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He says the UNV token is intended to eventually be used to unlock software features on the trading platform, but in the interest of growing market share the company has made it free to use for startups. This is intended to help push the value of the coin back up.īut Matthews says this is currently “an intended design” that will become an automated process, but there remains technical hurdles. “Meaning that as adoption increases, UNV tokens become more scarce,” the website states. The company’s website now claims fees taken to facilitate users trading on the platform will be used to buy back UNV tokens, which are then destroyed or “burnt”. Gardner says the UNV token was not incorporated with the function of the system at launch, and was a speculative asset with no practical use. Unvest’s website was also recently updated, but getting to the bottom of something as basic as what the UNV token can be used for, or how it could be used in future, isn’t easy. Jamie Gardner prefers to use his Mutant Ape Yacht Club NFT in lieu of a photo. Gardner is Australia-based and runs, a consultancy for crypto projects, and says his company continues to help Unvest fix bugs in its systems. Knowing exactly what Unvest is doing today is tricky. Gosh says this is common, and was recommended by the venture Capital firms that backed Unvest at its seed stage. While he might be the sole director of Unvest Ltd, which is a New Zealand registered company, Unvest Ltd itself is fully owned by Unvest Corporation, a company registered in the British Virgin Isles. The team has not personally sold any UNV tokens since launch,” he says. We do not fund operations through the sale of UNV tokens.
“We operate a New Zealand company and pay tax in New Zealand. Those continuing to work on the project are paid from startup capital raised from institutional investors, Matthews says.
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I currently work full time on Unvest and draw a salary as CEO, some of which goes towards mortgage payments,” he says. “I have a mortgage and prior to starting Unvest had a successful career in fintech. Despite the coin being mid-collapse in November, he was able to pay $2.3 million for a home in Auckland’s foothills.īut he says the home wasn’t bought with proceeds from the startup. Matthews doesn’t seem to have done badly.
Alex Sims says standard advice is you should spend an hour researching a crypto for every $100 you intend to invest in it.Ī lot of people will have lost money on Unvest, but there will have been those who bought low and sold high, walking away with a good payout, Sims says.
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