29 May 2018

Carey Olsen advises Ultraviolet on blockchain research application platform ICO

Carey Olsen's corporate team in the Cayman Islands has advised the Ultraviolet Foundation on its token generation event with respect to its innovative research and data exchange blockchain platform, Ultraviolet Protocol (UVP).

The platform allows teams and individuals to create independent research applications enabling participants to pose research topics or request data and generate a single, trusted and verifiable answer by leveraging the wisdom of the crowd. These fintech applications intend to develop a new system of knowledge creation outside of centralised institutions that provides many millions of people with the opportunity to earn money by contributing research and knowledge.

Cayman Islands partner Alistair Russell led the Carey Olsen team advising Ultraviolet and was assisted by counsel Dylan Wiltermuth.

Mr Russell said: "We continue to see an ever-increasing number of clients establishing structures in the Cayman Islands operating in, and investing into, the digital asset and fintech space. We have been delighted to assist UVP in forming such an innovative and exciting structure. The issuance demonstrates well both the broad uses that blockchain can be put to, as well as the flexibility and crypto-friendly nature of the Cayman Islands.

"We expect to see the Cayman Islands further build on its existing reputation as one of the world's premier investment and funds jurisdictions to become one of the leaders in the digital asset sphere."