Blockchain Capital, a venture capital firm focused exclusively on the blockchain technology sector and crypto ecosystem, today recognized the one-year anniversary of the BCAP token offering with some new announcements concerning the update of the BCAP token smart contract.
Minor upgrades to the underlying smart contract of the BCAP token will be made in an effort to ensure that resales of BCAP tokens are made in compliance with U.S. securities regulations and the transfer restrictions described in the BCAP token offering memorandum.
These upgrades are being implemented now because the one-year restricted period applicable to the BCAP tokens originally issued under Rule 506(c) of Regulation D expired today and the Blockchain Capital team wants to make sure that the underlying smart contract reflects all transfer restrictions applicable to the BCAP tokens.
These upgrades are fully consistent with the transfer restrictions described in the BCAP token offering memorandum and will not modify the terms of the BCAP token, which will remain as
set forth in the offering memorandum.
The upgraded smart contract will enable the BCAP token to integrate directly with security token focused liquidity venues and ensure that such trading is done in compliance with the transfer restrictions applicable to the BCAP tokens.
The Blockchain Capital team said:
“These upgrades to the smart contract will take a few additional weeks to complete, as we are working at what we believe is the cutting edge of available regulatory compliance technology. We want to ensure the smoothest process for BCAP token holders and we apologize for this delay. We will provide periodic updates to keep BCAP token holders informed of the progress. We hope to announce a few live partnerships to facilitate BCAP trading as soon as the contract upgrade is complete.”