Voxelus, the virtual reality content creation platform and marketplace, today announced that it will offer up to a 33.3% equity stake in Voxelus, Inc. in exchange for the 15% of Voxels cryptocurrency that is currently in circulation. The program is scheduled to begin in Q1 2017 and will run for a month with a specific date to be announced.
“We believe firmly in the future of our VR token, the Voxel, but we wanted to give those who share our vision another way to participate in the success of the company. We have decided to provide this one-time option for Voxels holders to convert their coins into equity in the company,” said Martin Repetto, CEO. “This should increase the scarcity of the outstanding Voxels as demand rises in the marketplace. It also allows anyone to take advantage of the opportunity to own equity in a promising VR platform at an attractive valuation.”
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The company will provide an online form and wallet address to exchange Voxels for equity on a basis of 33.33% of Voxelus for the outstanding 31.5 million voxels. There is no obligation for holders to trade in their Voxels, as they will continue to trade on Bittrex, Poloniex, Shapeshift and other exchanges, and they will remain the only method of purchasing VR assets, games and worlds on the Voxelus marketplace.
The equity stake in Voxelus will be in common stock in Voxelus, Inc., which is a Delaware corporation with business development and marketing in Los Angeles and technical operations in Argentina. They explain that since there is no preferred stock issued, all persons participating will be on an even playing field with the founders, early investors and employees.
“We will use these funds to build upon our early leadership in the VR content sector,” added Repetto. “We have a number of new technical initiatives that will further enhance our already stellar user interface, as well as branded content deals, teed up to be announced in the coming weeks and months. We will also announce an exciting new functionality to the Voxelus software platform on shortly.”