Token Description & Project Background

SUKU is a platform based on blockchain technology that aims to revolutionize supply chain solutions and enhance transparency throughout the entire product lifecycle. The platform offers various key products such as OMNI, Infinite and decentralized finance (DeFi) all of which utilize blockchain to enable tracking, lending, NFTs, metaverse integration and introducing traditional companies to blockchain technology. 

SUKU is the platform’s native token; that has functionality on the Ethereum and Hedera ecosystems. SUKU plays a vital role within the platform, serving as a governance token and a means to reward node operators and users. During the private sales held in 2019, SUKU raised approximately US$16 million. 

The leadership of SUKU is comprised of Yonathan Lapchik as the CEO, James Bower as the Chairman, and Addison McKenzie as the President. Lapchik brings over 12 years of experience working with Fortune 500 clients and previously served as the Product Lead for Deloitte’s US Blockchain Lab. He holds an MBA from Duke University and a BSc in Computer Science Engineering from Universidad ORT Uruguay. 

Headquartered in Miami, Florida, SUKU’s parent company is Citizens Reserve. 

Risks of SUKU

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

• SUKU operates using smart contracts, which have an association with vulnerabilities and security breaches. Despite undergoing successful audits by well-regarded third-party entities, it is essential to acknowledge the existence of inherent risks. Furthermore, the project’s future trajectory hinges on the decisions made by a global community of SUKU token holders. 

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

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.