20.11.17

BMH BRÄUTIGAM ADVISES WYSKER ON THE FIRST INITIAL COIN OFFERING (ICO) IN GERMANY

BMH BRÄUTIGAM has advised Wysker, a blockchain-powered eCommerce provider, on the first ICO in Germany.

The business model of Wysker consists in particular of the following two pillars: On the one hand, the Wysker app generates a variety of product suggestions for its users within a very short time. On the other hand, the user has full control over all user data collected by the app, as he can decide for himself whether he wants to provide the advertising companies with the data. If he decides to do so, he will receive so-called wys tokens, which he can exchange for discounts. Due to this innovative concept, Wysker has already attracted enormous media attention. The FAZ (Frankfurter Allgemeine Zeitung) described the idea as "more radical than Google and Facebook ever were". Like many blockchain startups worldwide, Wysker was also affected by the so-called Parity Bug, which has led to the freezing of about 300 million dollars in the cryptocurrency Ether (ETH). Wysker was therefore no longer able to access the Ether collected in the initially commenced ICO. BMH BRÄUTIGAM has legally advised Wysker in this situation. Background: BMH BRÄUTIGAM’s Venture Capital Team has formed a working group on blockchain technology and cryptocurrencies and has already offered client events on these topics. After the Parity Bug had been disclosed, BMH BRÄUTIGAM was engaged as legal advisor due to recommendations from the venture capital advisor blacksquare ventures. BMH BRÄUTIGAM is pleased to have acquired the pioneer company Wysker as a client and is looking forward to further support Wysker in the context of legal challenges. BMH BRÄUTIGAM team: Dr. Patrick Auerbach-Hohl, Dr. Julian Schroeder, Bastian Reinschmidt (all Venture Capital)