via The Merkle
by JP Buntix
It doesn’t happen all that often that exchange-traded cryptocurrencies turn into public stocks all of a sudden. In fact, this may have never happened before in the nine-year history of cryptocurrencies. Blocksafe is setting a very interesting precedent in this regard; that much is evident. The company is being removed from Bittrex because its shares will start trading on Nasdaq very soon. It’s a rather interesting development which few people had ever expected to see.
A SOLID CHANGE FOR BLOCKSAFE AND TRIG
For those unfamiliar with the Blocksafe project, allow us to briefly recap what this company does. Its bread and butter is the creation of a so-called global defense network utilizing blockchain technology. It will power the future of innovation in the world of enhanced defense technology. More specifically, Blocksafe claims to be the world’s first decentralized blockchain network for sensor-based systems. It’s quite the ambition to live up to in the coming years, but things seem to have advanced nicely so far.
On paper, Blocksafe can be used to develop sensor-based defense technologies. By offering a robust network capable of hosting innovative solutions, it is evident this company is doing things very differently compared to other blockchain startups. Moreover, they claim that any smart device or system based on the Blocksafe network will “significantly increase flexibility, speed, anonymity, and safety features.” Again, it’s a very bold statement, yet it’s one we haven’t seen any company make until now.
Furthermore, the Blocksafe project involves something called Triggers. This is the native currency of the blockchain project, and serves as a machine-to-machine token. Every event taking place between Blocksafe-based smart devices will be powered by Triggers (or TRIG, as it is known on exchanges). These tokens can be traded against Bitcoin on the Bittrex exchange, although that situation will come to change in the near future.
According to their roadmap, this project’s team has quite a lot of work ahead. More specifically, they will be meeting with the Air Force, filing patents, and attending various summits in the coming months. Most recently, the company announced it is planning to go public in both Canada and the United States through a traditional stock offering. It’s a big step forward for any company, especially one that started out as a cryptocurrency-oriented solution. As a result of this new approach, an issue arises. More specifically, if the company goes public, its TRIG tokens can no longer be sold on Bittrex or any other cryptocurrency exchange.
It is a bit unclear what will happen to these tokens when this shift happens, as nothing has been officially confirmed at this point. One should take this news with a grain of salt, to say the very least. After all, the delisting could also be due to entirely different reasons, depending on whom you want to believe. This is a rather interesting development well worth keeping an eye on. Especially when considering that TRIG’s market cap is sitting at US$178.4 million, there are some things which will need clearing up sooner rather than later.