The ICO (Private Sale) of Vrenelium AG, which has been open since August 1st 2018, will be closed on September 30th 2018. For various reasons, the ICO was not feasible for us within the intended framework. For example, Vrenelium AG has been trying to open a bank account in Switzerland for more than 9 months. As covered by media a lot in recent time this is not possible for business policy reasons of the banks. Vrenelium AG has fulfilled all the requirements that have been placed on blockchain companies since the beginning of 2018. For this an enormous human and financial expenditure was necessary. The basic fulfillment of all requirements was also confirmed by all banks we were in contact. However, no financial institution was prepared to open an account on terms to be fulfilled. Some banks have withstood Vrenelium AG for months, others demanded very high opening and operational fees. Without a bank account we can not realize an ICO, pay no bills, can not run a business.
Vrenelium AG has therefore decided to close the Private Sale after two months. Vrenelium AG will now primarily provide its white paper services, advise companies on Blockchain technologies, perform audits on smart contracts, and develop smart contracts.
The development of the Vrenelium Blockchain ecosystem will be continued in parallel. With our disruptive approaches like Proof of Meaningful Work (PoMW as part of the Vrenelium Double Helix, machine learning-based intelligent transaction system, and the integration of easy-to-build Prokyon Smart Contracts we gained great interest. We will carry out the further development through self-financing and / or with the involvement of investors. Unfortunately, we will not be able to meet our time horizons when developing the ecosystem because we have far fewer financial and human resources than originally planned with the ICO.
Regardless, we continue the development of VRE tokens. Since a public block chain requires Tokens as an integral part as an incentive system and as an internal billing unit, the VRE tokens are first developed with high priority and made available to the early backers in a wallet. Tradeability of the tokens is also very important for an incentive system and will continue to be pursued with high priority as well. We will inform you separately on that.
Vrenelium AG thanks all supporters and interested parties. We look forward to your continued support on the road to the first sustainable Blockchain technology.