannot look at the airport as static space. The question then is: How do you create something as a brand that can live in both the physical and digital space?

The next panelist was David Bartlett, CTO of Panasonic Avionics. David spoke to the assembly about the concept of competitive differentiation and the concept of the 4th Dimension/Place. He explained that for people the First Place is Home, the Second Place is Work and the Third Place (as defined by Ray Oldenburg in 1989 who stated it was critical to modern society, democracy) is a place that you go that you opt in (think coffee shop or a café). A prime example of a company that has really leveraged the concept of the Third Place is Starbucks. Mr. Bartlett sated, “We at Panasonic Avionics are proposing that Travel is the Fourth Place. Why is travel the logical fourth place?  We believe the travel experience is the co-mingling of the first 3 places. When you travel you socialize, work, sleep, eat.”

The concept of the 4th place is it must be a place that people look forward to being in. This is achieved by removing a lot of the friction points. How do we do this? How do we make the journey more of a place that people want to be in? How do we do this an industry? People want an experience that is seamless and gives them an immersive experience. How do we, as an industry, provide them with one connected experience starting from the home, throughout the journey, then back to the home? In other words, how do we provide a more personally curated experience? Panasonic cannot do this alone. It is an action call to the industry to leverage the entire ecosystem to work together in a new and more open way to achieve this.

The third panelist was Simon Krasowski, SVP Digital Transformation, Diehl Aviation; who discussed Digital Aviation Transformation. Simon said, “The world is shifting and becoming more complex. We are moving from complicated to more complex systems. How do we solve the problems and tackle them? It is more about testing different options. So, we need to change the way we work, take risks and allow failures.” He went on to say that we must make certain that we, as an industry, have seamless processes through the value chain. Right now, competitive priced products may be an answer, but in the future, it will be more about customer concentricity and speed of innovation – in other words, design thinking. “We must work closer within our work ecosystem and work with partners in order to achieve better and faster results. In other words, the key for success is collaboration within ecosystem. This calls for a balance between traditional working methods and agile working methods.”

The fourth panelist was Anne de Hauw of IN Air Travel Experience. Ms. De Hauw started her presentation stating that traditionally, airlines focused on safety and the passenger focused on the experience. Today, the question is should the focus be on the customer or technology? “At IN Air, we believe that time is your customer’s most valuable resource.  Airlines are going from creating technologies to services. They will do this by using technology as an enabler (AI, block chain). Technology (AI) will be crucial in customer service and convenience will be the new loyalty.”

Anne went on to discuss the 5 Key Pillars that will be needed, and they are: 1) Data-Driven: data gathering, machine learning and rapid analysis. This will lead to predicting behavior > intelligent offers > higher revenues. 2) Connectivity: onboard connectivity is transforming the travel experience to an open & connected world. Passengers behave like usual digital consumers. 3) Customer-Centricity: Reinvented offerings to evolve into hyper-personalized, immersive and emotional experiences. 4) Personalization: Faster and more efficient personalized services. 5) Collaborative Eco-System: Stakeholder interaction, passenger engagement and data sharing to create a positive and competitive experience.

She went on to discuss the New Brand Hierarchy, where, companies like Apple, Google and Amazon hold the top tier. Airlines are located on the second tier. She asked the question of how to play on that level? IN Air believes the answer is in providing ultimate convenience to the passenger. It has to be fast, easy and fun (FEF). This is achieved by being a combination of both digital and human interface. The best of the digital conveniences would be comprised of: seamless and single token, AI and Service Bot, Data analytics, connectivity. The best of human interface would be comprised of: hospitality, culture, emotional experiences, service. The best of both: Personalization/CURATION, Loyalty/COMMUNITY, engagement/CREATION and convenience/CONNECTIVITY. Anne wrapped up her presentation with the following, “The human interface will become the new premium service. The human interface is comprised of empathy, passion and creativity, with emotion at the core.” “The airline must care,” said Anne. She used an example of economy food service. What the food looks like, how it is presented, etc. and stated that this is an example of how the human interface currently needs to be improved in today’s market. She asked, “Why can’t the food look appealing and be presented in a more appetizing fashion? This is not helping the cause. There are technologies that are disrupting airline catering. New initiatives are on the cusp for utilizing the digital advancements to get this going. This is what we as an industry need to strive for!

The last speaker from this session of the Digital Trends stream was Elizabeth “Bess” Chapman, Operating Principal of JetBlue Technologies (JBT). She works with portfolio companies to create compelling value propositions for JetBlue, source new technology and identify emerging trends. She stated that innovation is a big part of JetBlue’s airline identify but she has found it has become more challenging to become more innovative. “We want to find the next Uber in aviation,” said Bess.

How does JetBlue Technologies work? They scan the global ecosystem for start-ups. Once they find one that is appealing JBT partners with them. They help them get going then bring them back into JetBlue. “We work with startups both via investment but with time as well,” said Bess. Over time, they have invested in 22 companies.

“Brand is an identity former. Look at Apple. They have incredibly strong brand identity. If they were to launch an airline, who wouldn’t fly it?! Virgin has a very strong brand identity, but many others do not,” she said. “People and their interaction and empathy are very significant. Again, look at an Apple store vs. an airline counter at an airport.”

One challenge now is to test and take risks and see what really works, but also, the industrialization to make certain you have the best product for your customer.

Disruptions in a business like an airline is very different from an electronics giant like Apple. Whether it is a delay, etc. How do you get that irate passenger to come around and change their position from being annoyed to appreciative? Is it offering them free Wi-Fi, a glass of champagne? You really have to know the individual’s wants/needs. This is another advantage in digital technology – it is not only cutting cost but being able to deliver. And reliability is very important.

Value Perspective: What is the next big value disruption? With regards to AI, a lot has been done with biometrics via facial technology for within the airport that allows passengers to board using biometrics, so there is no need for a boarding pass, because facial recognition is so secure. With this digital information, there is then the opportunity to target those people with sales/shopping en route to the gate. JBT also believes that the insights from the data will be absolutely game changing for our industry.

Another area that JBT finds significant is the airlines that want to boost their customer service and personal interaction are the airlines who are looking at the concept of virtual assistants, so it really is a better balance, it isn’t actually trying to depersonalize the experience. How people interact with a virtual assistant may be key. You tend to talk with them in a neutral way vs. the way you may interact with a person or your partner. This may be a way that the technology understands who I am, how quickly I need to get through the airport, etc. All reducing the stress of the journey.

Next week the IFExpress team will wrap-up the Digital Trends Stream with “Taking the Pain Out of the Digital Journey” and the final session “Enhancing Your Reality”.


Astronics Corporation announced that it will supply inflight entertainment system hardware for a next-generation inflight entertainment and connectivity (IFEC) system being developed by one of the largest airlines in the United States. Under the agreement, Astronics’ products will equip nearly 50 of the airlines’ new widebody aircraft. Provided by Astronics CSC, a wholly owned subsidiary of Astronics Corporation, Astronics is now delivering production units that are a combination of new and existing products, both standard off-the-shelf and custom designs.


Gogo Inc. announced the pricing of the previously announced private offering of $905 million aggregate principal amount of 9.875% senior secured notes due 2024 (the “Notes”) to be issued by its direct wholly owned subsidiary, Gogo Intermediate Holdings LLC (“Holdings LLC”), and its indirect wholly owned subsidiary, Gogo Finance Co. Inc. (the “Co-Issuer” and, together with Holdings LLC, the “Issuers”).  The offering is expected to close on April 25, 2019, subject to certain closing conditions.


While IFExpress’ primary focus is IFEC, we have been flooded with news about the 737 MAX. We recommend this April 18, 2019 article from the IEEE Spectrum. It is both descriptive and technical and represents the observations and operating conditions of the aircraft by an author who is both a pilot and software developer.  How the Boeing 737 Max Disaster Looks to a Software Developer – IEEE Spectrum


  • L-Band is being tested in Germany for the future of aviation communication and one of the reason is data rate – 2.6 Megabits/sec versus a few kilobits. Notes Avionics International: “First, it is an alternative link that pilots and controllers can use to digitally exchange much of the same information they communicate today verbally. Secondly, it can serve as an alternative positioning, navigation and timing signal for correcting aircraft navigation accuracy when global navigation satellite system links such as Galileo or EGNOS in Europe are interrupted or unavailable.” Flight Tests of LDACS Prototype Under Way in Germany – Avionics International
  • If you are into antennas, or you want to learn more about antennas, check out this site. The Antenna Theory Website As they (and Einstein) say: “Everything should be made as simple as possible, but not simpler.”

Source: Ico Trends Search Results

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Repeat drink driver walks from court after 6th offence

A KYOGLE man on his sixth drink-driving charge has walked free from court.

Aaron James Close, 32, was pulled over by police on Anzac Drive in Kyogle for a random breath test in the early hours of April 7 last year.

Close, who returned a blood alcohol reading of 0.172, was also a disqualified driver at the time.

When he was pulled over, police observed he was “well affected” by alcohol and he told them he’d consumed between four and eight beers and spirits since 5pm the previous day.

When he faced Casino Local Court for sentencing on these matters and an assault on Wednesday, solicitor Binnie O’Dwyer said her client had difficulties linking his actions with consequences.

She said Close had lost his own mother to a drink-driving-related crash and that his grief had an “impact on his ability to make good decisions”.

Magistrate David Heilpern said the incidents crossed the threshold for a term of imprisonment to be appropriate.

He will allow Close to serve that term by way of a 12-month intensive corrections order.

Mr Heilpern said it “beggars belief” why Close would continually get behind the wheel after drinking, given the loss his family had faced as a result of that kind of offence.

But he said “tragic” subjective circumstances worked in the man’s favour.

The court heard it was Close’s sixth drink-driving offence, although he had no prior high-range offences on his record.

He was disqualified from driving for three years and his ICO includes 80 hours’ community service.

He will be required to accept rehabilitation treatment and abstain from using alcohol and illicit drugs.

Source: ICO Inc News

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Swiss financial watchdog finds $90 million initial coin offering illegal

LONDON (Reuters) – The Swiss financial watchdog said on Wednesday the firm behind a $90 million initial coin offering (ICO) took money illegally from investors, highlighting a readiness by regulators to apply traditional market rules to cryptocurrency-related fundraising.

FILE PHOTO: The logo of Swiss Financial Market Supervisory Authority FINMA is seen outside their headquarters in Bern, Switzerland April 5, 2016. REUTERS/Ruben Sprich/File Photo

Swiss firm Envion AG, which is now in liquidation, accepted more than 90 million Swiss francs ($91 million) from at least 37,000 investors in exchange for bond-like tokens issued without a license, the Swiss Financial Market Supervisory Authority (FINMA) said in a statement.

FINMA said the conditions under which the tokens were issued were not equal for all investors; that the prospectuses did not meet minimum requirements; and that Envion did not have an internal audit arm – a legal requirement.

Envion’s former chief executive Matthias Woestmann said in a statement that a FINMA report, which has not been made public, said investigators could not find any misappropriation of funds, and that it was evident there had been no intention to damage investors.

“There was no misappropriation of assets,” he said.

Policymakers around the world have wrestled with how to craft legal frameworks for ICOs and so-called security token offerings (STOs) – where tokens with features akin to traditional securities are sold.

The new forms of fundraising have allowed start-ups founded on cryptocurrency technologies such as blockchain to quickly raise capital by issuing virtual tokens or coins. But the risk of fraud and lack of transparency about who owns cryptocurrencies have made regulators wary.

Some states, like Switzerland, have moved to treat ICOs as securities, applying rules used for traditional capital markets. That means a step up in regulation for many projects, subjecting them to trading laws and detailed disclosure requirements, and offering protection to investors.

Other countries, like China and India, have banned ICOs altogether. The U.S. Securities and Exchange Commission last year deemed that some ICOs could count as securities.

Switzerland has become a global leader in ICOs and STOs. Six of the biggest 15 ICOs and STOs since 2016 have taken place in the country, according to PwC.

Last year, the worldwide number of successful ICOs and STOs more than doubled to over 1,130 from a year earlier, PwC said.

As FINMA investigated Envion, a court in the Zug canton – known as “Crypto Valley” for its concentration of virtual coin-related firms, opened bankruptcy proceedings against the firm over “organizational shortcomings”.

As a result, FINMA said, further measures against the firm were not necessary.

Reporting by Tom Wilson; Additional reporting by John Revill; Editing by Mark Potter

Source: Initial Coin Offering Search Results

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ECGC 2019 Keynote, “From Atari to Virtual Reality” – Warren Robinett

ECGC 2019 Keynote, “From Atari to Virtual Reality” – Warren Robinett – IT Industry Today – EIN News

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Source: Initial Coin Offering Search Results

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Swiss Financial Regulator FINMA Reports Illegal Activity by Envion AG & Initial Coin Offering

The Swiss Financial Market Supervisory Authority (FINMA) has issued a release stating it has found that Envion AG “unlawfully received public deposits on a commercial basis from at least 37,000 investors.”

Envion is currently in the process of being liquidated by the Zug bankruptcy authority.

Zug, Switzerland is known as “Crypto Valley” and is the epicenter of much crypto/blockchain activity.

FINMA reports that as part of the liquidation process an investigator was appointed to review “suspicious activity.”

The investigator reportedly discovered that the company had “unlawfully accepted funds amounting to over 90 million Swiss francs (USD $90.7 million) from at least 37,000 investors pertaining to an initial coin offering (ICO) for EVN tokens. The ICO was completed without the necessary statutory license and thus the company was acting illegally and “seriously violated supervisory law.”

FINMA notes that ICOs can fall within the scope of the Banking Act. FINMA states that investors were able to purchase these tokens by making payments in US dollars as well as in the Ethereum and Bitcoin.

Envion AG apparently granted the token owners a claim to repayment after thirty years.

The conditions for the EVN tokens were in a “bond-like form” and were not equal for all investors.

Additionally, the prospectuses did not meet the minimum statutory requirements and there was no internal audit unit as required by law.

The acceptance of US dollars and the Ethereum and Bitcoin cryptocurrencies were said to amount to an acceptance of public deposits for the purposes of the Banking Act. Under Swiss law, this requires a banking license.

FINMA said the proceedings were ongoing. As a result, further supervisory measures against the company by FINMA will not be required.

FINMA noted that it will continue to consistently take action against ICO business models which violate or circumvent supervisory law.

FINMA added that it is committed to ensuring that serious innovators can launch their ICO projects lawfully and has published guidelines to this effect.

Have a crowdfunding offering you’d like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!

Source: Initial Coin Offering Search Results

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Initial Coin Offering Consultation by the Australian Government Closes Today

The Treasury of the Australian Government launched a public consultation on the initial coin offering (ICO) marketplace in January and the process closes today (February 28th).

The consultation is part of a broader policy initiative to foster innovation in the financial services industry. Like much of the rest of the world, Fintech is emerging as strategically important.

The Treasury notes that ICOs have some similarity to IPOs, venture capital, and crowdfunding but there are some distinct differences too. ICOs have tended to be borderless, if less so now that regulators have taken a greater interest in the new process of online capital formation. The consultation is aware that a number of jurisdictions are “actively competing to attract ICO activity and establish themselves as a hub for innovative technology companies that favour ICO fundraising.”

The consultation, while recognizing the innovation, seeks to highlight both the risks and opportunities to these digital asset offerings.

“An ICO is essentially a means of crowdfunding a project that relies on DLT.”

Some of the key questions asked by the Australian consultation include:

  • What is the best way to define an ICO and are there different categories of tokens?
  • What is the importance of secondary trading in the ICO market?
  • Can ICOs contribute to innovation?
  • And how important are ICOs to Fintech and other economic opportunities?
  • What are the risks for policymakers, regulators and investors?
  • When does an ICO fall under existing financial services law and when does it (or should it) not?
  • And what about the tax treatment of crypto?

The consultation asks many good questions which are similar in nature to what many policymakers have been asking themselves around the globe.

This will be a good consultation to watch.

See the ICO document embedded below.

ICOs Issue Paper Australia The Treasury

Source: Initial Coin Offering Search Results

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Diabetic Retinopathy Market Trends and Forecast to 2023: Bayer, F. Hoffmann-La Roche, Novartis, Regeneron Pharmaceuticals.

(MENAFN – iCrowdNewsWire) iCrowdNewswire – Feb 27, 2019

Diabetic retinopathy is a disorder of the eye that damages the blood vessels of the retina. The retina is the light-sensitive inner surface of the eye on which images are formed. Long-term diabetes affects the retina as high blood glucose levels can damage the tiny blood vessels in the retina. Diabetic retinopathy is broadly classified into non-proliferative diabetic retinopathy and proliferative retinopathy. Treatment for diabetic retinopathy depends on the stage of the disease and is directed toward slowing down or stopping the progression of the disease.

Reports Intellect projects detail analysis of the Diabetic Retinopathy Market based on elite players, present, past and futuristic data which will offer as a profitable guide for all Diabetic Retinopathy Market competitors. The overall analysis Advanced Genomics covers an overview of the industry policies, the cost structure of the products available in the market, and their manufacturing chain.

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The Diabetic Retinopathy Market report profiles the following companies, which includes: Bayer, F. Hoffmann-La Roche, Novartis, Regeneron Pharmaceuticals, Actavis, Alimera Sciences, Ampio Pharmaceuticals, Antisense Therapeutics, BCN Peptides, Boehringer Ingelheim, Glycadia, iCo Therapeutics, Isis Pharmaceuticals, Kowa Group, Lpath, Numoda Capital, Ohr Pharmaceutical, OPKO Health, Parexel International, Promedior, pSivida, Quark Pharmaceuticals, R-Tech Ueno, Sirnaomics, ThromboGenics.

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Table of Contents

Global Diabetic Retinopathy Market Report

1 Diabetic Retinopathy Market Overview
1.1 Product Overview and Scope of Diabetic Retinopathy
1.2 Classification of Diabetic Retinopathy by Types
1.2.1 Global Diabetic Retinopathy Revenue Comparison by Types (2017-2023)
1.2.2 Global Diabetic Retinopathy Revenue Market Share by Types in 2017
1.2.3 Laser surgery
1.2.4 Injection of corticosteroids
1.2.5 Anti-VEGF drugs into the eye
1.2.6 Vitrectomy
1.3 Global Diabetic Retinopathy Market by Application
1.3.1 Global Diabetic Retinopathy Market Size and Market Share Comparison by Applications (2013-2023)
1.3.2 Hospitals
1.3.3 Clinics and laboratories
1.3.4 Others
1.4 Global Diabetic Retinopathy Market by Regions
1.4.1 Global Diabetic Retinopathy Market Size (Million USD) Comparison by Regions (2013-2023)
1.4.1 North America (USA, Canada and Mexico) Diabetic Retinopathy Status and Prospect (2013-2023)
1.4.2 Europe (Germany, France, UK, Russia and Italy) Diabetic Retinopathy Status and Prospect (2013-2023)
1.4.3 Asia-Pacific (China, Japan, Korea, India and Southeast Asia) Diabetic Retinopathy Status and Prospect (2013-2023)
1.4.4 South America (Brazil, Argentina, Colombia) Diabetic Retinopathy Status and Prospect (2013-2023)
1.4.5 Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa) Diabetic Retinopathy Status and Prospect (2013-2023)
1.5 Global Market Size of Diabetic Retinopathy (2013-2023)
2 Manufacturers Profiles


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Diabetic Retinopathy Market Trends and Forecast to 2023: Bayer, F. Hoffmann-La Roche, Novartis, Regeneron Pharmaceuticals.

Source: Ico Trends Search Results

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SEC Adds More Specificity in Latest Initial Coin Offering (ICO) Warning

In addition to its standard warnings about the generalized risks of ICO-investing and advice to interested ICO issuers that they read the SEC’s 2017 21(a) report, the agency’s latest guide to ICOs (initial coin offerings) gets more specific about the “fraud and manipulation” risks posed by ICOs, “because the markets for these assets are less regulated than traditional capital markets.”

The agency advises particular caution around cross-border ICO offerings, questions the notion that purported network “utility” exempts a token as a security, and reminds industry consultants, including lawyers, that they, too, are expected to protect “Main Street investors.”

Under the heading: “Tokens sold in ICOs can be called many things,” the SEC states:

“ICOs, or more specifically tokens, can be called a variety of names, but merely calling a token a “utility” token or structuring it to provide some utility does not prevent the token from being a security.”

Under the heading, “Products can be sold and traded internationally,” the SEC also warns about lack of recourse to America n investors if they buy tokens sold from jurisdictions outside the US:

“Recognize that these products are often sold on markets that span international borders and that significant trading may occur on systems and platforms outside the United States. Your invested funds may quickly travel overseas without your knowledge. Although the SEC actively enforces securities laws, risks can be amplified, including the risk that market regulators may not be able to effectively pursue bad actors or recover funds.

In addition to the usual warnings about “too good to be true” promises (outsized returns, for example), the agency also reminds investors to be wary of potentially misleading language in the industry:

“Many platforms for trading of digital assets refer to themselves as “exchanges,” which can give the misimpression to investors that they are regulated or meet the regulatory standards of a national securities exchange.”

The SEC also warns “digital asset” sellers that they should only tout their products if they know they are in full compliance with securities laws:

“Market participants should use caution when promoting or touting the offer and sale of coins without first determining whether the securities laws apply to those actions.”

Exchanges selling cryptos to US citizens, or seeking to, are also reminded to be, “aware that they may be operating unregistered exchanges or broker-dealers that are in violation of The Securities Exchange Act of 1934,” and are advised to register.

The latest ICO advisory also states: “The SEC protects investors, and expects you to.”

Industry consultants of various stripes are named in this section:

“Gatekeepers and others, including securities lawyers, accountants and consultants, should be guided by the principal motivation for the SEC’s registration, offering process and disclosure requirements: Investor protection and, in particular, the protection of Main Street investors.”

Source: Initial Coin Offering Search Results

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Bank of Lithuania position on virtual assets and initial coin offering reflects changing market realities

Taking into account current market developments and evolving regulatory regimes as well as seeking to ensure a level playing field for all financial market participants, the Board of the Bank of Lithuania has updated its position on virtual assets and initial coin offering. The position is intended for existing and potential financial market participants as well as entities intending to organise initial coin offerings or provide the possibility for Lithuanian investors to invest in this product type.

The term virtual currency, which was used in the previous version of the position, has been substituted with the term virtual assets. The position defines how and when virtual assets may be used for payment, specifies when and how financial market participants may set up investment funds for investment in virtual assets, as well as addresses other relevant issues.

The underlying principles of the position, however, have remained unchanged: financial market participants should not participate in activities or provide services associated with virtual assets; they should also ensure separation of their activities from activities associated with virtual assets. Although financial market participants are still prohibited from receiving payments in virtual assets, the position provides for the possibility of using third-party services. Payments to a financial market participant’s account can only be made in traditional currencies, thus no additional risks are entailed.

Seeking to ensure a level playing field for all financial market participants, the updated position allows creating investment funds intended for professional investors that would invest in virtual assets. Such funds are prevalent in other countries; having completed the notification process, their investment units may be marketed in Lithuania. 

The position states that financial market participants are not allowed to accept virtual assets with the obligation to repay them with or without interest. Given the emergence of new market models, financial market participants are also prohibited from issuing virtual asset loans or accepting virtual assets as collateral (except for cases where virtual asset tokens are considered to be securities). 

The position will be reviewed on a regular basis, upon assessment of financial market developments. The first version of the position was published on 31 January 2014, warning consumers about potential risks that virtual currencies entail. 

Source: Initial Coin Offering Search Results

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Bitcoin Oil Launches Limited Private Pre-Sale and Exclusive…

Bitcoin Oil today announces its plan to offer to a limited number of qualified purchasers, or “Private Purchasers,” certain promissory notes in the aggregate principal amount of $1.5 million through Bitcoin Oil’s holding company. The foregoing note sale is referred to as the “Private Pre-Sale”. A public pre-sale of Bitcoin Oil is expected to follow the Private Pre-Sale, to be followed by the ICO thereafter.

HOUSTON (PRWEB) February 11, 2019

Bitcoin Oil today announces its plan to offer to a limited number of qualified purchasers, or “Private Purchasers,” certain promissory notes in the aggregate principal amount of $1.5 million, payable in Bitcoin Oil upon the completion of an Initial Coin Offering, or the “ICO”, through Bitcoin Oil’s holding company- a Swiss limited liability company located in Zug, Switzerland, or “Swiss Holding”. The foregoing note sale is referred to as the “Private Pre-Sale”. A public pre-sale of Bitcoin Oil is expected to follow the Private Pre-Sale, to be followed by the ICO thereafter. The purchase price for Bitcoin Oil in the public pre-sale and ICO will be outlined in the forthcoming white paper.

This Private Pre-Sale is limited to 300 units of notes, with each note priced at US$5,000 (payable in fiat currencies or major cryptocurrencies) and entitles the Private Purchaser to receive Bitcoin Oil as repayment of the notes following the ICO. The purchase price reflects a unique 85% bonus in Bitcoin Oil for the Private Purchasers. Allocation of the units will be on a “first come, first served“ basis.

Bitcoin Oil presented the world’s first initiative to transform Bitcoin‘s consensus algorithm from Proof-of-Work to Proof-of-Stake, and its plan to create an asset-enhanced, stability-enhanced cryptocurrency, which they believe will have far-reaching consequences for the future viability of Bitcoin and its potential for true mass adoption.

Bitcoin Oil is an international organization with Swiss Holding managing all marketing and oversight of its technical blockchain activities, including but not limited to all fork-related preparations, while its U.S. subsidiary, Bitcoin Oil Inc., is located in Houston, Texas, and houses the operational team including its business development division.

“Bitcoin Oil is bringing intelligent Bitcoin improvements to a flawed market while also advocating for our supporters who now have, for the first time, the opportunity to join our movement and invest in the first PoS-based Bitcoin solution,“ explained Hannah Paddock, Bitcoin Oil‘s Chief Marketing Officer (CMO). “Our cryptocurrency will be superior to Bitcoin by incorporating the entire Bitcoin DNA, but offering decisive additional benefits in the fields of Stability, Sustainability, Privacy, Smart Sidechains, and Scalability or “SSPSS”, representing a dramatic set of Bitcoin improvements,“ Hannah Paddock continued.

In total, Bitcoin Oil aims to generate up to $102 million from its planned sale of Bitcoin Oil. The Private Pre-Sale will be completed in one or more transactions outside the United States in accordance with Regulation S of the Securities Act of 1933, as amended, and in the United States only to Private Purchsers who are “accredited investors” within the meaning of subparagraph (a) of Rule 501 in reliance on Regulation D of the Securities Act of 1933, as amended. In addition, the offering and sale of the notes or Bitcoin Oil and the delivery and distribution of the notes or Bitcoin Oil may be restricted by laws in certain other jurisdictions. Bitcoin Oil may, from time to time, revise the foregoing mechanics to comply with regulatory requirements or other governmental or business obligations as they deem appropriate or desirable under the circumstances.

Bitcoin Oil’s Private Pre-Sale will be open to Bitcoin supporters for a limited period of time only. Each Private Purchasers will become a lifetime honorary member of Bitcoin Oil’s exclusive “Founders 300 Club.” Private Purchaser may also be entitled to other additional valuable benefits and rewards (details are to follow).

All proceeds from the Private Pre-Sale will be directed to the execution of the first developmental stages and other blockchain oriented expenses and projects, as well as operations of Bitcoin Oil. In particular, Bitcoin Oil intends to direct all funds to the further development of technical developer teams, legal structures, ICO requirements, staffing and payment of infrastructure and research for its blockchain technologies.

In this context, Bitcoin Oil is in the process of retaining a large and internationally-recognized auditing firm to audit Bitcoin Oil’s entire operations, including but not limited to complete audits of all proceeds from the Private Pre-Sale, public pre-sale, and ICO, including but not limited to full assessment of the risks, and will ensure that all community members participating in the ICO are fully aware of the risks associated with the specific technology and respective offering. Further, Bitcoin Oil will commit to provide a post-ICO comprehensive audit report.

In Europe, The Swiss Holding will be represented by one of the largest and most reputable international securities law firms in Switzerland, where Bitcoin Oil is a corporate member of Switzerland’s Crypto Valley ( When becoming part of the Crypto Valley Association (“CVA“), Bitcoin Oil acknowledged to adhere to the Core Values, the General Code of Conduct (“CoC“) and the ICO Code of Conduct (“DECoC“) and that it will conduct its business and its ICO consistent with the values and principles outlined therein ( The ICO Code of Conducts subjects all members to standards ensuring that the launch and operation of decentralized ecosystems and ICOs comply with the highest level of ledger enforceability, quality of protocols and applications, and compliance to relevant financial market regulations.

Furthermore, Bitcoin Oil has retained U.S. law firm Gutnicki, LLP (, as Bitcoin Oil‘s special United States counsel. Gutnicki will be overseeing Bitcoin Oil’s private and public pre-sales and ICO in compliance with U.S. securities laws. Bitcoin Oil’s broader legal team has created all relevant sale documents in accordance with U.S. and other securities laws, involving various lawyers with experiences representing ICOs and digital coin sellers.

Moreover, in order to emphasize the utmost importance of total transparency, full legal compliance and maximum purchaser protection, Bitcoin Oil‘s Board of Directors proudly appointed Joseph Mei as Chairman of Bitcoin Oil‘s newly established Advisory Board. Joseph Mei is a partner of Gutnicki’s corporate practice group, focusing on mergers and acquisitions, private equity, take-private, leveraged buy-out, venture capital and U.S. securities law matters, including initial coin offerings and other blockchain projects. In addition to his law practice at Gutnicki, Mr. Mei is also a managing partner of Centauri Capital Partners, LLC, a mergers and acquisitions advisory firm with a particular focus on cross-border buy-out transactions between US, Europe and Asia. He is also a managing director of Infusion 51a, a U.S.-based private fund with focus on big-data healthcare sectors.

“Bitcoin Oil can’t thank Mr. Mei enough for everything he does for the Company, for our business development efforts and for our ICO preparations. Knowing we have his full support and dedication makes us all a better, stronger team both internally and externally. We are particularly grateful for his strong leadership and support in building our visionary Advisory Board ahead of launching our ICO activities“, Hannah Paddock explained. More details of Bitcoin Oil‘s high-level Advisory Board will be announced after completion of the Private Pre-Sale and will also be included in the company’s forthcoming white paper.

About Bitcoin Oil

Bitcoin Oil is a developer of innovative blockchain and ledger technology aimed at the improvement of Bitcoin. Bitcoin Oil is the creator of Bitcoin Oil, a new cryptocurrency based on the Bitcoin network with optimally improved ledger through the use of its “SSPSS” improvement strategy. The centerpiece of Bitcoin Oil and its “Optimally Improved Ledger” (OIL) will be the highly innovative “SSPSS” strategy focusing on the development and implementation of essential Bitcoin improvements in the fields of Stability, Sustainability, Privacy, Smart Sidechains, and Scalability, or “SSPSS”, including but not limited to key new Bitcoin blockchain features such as (i.) minimizing Bitcoin’s volatility (i.e. by connecting it with stable off-chain values), (ii.) drastically reducing Bitcoin’s insane energy consumption (i.e. by altering the consensus protocol to PoS), (iii.) implementing true privacy features (i.e. by enabling confidential transactions), (iv.) empowering Bitcoin based ICOs and STOs (e.g. by employing full smart contract functionalities), and last but not least (v.) developing cutting-edge scalability solutions (i.e. by complete integration of layer 2 protocols and offline transactions). To learn more about Bitcoin Oil, please review our next press releases as well as our forthcoming white paper, or if you are interested in purchasing Bitcoin Oil, please contact us at or call us at +1-8777-BITCOINOIL.


This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the coins or securities described herein, nor shall there be any sale of these coins or securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

This press release contains information about pending transactions, and there can be no assurance that any of these transactions will be completed in accordance with the terms described in this press release or at all.

This press release contains statements that are forward looking (such as when Bitcoin Oil describes what it “plans,” “believes,” “intends,” “seeks,” “aims,” or “anticipates” will occur, what “will,” “potentially,” or “could” happen, and other similar statements or the negative of such terms or statements), which may not be correct, even though Bitcoin Oil believes that they are reasonable at the time of this press release. Bitcoin Oil does not guarantee that such forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward looking statement is included in the forthcoming white paper. Bitcoin Oil undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made.

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Source: ICO Inc News