MYRO describes itself as

Myro is a memecoin on the Solana blockchain, inspired by the cherished pet dog of Solana's Co-Founder, Raj Gokal. This project emphasizes simplicity, accessibility, and community engagement, aiming to shift the narrative surrounding memecoins by developing practical use cases and utilities. Unlike many memecoins, Myro doesn't impose a transaction tax, ensuring a smooth user experience.

The goal of Myro is to make the cryptocurrency experience more enjoyable and accessible for everyone, moving beyond the typical memecoin model. Myro offers users the chance to purchase exclusive merchandise and participate in various events. Additionally, the Myro team has announced future plans on their website, including the launch of the Myro Buy Bot, a Social-Fi Mobile App, and more innovative use-cases in the pipeline.

Originally launched in November 2023, MYRO is a community project, led by a pseudonymous team.

Risks of MYRO

Like an investment in other crypto assets, there are some general risks to investing in MYRO. 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 MYRO is subject to the following specific risks:

• As a ‘memecoin’, MYRO is a community project, led by a pseudonymous team. There is no roadmap, and no funds have been raised for the project’s future development. 
• Any potential success associated with MYRO is reliant on the growth of its decentralized community, and their continued trading and enthusiasm for the asset. These factors are difficult to predict, and could result in very high volatility.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with MYRO. 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 MYRO community is not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of MYRO have no recourse to the MYRO community or Uphold if MYRO 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 MYRO on the Uphold Platform, Uphold performed due diligence on MYRO and determined that MYRO 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 MYRO, 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 MYRO.
• Any marketing materials put forward by the MYRO social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with MYRO, including any code defects, security breaches and other threats concerning MYRO 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 MYRO, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of MYRO.

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 March 12, 2024.