Ad Tech Startup TribeOS Launches FIRE
[Updated] Ad Tech Startup tribeOS announced that they have launched FIRE, which according to their website is a “Security Token Offering” which has been approved by Bermuda officials.
The company’s website said, “tribeOS, a digital advertising marketplace that uses distributed ledger technology to provide a new level of transparency with online ad fraud, has launched FIRE, a Security Token Offering approved by the Bermuda Minister of Finance under new digital asset laws.
“Bermuda continues to elevate its leadership position in digital currency adoption with the approval of the tribeOS Security Token Offering [STO]. This marks the second token [or ICO] to be approved under new cryptocurrency regulations developed earlier this year, and the first Security Token approved under the ICO Act.
CEO Matt Gallant added, “Bermuda’s approval of the FIRE Security Token Offering is yet another signal of our rapid trajectory of innovating new solutions for investors, advertisers and publishers. And we’re just getting started.’
The company added, “As one of the world’s most respected and reputed centres of international finance and asset regulation, Bermuda provides the highest level of transparency, compliance, cooperation and exchange of information.
“The economic and industrial climate in Bermuda offers a pragmatic and forward-thinking regulatory approach, making it one of the most desirable offshore financial centres in the world, attracting major interest from FinTech, banking, insurance, and corporate services companies.
“Bermuda has set itself apart in recent years in its substantive commitment to legitimizing digital assets like cryptocurrencies and token offerings. It has made considerable investments in developing a substantial regulatory body to help integrate digital assets into global markets, and passed two new acts of legislation designed to govern digital currencies: the Initial Coin Offering Act, 2018 [the “ICO Act”], which provides a legal framework for token sales and ICOs, and the Digital Asset Business Act, 2018 [DABA], which governs the financial practices of token-based businesses like digital asset exchanges and digital asset brokers.
“With the STO approval, tribeOS innovated a new model and structure for a digital asset. In fact, the FIRE security token provides IPO-type protections within a cryptographic asset.
“This, along with a high level of regulatory rigor, discipline and transparency, immediately makes tribeOS more attractive in securing an additional private placement capital raise. Such additional funding will help fuel the development and deployment of the tribeOS digital advertising marketplace in 2019.
“tribeOS is the only digital marketplace that makes stopping ad fraud its number one priority. Currently, no existing advertising marketplace can make this claim. This solution will let entrepreneurs and corporations gain a significantly higher return on ad spend from digital advertising programs while protecting their precious campaign budgets from rampant fraud.
“tribeOS will cost-effectively solve the ad fraud problem via a full-featured suite of breakthrough software tools. The tool suite features AdShield, that stops bots and fraudulent clicks; Gold Lantern, which provides bullet-proof tracking and analytics; and a blockchain-based immutable ledger that delivers radical transparency of transaction data that can’t be manipulated or faked.
“The company previously received a $3 million seed investment from Bitmain Technologies, the leading developer of Bitcoin mining products which includes ASIC Chip technology. The initial source of funding for tribeOS originated from Exponential Ventures, a company focused only on startups with the potential for exponential growth.
We asked the Ministry and BMA for confirmation and/or comment on this statement last night, and will update as able.
Update 4.47pm: A Government spokesperson said, “In accordance with the issuance approval process the offering was processed by the Registrar of Companies and reviewed and approved by the Minister of Finance.”
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