Xiaomi Disowns Link to Namesake ICO
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3 July

Representatives of Xiaomi say they do not support the idea of the Russian investment company Blackmoon, which offers users to change digital tokens for Xiaomi shares at the dollar-for-dollar price.

The Chinese smartphone maker plans to raise $4.7 billion. This is one of the most anticipated IPOs in Hong Kong this year. This high-profile event apparently attracted the attention of the cryptocurrency company.

On June 22, Blackmoon announced the release of the BMxXMI marker, the price of which will be tied to the price of Xiaomi shares after the IPO.

"The price of Xiaomi's tokens is determined by the price of Xiaomi's shares for an IPO. The price is due to the popularity of Xiaomi's shares. On our proposal, clients can buy out tokens on a monthly basis, then Blackmoon will sell Xiaomi shares equal in value to the redeemed tokens," notes Blackmoon CEO Sergey Vasin.

Token owners will receive actual evidence of their investments in virtual currencies. Although Blackmoon says they are working on options that would allow investors to return their invested funds. There is an initial 93-day lock-up period during which investors will not be able to withdraw money until they start buying tokens. Buyers can pay with ethereum, bitcoin or litecoin.

Not to mention that Xiaomi tokens cannot be purchased neither in Hong Kong nor in the rest of China due to the strict rules of cryptocurrency sales. Investors are as well concerned about the provision of personal data to a firm that is not a financial institution. Also, according to the Chinese media reports, Xiaomi said that the company does not know about this scheme nor does it approve the draft token proposal.

Xiaomi Launches Blockchain Pet Game CryptoBunnies

Note that Xiaomi is developing a blockchain technology. The smartphone maker has launched its own analogue of the popular game on the Ethereum blockсhain CryptoKitties. Dubbed Jiami Tu, (or CryptoBunnies), the service allows users with Xiaomi accounts to adopt digital rabbits with different designs and built-in scarcity on a blockchain system that stores transactions for each adoption.

By Ekaterina Ulyanova

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