Token Description & Project Background

Civic is a Silicon Valley company specializing in offering digital identity solutions for commercial enterprises, DeFi players and projects in the Metaverse. The project was designed to help businesses and individuals control and protect their personal information with blockchain-based identity verification solutions. 

The team believes that by using distributed, cryptographically secured databases users can gain greater control of who accesses their data and how it is stored, reducing identity theft and increasing access to identity for many in areas where government services are lacking. 

Civic users get to store sensitive data on their own mobile devices. Authorizations for the sharing of specific personal data are obtained via biometric signatures done through the Civic decentralized app which stores user information. 

Civic has introduced a blockchain-based identity layer that establishes trust between parties by using Identity.com, a structured approach to verified credentials that is interoperable across platform.

The CVC token is used to incentivize participants to engage with the network, and as a universal means of payment within the ecosystem.

The CVC token launched in June 2017. 

Civic was cofounded in 2017 in Palo Alto by Vinny Lingham, former CEO of Gyft, and Jonathan Smith, former global head of platforms at Genpact Headstrong Capital Markets. 

Risks of CVC

Like an investment in other crypto assets, there are some general risks to investing in CVC. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in CVC is subject to the following specific risks:

• A number of blockchain-based projects offer similar services to Civic. Any potential success associated with CVC depends on its rate of adoption by users, developers, and organizations.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with CVC. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The CVC community and founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of CVC have no recourse to the CVC community, Civic founding team, or Uphold if CVC declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing CVC on the Uphold Platform, Uphold performed due diligence on CVC and determined that CVC is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of CVC, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of CVC.
• Any marketing materials put forward by the CVC social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with CVC, including any code defects, security breaches and other threats concerning CVC and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with CVC, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of CVC. 

General

Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 21, 2023.