14 January 2021

Carey Olsen and Zedra support Vow on launch of new token ecosystem

Carey Olsen and Zedra have supported Jersey-based token issuer Vow on the launch of its Vow token ecosystem, a solution for distributing debt-free liquidity into local communities through a customer loyalty mechanic.

Carey Olsen partner Chris Griffin, who heads up Jersey's digital assets, fintech and blockchain team, assisted by associate Daniel Burridge, advised Vow on navigating Jersey's application process for token issuances, including the form and content of Vow's offering documentation, the company's AML/CFT policies and procedures, and the contractual and data protection requirements of the online token issuance portal.

Chris said: "It has been great to work with the Vow team as they prepare to launch what is a fascinating and ground-breaking project, one which leverages the Jersey Financial Services Commission's regime for token launches, and has the potential to help drive real-world crypto adoption."

Zedra’s fintech team worked alongside Carey Olsen to establish the Jersey vehicle for the Vow project and provided structuring services to the issuer in advance of the distribution of tokens.

Zedra associate director Scott Nelson said: "Zedra was delighted to be selected by Vow to handle its corporate set up and ongoing governance. When we first spoke with the Vow team we were immediately drawn to the social impact that their economic model could have.

"Our position in the market plus our understanding of local policies and procedures will help to ensure that Vow has best-in-class governance as it grows."

Vow chairman Bish Smeir, commenting on the Vow project said: "When businesses around the world discover the advantages of Vow and begin to issue v€, v£, or any other Vow stable currency, we will begin to witness the social benefits to local areas that Vow is capable of offering. We are delighted to have secured authority to distribute our token from Jersey as, in any project of this nature, ensuring compliance with robust requirements is vital.

"We are fortunate to be able to draw on the considerable experience and valuable advice that Carey Olsen and Zedra can provide. Their teams took the time to listen to us and to support us as we navigated the path to launch."