According to the Tokens and TT Service Provider Act (TVTG) for the public offering of the TANG Utility Token, a Cardano Blockchain based token. Token Issuer according to TVTG: LCX AG
Date of the Basic Information: August 31, 2022
The Token Issuer according to TVTG is the company raising funds in the name and for the account of DAWM HOLDINGS LIMITED, a company incorporated in British Virgin Islands, with the seat and correspondence address at TORTOLA, BRITISH VIRGIN ISLANDS and accepts responsibility for the contents of this Basic Information and declares that as at the date of this Basic Information, to its knowledge, the information provided is correct and no material circumstances have been omitted. All investments, including Investment in the TANG Tokens involve certain risks including the total loss of invested funds. Potential buyers should read the contents of this Basic Information in its entirety prior to making an investment decision.
LCX AG, Herrengasse 6, 9490 Vaduz, Liechtenstein represented by Monty C. M. Metzger, CEO
Table of Contents
2.1. WARNINGS
2.2. KEY INFORMATION ON THE ISSUER
2.3. KEY INFORMATION ON THE TANG TOKEN
2.4. KEY INFORMATION ON THE TOKEN SALE ECONOMICS
3.1. VISION AND MISSION
3.2. TANGENT (DAWM HOLDINGS LIMITED)
9.1. Tokens are non-refundable
9.2. Tokens are provided on an “as is” basis
9.3. Risks relating to digital asset networks
9.4. Loss of private keys may render Tokens worthless
9.5. Irreversible nature of blockchain transactions
9.6. Risk of wallet loss, hack or data theft
9.7. Tax Risks
This document contains Basic Information according to Art. 33 of Tokens and TT Service Provider Act (“TVTG”).
The offering of the TANG Token (“TANG” or “Token”) will be carried out by LCX AG (“the Issuer”) on behalf and for account of DAWM HOLDINGS LIMITED, a company incorporated in British Virgin Islands, with the seat and correspondence address at TORTOLA, BRITISH VIRGIN ISLANDS.
LCX AG is regulated by the Financial Market Authority of Liechtenstein under the registration No. 288159 as a trusted technology service provider. LCX AG is registered as TT Exchange Service Provider, TT Token Depositary, Token Generator, TT Key Depositary, TT Price Service Provider, TT Identity Service Provider, TT Token Issuer for our own name (Article 12(2) TVTG) and TT Token Issuer for third parties (Article 12(1) TVTG) under the provisions of the TVTG.
Only registered users of the LCX platform (see: https:/LCX.com) are eligible to purchase the Tokens. All buyers must read and accept the Terms of TANG Token Sale published on the purchasing platform.
Any potential buyer will be subject to all applicable KYC/AML in place at the time of the purchase through LCX AG. Failure to comply with the KYC/AML procedures and routines applicable to the purchase of Tokens shall prevent the purchase of the Tokens or the imposition of sanctions on purchasers, including the freeze of funds, mandatory cancellation or redemption of Tokens or any other measure that the Issuer may deem appropriate to meet the applicable regulatory requirements.
Whether the Token constitutes a suitable investment must be assessed in light of each investor’s own circumstances. Neither this Basic Information nor any marketing material relating to the Basic Information constitute investment advice, financial advice or any other kind of advice to investors. Investors must make a suitability assessment regarding investments in the Token or consult with the investor’s professional advisors. An investment in the Token is only suitable for investors who have sufficient experience and knowledge to assess risks related to the investment.
The Issuer will not sell any Tokens where potential buyers are citizens or residents of restricted jurisdictions as determined by the Issuer. In particular, restricted jurisdictions are the United States of America and China, further any US persons are prohibited from participating. The following Jurisdictions are defined as prohibited countries according to Issuers AML framework in general: Afghanistan, Angola, Bahamas, Barbados, Bangladesh, Bosnia and Herzegovina, Botswana, Burkina Faso, BVI, Cambodia, Cayman Islands, China, Colombia, Cook Islands, Crimea Region, Cuba, Ecuador, Eritrea, Ethiopia, Ghana, Guyana, Iran, Iraq, Jamaica, Kenya, Kosovo, Laos, Lebanon, Libya, Mauritius, Montserrat, Morocco, Myanmar (Burma), Nauru, Nicaragua, North Korea, Pakistan, Palestinian Territory and Gaza Strip, Panama, Papua New Guinea, Samoa, Sao Tome and Principe, Senegal, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Tonga, Trinidad and Tobago, Tunisia, Uganda, Vanuatu, Venezuela, Yemen, Zimbabwe.
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA OR CHINA OR OTHERWISE THAN TO PERSONS TO WHOM IT CAN LAWFULLY BE DISTRIBUTED – THIS TOKEN OFFERING IS AVAILABLE ONLY TO ADDRESSEES OUTSIDE OF THE UNITED STATES, CHINA OR OTHER RESTRICTED JURISDICTIONS.
The Issuer has not authorized the making of any offer by any offeror, and the Issuer has not consented to the use of this Basic Information by any other person in connection with any offer of the Basic Information in any jurisdiction.
Any offer made without the consent of the Issuer is unauthorized and the Issuer does not accept any responsibility or liability in relation to such offer or for the actions of the persons making any such unauthorized offer.
This summary is an overview of the subsequent Basic Information.
Potential buyers of TANG Tokens are urged to read the entire Basic Information.
Investment in the Tokens involves substantial risks. Investors could lose all or part of the invested capital. Civil liability attaches only to those persons who have tabled the summary including any translation thereof, but only where the summary is misleading, inaccurate or inconsistent, when read together with the other parts of the Basic Information.
LCX is a regulated, compliant and secure blockchain company established in 2018 and headquartered in Vaduz, Liechtenstein.
LCX, LCX.com, the Liechtenstein Cryptoassets Exchange or LCX AG (hereinafter referred to as “LCX” or “LCX AG”) is a globally-focused financial technology company. LCX AG is established under the jurisdiction of Liechtenstein, with its registered address at Herrengasse 6 in Vaduz, Liechtenstein, 9490 Vaduz. Registered in the commercial register at Vaduz, Liechtenstein with register number: FL-0002.580.678-2 and Legal Entity Identifier (LEI) Number 529900SN07Z6RTX8R418.
As a Trusted Technology Service Provider that is registered under the Blockchain Laws (TVTG), LCX is required to comply with the KYC/AML/CFT standards under the Due Diligence Act and is supervised by the Financial Market Authority in Liechtenstein (“FMA”). The core activities of LCX in accordance with the scope and the definitions of the Lichtenstein Blockchain Act are to offer services as:
LCX is the Token Issuer of TANG and facilitates the TANG Token sale. This includes the legal issuance of the TANG token in LCX’s role as registered Token Issuer, investor the identification in LCX’s role as TT Identity Service Providers, secure custody in LCX’s role as TT Token Depositary and TT Key Depositary, and listing TANG at LCX Exchange in LCX’s role as TT Exchange Service Provider.
LCX’s token sale manager and comprehensive crypto compliance suite empowers TANGENT to manage the TANG Token sale in a compliant manner. LCX’s advanced Crypto Compliance Suite comprises Know-Your-Customer (KYC), Anti-Money-Laundering (AML), and Blockchain Analytics (KYT) processes facilitate quick and automated investor onboarding for the private sale and public sale.
The LCX ecosystem consists of LCX Exchange, a regulated centralized exchange for a variety of digital assets, Fire Salamander, a powerful DEX aggregator, Tiamonds, real-world diamonds as NFTs, and LCX Terminal, an advanced trading platform for portfolio management.
All members of Tangent are firm believers in the power of strong cryptography and privacy-enhancing technologies as a route to social and economic change within the financial industry. As advocates for permissionless financial services, we believe that Tangent should eventually become an independent platform owned and led by the community.
The TANG token whose primary use case will be as a governance token to actively guide Tangent towards self-sustainability and shared community ownership. The token has been minted on the Cardano blockchain and will be a tradable asset which functions like most other native Cardano tokens, except it has additional utility as a voting mechanism.
TANG will give holders the ability to participate directly in governance by voting on proposals related to the TANG token’s development and usage as well as development and direction of the Tangent platform itself. Any proposal that meets the proposal thresholds set by the governance protocol will be eligible to be voted on by the community.
The TANG Token will be at the center of the ecosystem, as such we want to ensure that it is widely distributed amongst our community, whilst ensuring that the core team retains some ability to guide development.
Details about the timing and process of the Token Sale will be published at LCX.com and accounts.LCX.com/Token-Sale.
Token sale start date: September 1st, 2022
Token sale duration: Until sold out or maximum of 12 months after start of sale.
Token distribution and listing date total supply: 3,141,592,650 TANG Tokens
Private Sale: 62,831,853 TANG
Public Sale: 879,645,942 TANG
TOKEN RELEASE STRUCTURE
Private sale participants have two vesting options with varying prices;
5 months initial cliff period, and Daily Release thereafter over 2 months.
Presale participants will have following vesting schedule with varying prices;
81 Days initial cliff period, and Daily Release thereafter over 2 months.
Public sale participants will have vesting option with varying prices;
No Cliff and No Vesting of Tokens applicable
Currencies accepted: BTC, ETH, USDC, ADA and EUR.
Token Type: Cardano Token
Tangent’s mission is to merge art with finance on the Cardano (ADA) Network by focusing on the development of NonFungible Tokens and their applications within finance and gaming. Tangent will be the radical art project built on the Cardano (ADA) blockchain with regular innovative and experimental NFT launches to push the boundaries between the real and digital world. Further team plans include the integration of an onchain gaming hub & the incorporation of the Tangent Artistic Grants programme, with the mission to support artists with publicity and financial backing. Investors of TANG will have the option to vote on the development and direction of the Tangent ecosystem, such as the ability for users to pay for art (both physical & digital) and on chain transactions using the native token, in a cost effective and efficient manner. Tangent will utilize the low fees and security of the Cardano Network with bonus rewards when TANG is used as the form of payment.
Tangent will further act as a bridge between both the artist & investor by creating a platform for emerging talents to grow with Tangent through the implementation of artistic grants and our ambassadorship programme. The team’s aim is to cut out the use of third-party brokerage, allowing the artist to receive a fair percentage for the art created. Tangent will be offering exposure to both traditional decentralized finance services and our innovative NFT Farming ecosystem by leveraging the powerful usability of the Cardano Network in conjunction with both our Tanglobe and the TangentDAO powered by the native governance token TANG.
The blockchain industry is currently undergoing the largest fundamental shift in its recent history, equivalent to those of the telecom industry, personal computing, and the internet two decades ago. Tangent aims to contribute to this change with a clinically executed plan to pay homage to the Cardano Network through a one-of-a-kind NFT staking platform.
TANGENT is the radical web3 art & finance project that is built on top of the Cardano blockchain and aims to bring new financial utility and smart contract functionality to NFTs; forever changing the way the crypto community interact with digital art.
The TANGENT REDEEMABLE NFT LAUNCHPAD supports artists, creators and enterprises whilst allowing for the sale and funding of tangible NFTs backed by the tokenization of real-world items, products, and assets. Each Redeemable NFT is backed 1 to 1 by a physical item or product in the real world and these can be redeemed from the NFT issuer via the launchpad redemption function.
The TANGENT NFT FARM provides DeFi services and solutions on Cardano to projects, developers, and end users. Tangent is a DeFi-as-a-Service (DaaS) platform serving the farming needs of the Cardano community. NFT Farming is the next step in the evolution of complex NFTs, that on one level are collectible digital art pieces but on another, form parts of smart contracts that are utilized within decentralized finance. These NFTs are not only aesthetically pleasing but possess staking capabilities within Farming Pools thus generating yield rewards for each user. Tangent has coined the phrase Operative Artwork to describe this function. The TANGENT NFT FARM will eventually be completely permissionless, providing a platform where any user (even those with zero knowledge of coding) can create their own NFT Farming Pools on Cardano.
Please refer to our White Paper for more detailed info about the TANGENT roadmap and the TANG Token.
TANG Token qualifies as a utility token pursuant to Liechtenstein’s Act on Token and Trustworthy Technology Service Providers (TVTG).
TANG Tokens do not constitute any absolute or relative rights at all. TANG tokens make absolutely no promise of share in revenue, earnings or any other form of income. This token’s purpose is specifically as a utility and to facilitate the governance of the TANGENT ecosystem.
Launched on the Cardano Blockchain, TANG Token is a Cardano based token. Details about the Cardano Blockchain are available online at https://cardano.org/.
TANGENT through the TANG Token Sale is financing operations and other costs related to the TANGENT components. TANGENT has created the TANG Token as a utility token with a long term incentive model for customers and platform users.
TANGENT has chosen LCX to manage and facilitate the TANG Token Sale.
For the purpose of the token sale, TANGENT authorized LCX AG to facilitate the public offering through LCX AG on behalf and account of TANGENT. For the TANG Token Sale LCX is also responsible for the investor identification in LCX’s role as TT Identity Service Providers and secure custody in LCX’s role as TT Token Depositary and TT Key Depositary.
After concluding the TANG Token Sale, LCX will be listing TANG at LCX Exchange in LCX’s role as TT Exchange Service Provider.
The TANG Tokens will be publicly offered by LCX AG to the users of the LCX platform.
The TANG Token does not represent any contractual rights or claims that entitle the Token holder to receive payments or other forms of compensation, or give the Token holder ownership of a legal person, contractual rights or any similar rights.
Token holders cannot request an exchange or redemption of the monetary value vis-à-vis the issuer, LCX, or vis-à-vis TANGENT.
Users can subscribe for TANG Tokens, in the sense of an expression of intent for the purchase of Tokens to be placed on the market, when the public offer begins. If the number of subscriptions reaches the existing quantity of Tokens to be placed on the market by LCX, then LCX completes the public offer and distributes the Tokens to the users who subscribed for them.
The main minting supply is 3,141,592,650 TANGs. Of this supply 2% is reserved for Private Sale, 20% is reserved for Presale, 8% for Public Sale – in total 30% for the 2-Phase Public Sale , 25% for Communal Rewards, 15% for NFT Bounties, 10% for Tangent Foundation, 10% for Strategic Partnerships & Development and 10% for Artistic Grants & Ambassador Programme.
The issue date of the TANG Tokens will be September 1st, 2022.
The Issuer is not obliged to provide Token holders with a refund for any reason and Token holders cannot request an exchange or redemption of the monetary value vis-à-vis LCX AG or vis-à-vis TANGENT.
Tokens will be provided on an “as is” basis. The Issuer and each of their respective directors, officers, employees, equity holders and affiliates make no representations or warranties of any kind. Digital assets are part of a new and rapidly evolving industry, and the value of TANG depends on the development and acceptance of this industry.
Extreme volatility in the future could have a material adverse effect on the value of TANG and TANG could lose all or substantially all of its value.
Digital asset networks are dependent upon the internet. A disruption of the internet or a digital asset network, such as the Cardano Network, would affect the ability to transfer digital assets, including ADA, and, consequently, their value.
Many digital asset networks face significant scaling challenges and are being upgraded with various features to increase the speed and throughput of digital asset transactions. These attempts to increase the volume of transactions may not be effective.
Banks may not provide banking services, or may cut off banking services, to businesses that provide digital asset-related services or that accept digital assets as payment, which could dampen liquidity in the market and damage the public perception of digital assets generally or any one digital asset in particular, such as Bitcoin, and their or its utility as a payment system, which could decrease the price of digital assets generally or individually.
In addition, the Cardano blockchain rests on open source software, and accordingly there is the risk that the Token smart contract may contain intentional or unintentional bugs or weaknesses which may negatively affect Tokens or result in the loss or theft of Tokens or the loss of ability to access or control Tokens. In the event of such a software bug or weakness, there may be no remedy and Token holders are not guaranteed any remedy, refund or compensation.
If a private key is lost, destroyed or otherwise compromised and no backup of the private key is accessible, Token holders will not be able to access the blockchain asset associated with the corresponding address, and the Issuer will not be able to restore the private key.
Transactions involving Tokens that have been verified, and thus recorded as a block on the blockchain, generally cannot be undone. Even if the transaction turns out to have been in error, or due to theft of a user’s Tokens, the transaction is not reversible. Consequently, the issuer is unable to replace missing Tokens or seek reimbursement for any erroneous transfer or theft of Tokens.
The Tokens are held by the investor in wallets, a coded access. If the investor loses this access, there is no way to get to the Token. They will be lost. In particular, the Issuer is neither actually nor legally able to regenerate and issue the Tokens. The same risk exists if a third party succeeds in gaining unauthorized access to the wallet. Also, in this case, where a third-party succeeds in removing and transferring the Tokens from the wallet, the Issuer is not able to issue new Tokens to the investor.
Prospective Token holders must seek their own tax advice in the relevant jurisdictions in connection with acquiring Tokens, which may result in adverse tax consequences, including withholding taxes, income taxes and tax reporting requirements.
Contacts:
For LCX AG,
Herrengasse 6
9490 Vaduz
Liechtenstein
Monty C. M. Metzger, CEO, and Member of the Board
For DAWM HOLDINGS LIMITED, P.O. BOX 4342 ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS
Clint Alexander – Co-Founder & CEO at DAWM HOLDINGS LIMITED
Ben Gordon – Co-Founder & CMO at DAWM HOLDINGS LIMITED
This Basic Information and the rights and obligations of the investors and the Issuer are governed exclusively by the laws of Liechtenstein excluding the application of International Private Law and the UN Sales Convention. The place of jurisdiction for all disputes arising out of or in connection with the public offering pursuant to this Basic Information shall be the jurisdiction of the Liechtenstein courts.
Should any provisions of this Basic Information, be or become invalid or unenforceable as a whole or in part, the remaining provisions shall remain in force. Any legally ineffective or unenforceable provisions shall be replaced by legally effective and enforceable provisions in accordance with the meaning and purpose of this Basic Information and the Token description, which in their economic effects come as close as legally possible to the legally ineffective or unenforceable provisions.
LCX AG is a company found in 2018 and registered in Liechtenstein No. FL-0002.580.678-2. LCX AG is regulated by the Financial Market Authority of Liechtenstein under the registration No. 288159 as a trusted technology service provider.
