Horizon ICO Launch Moved To February

January 23, 2018 | 26 Comments

Horizon Communications — which aims to launch wireless internet service in Bermuda — has pushed their ICO launch date to February, saying they are “working on improving our website and materials, as well as also marketing throughout the cryptocurrency community.”

Describing itself as the “world’s first telecommunication company powered by the Ethereum Blockchain,” Horizon Communications aims to hold an ICO, then “launch high speed internet, voice over IP and IPTV services” in Bermuda, and then expand to the Caribbean, with the planned roll out of services to begin this summer.

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The ICO launch date was originally set for January, and Gilbert Darrell told Bernews, “Our goal has not changed, we look to bring better internet service to Bermuda, the Caribbean and other parts of the region.

“We’ve decided a week ago to push our ICO’s launch date back into February, with an exact date to be determined. We’re working on improving our website and materials, as well as also marketing throughout the cryptocurrency community. That will take some time to get in place and I’m a strong believer in quality versus rushing to market.

“So pushing our timetable back a few weeks made a lot of sense. A cliche, but very true nonetheless, is first impression is the one that matters the most. We will be publishing a more exact time line shortly once we have a few things wrapped up. I think 2nd to 3rd week in February is most likely.

When asked for a ‘layman’ explanation of the ICO, Mr Darrell said, “In simplest terms an ICO is a way for people to buy into a project or business they think will be useful, valuable or innovative.

“Our ICO at Horizon, where more ‘traditional’ companies fully utilize blockchain, I think is the future of business fundraising. This allows people all around the world can contribute to an idea they think will be successful and provide innovation in their respective sector.

“Being profitable within a few years of operation is also unique in this space. These are all strengths that I don’t believe many other ICO’s in the market can attest to.

“I want to be very clear, while the ICO adds some interest factor to our business, at our core we aim to be one thing. A really great telecommunications service. Using blockchain is one of the tools we will use to help us achieve that end.

Bernews asked how much, in Bermuda dollars, is Horizon hoping to raise, and Mr Darrell said, “Our soft cap is 3 million US dollars and our hard cap which is the total amount of money we are looking to raise is 40 million US dollars.

“For protection of people who are buying into the company if we do not reach our soft cap then all funds are return to the Token buyers. Once the soft cap is reached we will have enough capital to begin operations.”

Horizon Communications Bermuda Jan 2 2018

On January 17th, the Bermuda Monetary Authority [BMA] issued a warning about Initial Coin Offerings [ICOs] — in which investors use cryptocurrency – saying as they are “not subject to prudential regulation”, investors are urged “to be prudent and mindful of their accountability for their actions in this increasingly fast-moving and complex landscape.”

When asked for comment on the BMA warning, Mr Darrell told Bernews, “Being based in Bermuda and following best business practices, recommendations of the Government and the BMA, as they look to provide guidance and a pathway for future cryptocurrency and blockchain companies, means the model we use may very well be adopted by future companies. This puts a unique emphasis on us to make sure we go about our company fundraise in the best way possible.

“While cryptocurrency and blockchain regulations are being created in Bermuda, there are certainly plenty of rules on the books that would prevent any company or individual from engaging in illegal activities.

“I fully realize what we’re doing is cutting edge in both telecommunications and in business in general. If somebody wanted to run a unethical or illegal company I would highly suggest Bermuda is not the place to do so. I have staked my name and reputation to this business.

“They say little more matters in this world than a person’s word; I truly believe that to be the case. To do something illegal or unethical would have far lasting and permanent repercussions not only for ourselves at Horizon but for the island as a business jurisdiction. That is not something I am willing to engage in nor would any of our supporters.

“The technology of blockchain ensures a high level of transparency, with the business and with returning dividend and buyback options to the token buyers and those transactions easily seen on the blockchain itself.”

Earlier this month, the Regulatory Authority issued a statement saying Horizons Communications “does not currently hold an ICOL or Spectrum Licence,” so the company is “not permitted to provide any electronic communications services” in Bermuda or between Bermuda and another country.

After the RA’s statement, Mr Darrell said, “Horizon does not have our own license, as to our knowledge no new licenses are available to be applied for at this time due to an imposed moratorium.

“We have found an approved solution and have negotiated with licence holders to partner with to launch our services. Horizon is committed to working with the RAB for their goal is the same of Horizon’s: seeing a better telecommunications environment in Bermuda.”

When asked about the RA statement again, Mr Darrell said, “With regards to local regulators in Bermuda, we have been engaging with both the RAB and the BMA on a regular basis.

“We have a clear understanding of their requirements to do business in Bermuda,” he said, adding they “have great legal advice” and have “engaged with expert advisers to bring their expertise to bear.”

“The regulators have been quite open to seeing new business come to the island, especially in an area of telecommunications where there is little competition and in cryptocurrency/blockchain which stands to create new jobs and opportunities on the island.

“We’re excited to soon be launching Horizon for our crowdfund and a few short months later be entering Bermuda.

“Horizon will be a strong company, looking to solve a real problem for our customers that have been neglected for far too long. This is what makes us exciting.”

For more information, visit the Horizon website.

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Comments (26)

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  1. King Jammys says:

    So if the soft cap is achieved i.e. the 3M is raised and then Horizon does not progress as planned what happens to my investment?

    • Our softcap allows us enough capital to begin deploying in Bermuda, if that is now allowed via some unforseen reason, we will begin expanding down to BVI and other Caribbean islands instead.

      • Jus' Wonderin' says:

        So you lot still have no clue lol?

        • No clue and what we’re guard? Do you think that the regulatory Authority would not welcome competition in Bermuda? Do you not welcome and see competition in the Telecommunications space in Bermuda? Furthermore the situation here locally is very similar to the situation in many other islands around the Caribbean and also in Central America.

    • Zevon says:

      You risk losing it. All of it.

      So there has to be a worthwhile upside if it succeeds. Otherwise why take the risk.

      Do you understand now why businesses have to make a profit?

    • Family Man says:

      Investment? It’s hard to see what you are investing in. You are buying a token that is not tradeable or redeemable and has no underlying assets nor any rights to any assets, revenues or profits.

      According to the whitepaper you must acknowledge and agree that you are not purchasing these tokens as an investment and members of Horizon disavow any responsibility for any loss you may incur. (Although one promotor has been active on social media claiming HRZN is as investment akin to buying shares of Apple and Tesla.)

      • Mr. Family Man, please do some research on tokens and ico’s. Many (most?) ICO tokens are trading 2x-50x their initial price once they are on the exchanges, of which there is at least 20.

        That doesn’t mean I condone or support people buying or selling our token, it’s none of my business once they purchase the token what they do with it. That is up to the buyer to decide.

        Horizon’s mission is to create an awesome telecom service and in doing so we hope to return a good amount of our profits back to token buyers. That is where we aim to create value.

        • Family Man says:

          Where will the HRZN tokens be traded? Your white paper said you are still in discussions to hopefully have the tokens trade on an exchange. That was December. If your discussions do not pan out, how will your tokens be traded? Why would there even be a market for HRZN tokens if they are only accepted for Horizon’s services? If there is a market value for the token, what’s to stop you generating future HRZN tokens at will and diluting the value?

          HRZN tokens have no ownership or control over Horizon the company. They have no right to revenues, assets or earnings and can not vote at Horizon shareholder meetings. It appears the only thing they can be used for is to obtain a discount on your services.

          Horizon’s mission might well be to create an awesome telecom service but the fact remains it has no license and the RA is not issuing any new licenses.

          • There are plenty of exchanges to be listed on but we’re balancing economics (some charge exorbitant fees) with exchanges that we feel are in our best practices such as kyc and AML compliance.

            We cannot generate more Horizon tokens than what is listed inside the smart contract. Once again it would be prudent for you to do some research since you have all these questions.

            The question on whether tokens will transfer into partial ownership of the company is strictly at this point with the BMA. I welcome the conversation and Horizon will follow any and all regulations once presented.

            Tokens could simply be looked at as debt in the future as well. That decision has yet to be made by regulatory bodies worldwide.

            Once again you seem to be missing key parts of our white paper. We have expressly said for quite a long time now that token holders will have rights to profit sharing with the company and Buy-Back services.

            I again welcome you to contact me directly and I’m happy to sit down with you over coffee and answer all of your questions. It appears you feel most comfortable asking questions under an air of anonymity however.

      • The Original Truth™ says:

        I wouldn’t say that HRZN is like Apple and Tesla but from my research if what’s promised is delivered they could hold their own with other competing icos our there. There are token exchanges so if HRZN got on them they could be traded for Ethereum. Also the dividends I assume will be in ethereum also which not many ICO give dividends. Ethereum is a promising investment especially now that governments and blue chip companies are starting to use it’s blockchain. If HRZN becomes a means of making a return in Ethereum it will be worth it’s weight.

  2. frank says:

    How will the customers pay for the service

  3. frank says:

    This is a shoddy way to start a company sounds more like

    Get 40m in capital in real money or be quiet

  4. Rocky5 says:

    WTF – he says it’s an ICO – Initial Coin Offering – then quotes US DOLLARS “Our soft cap is 3 million US dollars and our hard cap which is the total amount of money we are looking to raise is 40 million US dollars” Coins fluctuate tremendously – could be $3M one day and only $2M next day!!

    • Correct, pricing in cryptocurrency does go up and down regularly. Historically all cryptocurrency has risen by a large amount, that doesn’t mean it will continue to rise, but it does show a strong history.

      We will convert a majority of our raise into USD in order to conduct business in Bermuda and will leave a portion in ethereum.

  5. legalgal says:

    Crowd funding and cryptocurrency! Do your due diligence on this.

  6. bee says:

    with risk comes reward but this doesn’t sound like a good idea. my suggestion to the BMA is that any company that accepts cryptocurrencies must be treated the same as any company who is dealing in foregin currencies/foreign exchange and all the KYC and AML that goes along with that.

    • Just for clarity sake we are following all kyc and AML policies as if this was a traditional fundraise and we are acting as best as cryptocurrency allows just as if we were a traditional company.

  7. The Original Truth™ says:

    Has your bounty program started yet Mr. Darrell? I’d be interested in that if paid out in Ether for conversions.

    I can also offer my consultation services for Ether. You really need them from looking at your white paper. If your trying to raise funds through Bermuda investors when most of the population has no clue about block chain or cryptos is not the best strategy. I can get you that international exposure.

  8. Common sense says:

    That this is still going speaks to the resilience of Mr Darrell, and I don’t mean that in a good way.

    No registered company
    Can’t be registered as he isn’t legally Bermudian
    No experience in telecommunications or finance
    No ICOL license to operate in Bermuda
    No chance of getting a license as there’s a moratorium
    Can’t use anyone else’s license as it isn’t allowed
    No wireless spectrum to operate in Bermuda
    Subletting of spectrum not allowed under the law
    Dodgy funding scheme warned about by the BMA
    No way to operate warned by the Regulatory Authority
    No infrastructure in Bermuda
    No towers to operate
    “We have a signed agreement to use Barkers hill tower”
    Kenny DeFontes says, “No you don’t”

    Are we still listening to this guy?

    • Actually there is a registered company in Bermuda. It seems you are missing some research.

      The question of whether I am Bermudian or not to me is very simple since I am a son of a Bermudian and the grandson of to Bermudian grandparents, but that question is up to immigration on how best to proceed.

      You have apparently not read the white paper or looked at the team we are looking to bring on board. Tremendous experience in telecommunications, large-scale Information Technology systems and networks as well as Finance.

      Obtaining a license from regulatory would be wonderful however we have a signed partnership agreement to use until licenses become available.

      We have zero plans to use someone else’s Spectrum which again speaks to the fact that you do not understand the technology or have read the white paper.

      Just because this is a new type of way to finance a company does not mean it’s dodgy it just means you do not understand it.

      Both of BMA and the regulatory Authority have been very welcoming and we have constant open lines of communication with both entities to make sure we are in compliance as we move forward.

      At a startup I’m not sure how you would expect us to have Towers or infrastructure but that is on a roadmap to build as quickly as possible once funded.

      if for some reason we are unable to purchase the tower on Barker Hill which by all means we should be able to and government would welcome someone to take over ownership and begin payment again of the land underneath the tower they have begun proceedings in 2016 to actually demolished structure) we have almost a dozen other options around Bermuda for transmitting locations.

      I invite you to please contact me at 441-519-1409 or email me and I would be happy to sit down with you and answer any questions you may have that I have not yet explained in full detail.

  9. bdaboy says:

    You should hire an RF engineer

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