Savedroid AG, a Frankfurt-based Finnish company founded in 2015, caused a sensation last April with a massive public relations cascade.In March 2018, the company made an initial offer of parts (ICO) in which 6 billion “SVD tokens” were collected for an amount equivalent to 40 million euros.The shock came on April 18 for investors: the website was no longer available, support in social media groups was interrupted and tweeted CEO, Yassin Hankir, two pictures of himself One at the airport and the other with a beer in hand on the beach.The message: “Thank you guys! Over …”
A cascade of public relations has seriously damaged the reputation of the startup
Twenty-four hours later, the action was dissolved as a public relations cascade.The underlying message is that the risk of investors being unregulated ICOs is high.
The lack of ICO standards up to now allows potential fraudsters a lot of leeway to fend for themselves with the money they’ve collected.The intention was to educate investors about these uncertainties.In the cryptography sector, but also in the mainstream media, the story has been taken up and the start-up has received a lot of criticism.
The purpose of the action to highlight the lack of security and confidence eventually led the company itself to suffer a huge loss of investor confidence.The coin issued by Savedroid, the SVD chip, has faced a decline in value of about 90% since the OIC more than a year ago.From the initial price of about one cent, there is not much left with a current value of 0.00019 cent.
The many private investors around the world must therefore almost accept the total loss of their invested capital.
Now CEO Hankir has taken the next step at least questionable.Together with his partners Savedarrow Tobias Zander (CTO) and Joachim Brockmann (COO), he had already founded the company “Advanced Bitcoin Technologies AG”on July 4, 2019 with a share capital of 250,000 euros and placed them on the Dusseldorf Stock Exchange.
.ABT AG has now taken over the start-up Savedroid and has put it on the scene with a so-called coat company via “Back Door Listing”.CEO Hankir told the Frankfurter Allgemeine Zeitung that “with this step one wants to open access to the financial market on the one hand and boost investor confidence in the start-up” because transparency requirements in the stock market are more stringent.
What is the Savedroid concept?
Originally, the startup has developed an application allowing users to use algorithms to save small amounts of money.It can act, for example, from a simple rounding of payments through the account, but users can also create their own savings rules according to if-then rules.For example, “save 2 euros if your fitness app is 5 km on foot”.
The application requires access to the control account of the user and to many applications on the smartphone.The saved amounts are then automatically transferred to a savings account of Wirecard Bank, a cooperative partner of the company, but can be repaid at any time.
The original idea must now be adapted to the block and crypto-currency area with the new token and the new application.
In addition to the euro, cryptocurrencies must also be backed up with the savings algorithms.The application should work the same way as before, with the difference that the user can decide if and how much money saved should be converted into crypto-currencies.Transformation and management are the responsibility of Savedroid.With the original application, the company has not been able to realize real benefits since its inception.As reported by finanz-szene.de, Savedroid could only generate 65.42 euros in commissions on the past year.
Savedroid, the startup startup, remains optimistic about the dubious public relations stunts and the almost total loss of its token value, as well as unimaginable results up to now anything but good.The list of backdoors that has taken place does not exactly increase investor confidence in the company, especially since the stock was not disclosed in advance.
The ad hoc ad indicated that the owners of Savedroid, who are also owners of ABT Ag, have completely converted their Savedroid shares into all ABT shares.According to the ABT website, only 10.2% of the shares are floating.The ABT AG is valued by the owners with 40 million euros.It’s debatable, to put it mildly.
By Alexander Mayer
Cover photo: Who is Danny / Shutterstock.com Related.
