The Xixoio project raises doubts. PPF manager is leaving the company’s management

“It’s absurd to think we’re running things they accuse us of. We have very important people on the supervisory board, and they would not be involved in something dubious, “said Watzke during a meeting with the E15 editor. He thus came across the fact that the members of one of the highest bodies of the company are, for example, former Minister of Informatics Dana Bérová or Chairman of the Board of PPF Group NV Aleš Minx.

But as the E15 daily found out, it is Minx who is leaving Xixoio’s statutory body. “Mr. Aleš Minx’s participation in the Xixoio bodies has always been his private activity and has nothing to do with PPF. In addition, according to our information, he has already resigned from membership in the bodies of this company. The necessary legal steps are now being taken to make the relevant change in the Commercial Register, “said Leoš Rousek, spokesman for the PPF Group. He did not specify the reasons for his resignation.

The daily E15 also asked Dana Bérová for a statement. When asked if she was also going to resign, she replied that she would first notify such a decision to the Board of Directors and the Supervisory Board. He does not intend to comment further.

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NFT – Unmistakable token

Xixoio offers people value for money. It wants to achieve this by creating an alternative financial system based on blockchain technology, ie using a decentralized database. Through the system, companies are said to be able to issue tokens instead of traditional shares, thus financing their development.

By buying tokens, people are said to be able to participate in potential corporate profits. In this context, Xixoio talks about the so-called tokenization of the economy. However, experts in the financial market and blockchain technology have doubts.

“It’s all nonsense and tragedy,” said E15, a man who has been dealing with cryptocurrencies and blockchain technology for a long time. He did not want to publish his name due to fears of Xixoio’s legal action against the critics. “It boasts words like blockchain and smart contracts. As a result, the whole thing works so that there is one administrator who writes down any numbers, and she writes in a smart contract. Only they control it, it’s as if they are writing something in Excel, “he added.

Xixoio currently sells its own token called XIX. It pays its dealers relatively high 8% commissions. The token is not traded anywhere and its rate is determined by Xixoio itself. However, Watzke does not see a problem in this, according to him, it is the same as with corporate bonds. “You put him in the safe and you can’t trade with them either,” he said.

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According to Watzke, the company is still preparing the stock exchange on which tokens should be traded. So far, over six thousand users have invested in tokens, but also in Xixoio shares. “We have exactly 249 million crowns of capital. Initially, we financed everything from our own resources, “Watzke said, adding that 73 percent of” users “buy tokens repeatedly.

Unlike stocks and other traditional securities, the digital tokens that Xixoio sells are not regulated. Even though Xixoio likens the sale of tokens on its website to the primary public offering of shares.

Precisely because of the regulations, Watzke tries to avoid the terms investment and investor. “We do not have investors. Investor and venturer are different concepts. If it was an investor, it is a person who puts money in somewhere and expects a return. A partner is someone who buys an XIX token, which is actually the key to the house we rent each floor. And after the opening, you will lose the income from renting part of the house, “he explained the operation of the project.

“According to the prevailing interpretation, digital tokens are not considered securities in the Czech Republic. They are not subject to the Capital Market Business Act and their issuance does not in itself require the permission of the Czech National Bank, ”said CNB spokeswoman Petra Vodstrčilová when asked by E15.

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According to experts, the fact that Xixoio sells an unregulated product through its sales network is a problem in itself. As a result, investors and users do not receive protection. “The number of unregulated areas of investment substitutes is increasing and it is a problem and it will be a big problem,” said Petr Borkovec, CEO of Partners.

Xixoio’s Chief of Partners recently received a pre-litigation call to end criticism after Linkedin he compared Ponzi scheme project (designation for fraudulent investment operations, equivalent to “aircraft” – editor’s note).

Watzke argues that his company consults with the CNB on all its actions. “Even if there is no regulation for our project, we still ask the CNB to make sure that we are preparing the project correctly,” E15 said. “The CNB has no obligation to supervise us, but it must definitely regulate the market. And if we are part of the market, then it regulates the market. If a situation arises where we do something wrong, he can challenge us immediately. He has a right to do so, “he added.

Until recently, Xixoio stated on its website that “the development of the ecosystem and the position of the XIX token is continuously communicated with the CNB.” However, the regulator objected to this.

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“From the CNB’s point of view, it would be more accurate to state that several related questions were asked, to which the CNB answered, as it does for any interviewer who meets the conditions for submitting a so-called qualified CNB question,” said E15 spokeswoman Vodstrčilová. “In this respect, we consider the wording of the sentence to be slightly misleading,” she added.

In addition to Borkovec, lawyer Jan Langmeier does not take napkins. In statement for the server peníze.cz he recently described the whole project as “a thoughtful and sophisticated scam that will be artificially driven out by massive marketing.” He also received a summons. And he, like Borkovec, also stands by his words and changed the word “scam” in the post on Linkedin on a “podvod”.

Watzke himself acknowledges that buying tokens issued by his company is not a conservative matter. “It’s a risky investment, it’s worth mentioning. But we rely on the trend and the fact that we have been on the market for six years. There will never be anything new without taking risks. Česká pojišťovna or Zbrojovka were also risky in the 1990s, and let’s see today, “he said.

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