OCASH Tokens: Important Update For Holders

July 20, 2018
OpenLedger DEX

Dear OCASH holders,

In anticipation of the upcoming launch of the OCASH debit card program, we have developed a new business model for this project.

The OCASH card will be available for order for every KYC approved customer in the EEA region. No tokens involved, no ICO performed, no subscription needed.*

We strongly believe this change will introduce a number of advantages for the whole OCASH project.

*Only the dedicated tokens to transfer a deposit to the card will be required.

OCASH BUYBACK ROADMAP

Here’s the roadmap of OpenLedger activities related to this business model change:

  • On July 11th, 2018, we burned all the OCASH tokens held on the ico.ocash reserve account, 2 572 610 OCASH in total.

OCASH buyback

  • On July 11th, 2018,  we reached all the OCASH token holders with the personal buyback conditions relevant until August 1st, 2018.
  • On August 1st, 2018, the rest of the OCASH tokens held on the ico.ocash account will be burned.
  • On August 2nd, 2018, OpenLedger will place a single order to buy the remaining amount of OCASH for OBITS on the Bitshares DEX market. The conversion rate is 1 OCASH to 0,2 OBITS.
  • Starting from August 2nd, 2018, the OCASH tokens will have no relevance to any OpenLedger ApS activities or the OCASH debit card program.

FAQ

1. How do I know about the updated OCASH project conditions and structure?

The messages about the new business model with more details will be delivered via the multiple OpenLegder channels, including our official website, OpenLedger Telegram channel, a Steemit post, a Facebook post, and a Twitter post. Also, an internal Bitshares blockchain message will be delivered to all the OCASH holders. Please make sure you’re subscribed to the OpenLedger accounts to receive the news in time.

2. What is the lifetime of the OBITS buyback order?

It will be placed as an open order and will be closed only when all OCASH tokens will be bought. For example, if a holder will not want to sell their OCASH for OBITS, the order will exist for an unlimited period of time.

3. What happens to OCASH tokens bought from the former holders?

We will hold all the OCASH tokens bought for OBITS on a single account and burn them monthly, on the second day of each month, starting from September 2018. We will continue doing that until the order is closed and all the OCASH tokens are burned.

4. What if the market price for OCASH or OBITS changes? Will you place a new order then?

The order to be placed on August 2nd, 2018, will stay as it is until fully closed. No exchange rates fluctuations will affect it. No new orders will be placed by OpenLedger for the OCASH buyback offer in the future. However, any user can sell their OCASH tokens for other assets instead, or buy OCASH from other traders.

5. Am I obligated to sell my OCASH for OBITS? Can I keep them on my account or trade them?

You are free to do whatever you like with your OCASH tokens. OpenLedger just provides you with an option to sell OCASH for OBITS. It is your choice whether to make use of the buyback offer or to consider any other options.

6. Will OCASH become just a regular token, without any additional obligations or support from OpenLedger?

Yes, from August 2nd, 2018, OpenLedger will not perform any activities related to the OCASH tokens.

7. My question is not listed here, how can I receive an answer?

Please feel free to send any OCASH-related questions to info@openledger.info.

Stay tuned for the future OCASH project updates!

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Best Regards,

OpenLedger Team

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