“Use crypto technology to empower people from outside of the crypto space use their funds to invest in projects outside of the crypto space that they wouldn’t have access to otherwise,” said this major crypto player. This sounds a little unreal considering how hard it is to attract outside funding in this industry. Using the blockchain technology to trade American Stocks? What kind of mysterious project is this?
Host: Hello Prince, glad you can make it to our interview. I heard that you started a digital asset company, can you tell us more about your project?
Prince: Hello, the project of ours is called DACx, the Chinese name is “everybody is angel” and the site is www.DACX.com
. DACx is a consulting firm that provides BDR or Bit Depository Receipts crowd-funding in order to provide related BDR crowd-funding service for businesses, projects or individuals in need of financing. As a brand new form of crowd funding DACx is the first attempt to use a digital asset platform to help those in need of better and faster financing. DACx itself is neither the issuer nor the trader of the BDR, but provides a complete solution for BDR crowd-funding.
Our first project will be crowd-funding for American Stocks. We would like to perform a crowd-fund of Warren Buffett’s stock (Berkshire Hathaway). This is a creative project of ours. One partner came to us with this proposal and we are glad to do it. We also hope to use the technology provided by BitShares to try to make it work better. Many people may have heard of Buffett, but maybe none of you here has ever bought one because its price is too high, it’s like 220,000 USD per share, almost 1.4 million CNY. To most people, even buying one share is too much for them. We’re trying to use this new form of crowd-funding to let you guys buy Buffett stock together, and we would like to start with one share.
Host: How do you plan to do this?
Prince: We will issue an asset on BitShares first to split one Buffett stock into pieces using blockchain technology( The project purchases one shares of the stock first from the actual stock market and hold it ). Everybody can buy such an UIA (user issued asset )in order to obtain part of the Buffett stock. You can invest in 100CNY, or even 1CNY. Then you can trade inside the BitShares Exchange. If this project is successful, then we will be providing more American Stocks including Tesla, Apple, Google and Alibaba. For most middle and small investors these stocks are expensive and it’s hard to buy them. If we put it through the BitShares platform, it would solve these issues quite nicely. Of course we will do other crowd-funding projects such as traditional assets like as domain names too. You can exit your investment easily in the BitShares platform unlike the traditional crowd-funding platforms, which normally would take 6 months or even 2-3 years to fully exit and you don’t necessarily exit with your funds, you may instead receive gifts such as mugs or movie tickets. But using BitShares you can trade anywhere you want on a global scale. It’s a good tool for crowd-funding. This is the project we’ve been working on.
Host: Do you expect some policy or legal issues?
Prince: Of course there always will be concerns so we have two legal teams working on the research. So far the risk probably comes from SEC of United States. We will have some policy to forbid Americans to purchase such a project and I don’t think Americans would want to buy this because it’s easy for them to buy in the States. We would only allow investors from outside of the States and we will be blocking USA IP, real name register and other measures to prove that we’re obeying the guidelines of the SEC. The Chinese has no rules against buying American Stocks so far.
Host: Will Buffett sue you? You split his shares for sale.
Prince: Sue us? I think Buffett will love us very much. If we can sell a lot of his stock through this project, who knows, maybe we can visit his company in May and introduce the advance performance of the BitShares platform to him.
Host: What if the Americans buy this BDR directly on the BitShares wallet?
Prince: That would have nothing to do with us, DACX only does the crow-funding part. Investors decide if they want to trade in the BitShares market or not, we won’t be able to intervene and it has nothing to do with us.
host: Prince, do you think this kind of crow-funding is good?
Prince: Of course, you can spend 1 CNY to buy American Stocks and it’s totally based on transparency. Not only for us, the Venture Capital who invested in us thinks this model has potential otherwise they wouldn’t be investing millions of dollars in us to operate this project. I’ve been involved in the financial world for quite some time in order to shorten the chain of financing and bring more fragmentized capital to participate in crowd-funding. This is the direction of the future, just like “YuEBao”(a successful fund financed by millions of ordinary people with petty cash which now worth billions of dollars ). It embraced the spirit of the fair, open and decentralized Internet. So for that I’m very confident. People around me showed interest in investing in Buffett’s stock, but it’s hard for them to buy from Newyork and the other markets are not open enough. I think this really solves the need of many people in the real world. If you have something that could solve problem for the people then the market will tell you that this “something” is badly needed.
host: Thanks for your time.
Prince: Our project will be launching in early March, DACx will use the BitShares blockchain to build a crowd-funding platform with total transparency. Crowd-funding for American Stocks is just one of our projects and we’ll have more on the way including crowd-funding for domain names, parking slots, individuals and companies. Using BitShares technology we can easily digitalize things from reality and provide an easy exiting strategy for the investors. This is awesome. Thank you everybody .
The original source is here : http://www.bts.hk/buffett-stock-crowdfunding-in-bitshares-dacx.html
There are a lot more in the article , but I'm too tired to translate it all , just pick something interesting at this point .This is only part of the interview , many contents are waiting for further translation .
I want to thank Matt608 for editing .