Before trading any crypto assets it is important to understand the risks. This overview summarizes certain risks associated with REN.
No securities regulatory authority has expressed an opinion about REN, including an opinion that REN itself is not a security and/or derivative.
Token Description & Project Background
REN is a cryptocurrency that powers the Ren protocol, a network that gives its users access to permissionless interblockchain liquidity across a range of decentralized applications.
Initially established by Taiyang Zhang, co-founder of crypto hedge fund Virgil Capital, the REN token launched in 2018.
RenVM protocol functions through a network of virtual computers, or darknodes.The REN coin acts as a bond for these darknodes. To that end, each darknode, to be operational, requires a bond: 100,000 REN tokens. The operators of the darknodes are compensated with fees for contributing computational power and storage to the network. (Users of RenVM pay the fees). The bonds protect and validate the darknodes while simultaneously guarding against malicious activity.
Ren was founded as the Republic Protocol, a private Singapore company in 2017. Republic Protocol renamed to Ren in early 2019 and launched its mainnet in May 2019, now focused on more general problems of computation off-chain. The REN token is largely a utility token for operation of nodes in their distributed computation environment.
Risks of REN
Like an investment in other crypto assets, there are some general risks to investing in REN. 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 thestatement.
In addition to these general risks, an investment in REN is subject to the following specific risks:
- Any potential success associated with the REN token is dependent on Ren Protocol’s rate of adoption by other DeFi protocols and users.
- As per REN protocol’s recent , the project has not secured funding to support its upcoming roadmap, given previous ties to now bankrupt Alameda Research.
- Any potential success associated with REN is dependent on a number of external factors, including a growth in demand for blockchain interoperability solutions.
We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with REN. 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 REN community and its founding teamare not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of REN have no recourse to the REN community, the REN team, or Uphold if REN 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 REN on the Uphold Platform, Uphold performed due diligence on REN and determined that REN 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 REN, 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 REN.
- Any marketing materials put forward by the REN social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
- Material technical risks associated with REN, including any code defects, security breaches and other threats concerning REN 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 REN, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of REN.
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 thestatement 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. Please also review the 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 statement.
Last updated on June 14, 2023.
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