Token Description & Project Background

Storj is a decentralized cloud storage platform. Built as a cost-effective alternative to centralized cloud storage providers (AWS, Google Cloud) Storj leverages a globally dispersed network of over 13,000 computer operators to store encrypted files.

STORJ is the network’s native token, and is used as a means of payment on the network. Clients pay a STORJ-denominated fee to nodes to store files.

The STORJ  token launched on 18 May 2017.

It was founded by Shawn Wilkinson, James Prestwich, Jim Lowry, John Quinn, and Tome Boshevski in 2014. It is headquartered in Atlanta, Georgia as Storj Labs.

Risks of STORJ

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

• Any potential success associated with STORJ depends on Storj’s rate of adoption.

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

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.