Blocktrade: Visions, promises and reality!

The announcement of a new era at Blocktrade has attracted a lot of attention in recent weeks. Under the banner ‘EPIC Blocktrade’, the platform is to be comprehensively transformed. With a broader range of services, including a gaming centre and investment diversification, a global marketplace for tokenised assets is to be created. In addition, the partnership with SKAI2 is emphasised, which should enable global crypto payments. However, while the vision seems ambitious, the reality currently paints a different picture.

So far, various extraordinary online events have taken place with Sam Tan, the new CEO, which were intended to strengthen confidence in Blocktrade and provide important information about the company’s future. But instead of providing clarity, the last events have caused uncertainty. The BTEX price plummeted immediately after the event – a clear indication that investors and listeners were disappointed by the content presented. To this day, there is still no clear strategy for how BTEX is to be used in the long term, which has only served to reinforce doubts about the platform.

Those hoping for a monetisation of their shares were also disappointed. A public market for trading these shares does not yet exist, and according to Sam Tan, dividends are also not planned at the moment. For years, promises have been made about Blocktrade shares and an IPO. Investors were led to believe that the platform would go public by 2021. Three years later, this step has not yet been taken. Anyone wishing to sell their shares must contact Blocktrade directly.

Whether anyone has actually been able to sell their shares in this way remains in question. Instead, the company’s growth is stated as the top priority – cold comfort for investors who have been waiting for returns for a long time.

In the latest AMA, Sam Tan spoke at length about the planned IPO steps. He emphasised that they are working towards a reverse merger with a company already listed on NASDAQ. The mention of a potential merger draws suspicion to BioNexus, a company where Tan also serves as CEO. However, BioNexus is facing a possible delisting from NASDAQ, which casts serious doubt on the credibility of this strategy.

Blocktrade’s roadmap may sound ambitious, with goals such as the tokenisation of real assets, the introduction of AI-based rating systems and the development of a global marketplace. However, its implementation remains unclear, especially in view of the regulatory challenges and the opaque corporate structure. The question arises as to whether reputable partners are willing to work with a company that is so deeply involved with a convicted Ponzi scheme like Lyoness/Lyconet/myWorld.

Sam Tan’s statements about the accounting, which is to be adjusted according to US GAAP standards, seem almost ironic in this context. It remains to be seen how Blocktrade intends to overcome this hurdle.

The planned co-operation with regulatory authorities such as the SEC or the PCAOB requires high standards in terms of transparency and compliance. However, Blocktrade seems to be choosing the path of a reverse merger in order to circumvent the costly and strictly regulated listing procedure. Given Blocktrade’s problematic links to eCredits and the controversial Lyoness/Lyconet/myWorld systems, it is likely to be a considerable challenge to gain the necessary trust of these institutions.

Sam Tan repeatedly emphasises the importance of trust and belief in the vision. However, these words lose their weight as long as there is a lack of actual progress. The announced changes and marketing initiatives have not yet convinced us.

Quellen: Telegram, Blocktrade, CoinMarketGroup

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Source: Telegram, Blocktrade, CoinMarketGroup

Note: As always, those affected are welcome to comment, or if someone has more or different information, they are welcome to share it with us. We are not interested in making false claims and our primary goal remains to provide complete documentation.