XY - The Persistent Company sold two different intangible products around the same time in 2018, and sometimes our customers aren't clear about the difference. We'd like to help clear things up so that you understand your financial wellbeing and how it relates to XY and XYO.
Let's define the difference.
XYO Tokens: XYO Tokens are an ERC-20 utility token, which is based on the Ethereum cryptocurrency. (The second most popular cryptocurrency after Bitcoin.) Ethereum tokens like XYO are designed to be used in various blockchain operations – meaning they're more than just digital currency, they're designed to do something. In the case of XYO tokens, they're designed to pay for queries on XYO Network.
If you own XYO tokens, you may be aware that XYO is transitioning to XYO Foundation, whereas it was formerly a division of XY - The Persistent Company. XYO Foundation is an educational non-profit currently seeking tax exempt status.
If you'd like to learn more about XYO Foundation and how it affects you, please see this article.
XY - The Persistent Company Equity: XY equity is shares of XY - The Persistent Company (formerly XY - The Findables Company). The shares are Reg A+ and are not publicly traded, meaning that they're not on an exchange and don't have a public price. They can be privately sold for prices set by the buyer and seller. You can read more about your shares here.
XYO is not a company and does not have shares or shareholders: Another important thing to understand about your shares is that they are not shares of XYO. XYO was never an independent company – it was a division of XY.
While this was outlined during the 2018 sales, the high profile and promotion of XYO during this time has continued to generate misunderstanding. A lot of people believe that they have shares in XYO. But there is no such thing and never was – by law, there can't be. There is no one who has equity in XYO.
If you check the documentation for your shares, you'll find that they say that your shares are either of XY - The Findables Company (which is our old name) or XY - The Persistent Company, and in fact this was a condition that everyone had to accept before their equity purchases.
This led to some understandable concern when it was announced that XYO was becoming a non-profit foundation. But if you're a shareholder, your shares remain in the XYO parent company, which is XY - The Persistent Company.
You still own your shares, and you will even when XYO is approved for tax-exempt status.
If you have any concerns about XY losing its high-profile division, XYO, please know that XY is the founding member of XYO Foundation and will be continuing to develop the XYO products you know. The chief job of the XYO Foundation will be to educate aspiring blockchain developers and make sure that XYO's now open-source repositories are useful and accessible to those developers.
We made this move for the health and longevity of XYO as a project, and XY still has its flagship product line, XY Findables, and the immensely popular COIN App. Additionally, XY is releasing an XYO-centric product called XYO World, which will also integrate with COIN, and we're looking at integrating and developing XYO tech for our use with an exploratory 2020 product line.
If you have any additional questions or concerns, please let us know by clicking Submit a Request at the top of the page.
Comments
0 comments
Article is closed for comments.