Waves Refutes Bankruptcy Rumors, Has Moved to Switzerland

Waves has simply moved shop to Switzeralnd and decided not to renew the UK registration of the company.

by Nina Dimitrova
01 June • 2 mins
In News

Waves, a blockchain platform that supports solutions for storing, trading, managing and issuing digital assets, has published a blog post on Medium refuting rumors that it has gone into liquidation.

The blog and media publications on the bankruptcy of Waves have been prompted by the fact that the company's registration in the UK is no longer active.

“Any information on the project’s bankruptcy is untrue. We’re fully following the interests and trust of our investors,” the Waves blog post said, clarifying that the UK-registered company was active at the early stages of the project and was used mainly for marketing and promotional purposes.

Attracted by the more favorable regulatory conditions in Switzerland and in line with Waves’ international expansion plans, the company headquarters were moved to Switzerland in December 2017 and a new company, Waves Platform AG, was set up. Hence, the team decided not to renew the company's UK registration.

“The change of jurisdiction will allow the project to enhance relationships with counterparties and expand to new markets. The official announcement of company’s launch in Switzerland and the names of advisory board members is scheduled for the end of June 2018,” the Waves blog post reads. “Waves moving to Swiss jurisdiction is done solely in the interests of our investors and users, it does not pose any potential threat to them.”

Waves is a decentralized blockchain platform whose main purpose is to allow the average user to launch their own crypto tokens. The ecosystem has its own token – WAVES – that serves as a gateway to the Waves Network as well as a payment means within it. Unlike the Ethereum blockchain, which allows users to create tokens on the platform using a smart contract, Waves has this functionality in its core software and wallet. Users of the platform can transfer and exchange tokens on a peer-to-peer basis, using the WAVES token to pay for transaction fees.