Appleby advises on revolutionary digital identity token sale

24 January2018

Tokens sell out in a matter of minutes

SelfKey, a transformative, blockchain-based digital identity solution, which allows individuals and companies to truly own, control and manage their digital identity, recently completed its sell-out token sale with the support of offshore law firm Appleby.

After a USD 15.8 million pre-sale in December, SelfKey’s public crowdsale, which was originally projected to last two weeks, was oversubscribed and reached its sale cap just 11 minutes after the KEY tokens were made available for sale on 14 January.

Appleby acted as lead legal adviser to SelfKey on the offering, which raised a total of USD 22 million. The Appleby team was led by Cayman based corporate attorneys Samuel Banks and Peter Colegate who devised and implemented an innovative corporate structure to conduct the sale and to govern the SelfKey network as the community grows.

Appleby headed a team of 12 lawyers across multiple jurisdictions and formed an integral part of the 70-strong SelfKey team. The Appleby team also included Cayman Corporate partner Bryan Hunter, Mauritius corporate lawyers Melissa Virahsawmy and Sharmilla Bhima and Cayman trusts attorney, Esmond Brown.

SelfKey founder, Edmund Lowell, commented: “After the successful sale, we are pleased to be able to carry out our mission to put identity owners in control of their data and change the current centralized approach of identity management systems to one which is decentralised and self-sovereign. Without the help of our core team, advisers, lawyers including Appleby and in particular Samuel Banks and Peter Colegate, none of this would be possible.”

Commenting on the transaction, Samuel Banks noted: “Blockchain technology will revolutionise the way we manage our identities and the way we conduct business, online. SelfKey’s vision is to enhance know-your-client and anti- money laundering compliance whilst dramatically improving efficiency. We feel privileged to have been a part of the team that introduced the world to such a transformative technology.”

 

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