Notification of "Real Virtual" Service Discontinuation Plan
Dear Users,
nTokens Serviços Digitais S.A. announces the planned discontinuation of the "Real Virtual" service. We reaffirm that all client’s funds are fully secure and in accordance with the issued amounts, ensuring that all holders can redeem their assets. This plan will be executed in accordance with the "Real Virtual Terms of Use" previously published on our website at the time of issuance, and described in detail below:
Continuity of Withdrawals:
Withdrawals will not be interrupted, but will follow the schedule below:
For users already registered with completed KYC:
- Until the end of August: withdrawals remain unchanged.
- From September: withdrawals with a 5% fee.
- From November: withdrawals with a 10% fee.
For those who are not yet onboarded users and wish to register and complete KYC for withdrawal services:
- Until the end of August: withdrawals with a 5% fee.
- From September: withdrawals with a 10% fee.
- From November: withdrawals with a 15% fee.
Suspension of Deposits:
Effective immediately, BRL deposits into the "Real Virtual" service are suspended. Eventual deposits by market making and offer balancing can be processed.
Discontinuation from December 1, 2024:
From December 1, 2024, resources that remain unwithdrawn and linked to BRL issuances will be managed to reduce the maintenance costs of legacy positions. Maintenance costs are estimated at 5% or BRL 10.00 per week, per address with a balance, whichever is greater. Thus, from December, any remaining balances will be subject to these costs. And from that date, automated withdrawal function via Stellar protocol will be disabled; withdrawing process will be handled in an non-automated manner.
We strongly recommend holders withdrawing at the first opportunity - failing to do so along 2nd half of 2024 will likely result in losing access to funds previously deposited or withdrawal functionality of any remaining BRL token held. IMPORTANT: After end of 2024, any BRL balance is liable to Stellar protocol clawback, BRL Token cancellation and discontinued commitment to withdraw funds to Fiat BRL.
Options for Users:
Existing users can freely withdraw until the end of August, following the current service or according to the above schedule.
The "Real Virtual" under the ticker "BRL" can be freely exchanged on the Stellar network for another asset of the user's choice.
Reason for Discontinuation:
nTokens is adopting a strategy focused on Real World Assets and innovations in regulated investments. Maintaining an electronic tokenized currency service like BRL on Stellar "Real Virtual", which we have successfully operated for over four years, requires full dedication that conflicts with our human resource allocation compatible with our new corporate focus.
1:1 Reserve Corresponding Resources:
All client resources are guaranteed and available for withdrawals according to the above future schedule. We reinforce our commitment to the transparency and security of our users' assets, which remain secure corresponding to the BRL issued in circulation on the Stellar network.
Thanks to our dear users:
We deeply appreciate the trust of our users, partner companies and Stellar community over these four years. We have worked intensively to provide an excellent service and have made this decision to ensure that our new corporate focus does not compromise the level of service our users deserve.
We encourage users to contact us via suporte@ntokens.com for any questions or suggestions for service improvements.
Sincerely,
nTokens Serviços Digitais S.A.