CRYPTODATA VAULT CONFIRMS LISTING OF SOVEREIGN CASH
TOKEN ON BTCEXA WITH A US$25M MARKET CAPITALISATION
Sydney, 24 October 2018 – First Growth Funds Limited (ASX:FGF) is pleased to
announce that the Sovereign Cash Token (SOVC) has successfully listed on a digital
currency exchange, BTCEXA on 23 October 2018 at 6pm.
On 30 April 2018, FGF announced it had invested US$250,000 and successfully
secured US$2M 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 the development, CryptoData Vault also built a utility
token, Sovereign Cash, to be used in conjunction with the hardware wallet.
CryptoData Vault has issued 4.3 Billion Sovereign Cash tokens and today listed at a
price of $0.0058 per token, giving a total market capitalisation of US$25 Million. It
should be noted that the initial list price will not necessarily reflect the subsequent
price at which the tokens are publicly traded.
As previously announced, FGF had secured 15.56% of all Sovereign Cash Tokens
and based on today’s list price, values FGF’s holding at US$3.89M. FGF also has a
50% interest in CryptoData Vault LLC that owns 30% of all tokens valued at
US$7.5M. Furthermore, FGF is entitled to a 6% success fee for all tokens sold by
CryptoData Vault.
FGF will seek to convert the Sovereign Cash tokens over time to Australian dollars
and as soon as practical and subject to liquidity in the token. As Sovereign Cash is
listed on additional exchanges and linked with more trading pairs, FGF expects to
find more opportunities to sell the tokens.
About CryptoData Vault LLC
CryptoData Vault is a cyber security company based in Washington DC, USA. They
have developed and licensed patented cyber security technology to develop a
hardware device for storing digital currencies. They have also launched a utility
token, Soverign Cash. Website: www.cdv.io
FGF Price at posting:
1.3¢ Sentiment: Buy Disclosure: Held
