Feb 1, 2024
News Bulletin February 2024
First of all, we wish all those who are committed to Qommodity a successful and healthy 2024! Qommodity will do everything it can to at least complete the successful part!
This is the ideal time to look back on 2023 and look ahead to 2024. We would like to do this in a number of newsletters spread over the coming week.
The year 2023 was a year for Qommodity in which the transition to a new structure was paramount. In these times of changing regulations, increased pressure on compliance and a strong role of social media, it is important that the foundation of the organization is strong. During this transition a number of aspects came to light that we would like to share with you, as it turned out that things have happened in the past that we within Qommodity were not aware of at the time and that we are now addressing and solving in the appropriate ways.
In addition to overcoming problems, we can also look back on a number of major steps forward! Interest in Qommodity is growing rapidly! Qommodity is invited to speak in important forums. Influential organizations openly proclaim the expectation that RWA monetization is the future.
Qommodity established the ISIN structure in April and in the autumn Quorium was introduced, a gold-backed stablecoin with which we expect to score well.
In short, 2023 was an eventful year for us in which we were tested, but through which the organization took a major next step, both professionally and in terms of potential. And this should be extended to 2024!
First of all, we would like to discuss the current situation regarding the back office and the fact that no one has access at the moment:
In the past, a partnership was entered into with Michael Ungar in which Michael Ungar would provide a platform he developed to realize Qommodity's objectives.
A contract has also been concluded under which a subsidiary of Qommodity would supply gold to one of Mr Ungar's companies. A contract that would ensure that the lost underlying value of
the QOMX token developed by Mr Ungar would be replaced. This agreement would also provide the income with which Qommodity would further develop.
However, Mr Ungar misrepresented himself and failed to meet his financial obligations. The contract is therefore declared invalid. As a result, all transactions resulting from this agreement will be reversed. We will of course keep you informed.
Since Mr. Ungar, in collaboration with the company Red6 GmbH, also managed the data of all transactions, be it the conversion from QOMX to QAA, QAA transactions and QAAA transactions, and we are currently in a dispute with Mr. Ungar and the company Red6 GmbH regarding the back office, we currently have a lack of transparent information as Red6 has closed the back office.
Qommodity has now found a very professional party that can serve as a back office for Qommodity investors and that further shapes the emerging legal obligations. We are discussing how we can have this working in the shortest possible time so that we have a completely independent and future-oriented partner for all matters surrounding the development of the crypto domain. Here we refer to legislation, governments, AML (Anti Money Laundering) and KYC (Know Your Client). This partner is at the forefront of technological and legislative development, including where this is the future for the development of a security token.
We will make the announcement for the registration of all tokens in the new back office as soon as possible.
Qommodity has been working on a number of sizeable transactions for over 6 months that are an important development for Qommodity and its investors. The liquidity and volume of the tokens will thus significantly improve, and we will also reach the point where the legitimately obtained QAAA can be brought to the open market. It is important to closely monitor these developments in the markets, as they can lead to important positive developments.
Quorium was launched as our gold backed Stablecoin. This gives Qommodity a huge opportunity to independently generate the liquidity to accelerate the overall development of existing and new Qommodity and Quorium tokens. After all, every company needs liquidity to achieve its objectives.
We will also use Quorium in commercial processes in the future as a means of payment for the purchase of other tokens. This creates a large volume and liquidity, which is important for the (price) development of the tokens issued by Qommodity and the price stability of Quorium. Where Quorium is currently still part of the QAAA, it will be split off in the future, whereby the asset value behind the QAAA before and after the contract change will be respected at all times.
The development of Quorium is of great importance when looking at the issues surrounding USDT. This gives Qommodity an excellent opportunity to create large, respected (strategic) partnerships and thus become a significant part of the current and future stable coin market.
As previously indicated, we will move our execution activities to Dubai as soon as possible. There have been some delays here with regard to establishment and location, but our branch that deals with Treasury Management is already located in Dubai. The rest of the activities and people will be moved to Dubai in the coming months to work in an exciting environment of legislation, monetary and technical development.
ISIN (International Security Identification Number)
In collaboration with Gamma Financials, we have decided to terminate the AMC (Active Managed Certificate). In the context of the MiCAR legislation within the European Union, we have decided to shape the ISIN through a Structured Fund within the European Union. This gives all investors greater legal certainty in the future of the ISIN and Qommodity is therefore compliant with the MiCAR legislation, which will play an important role in the Crypto industry within the European Union.
All questions surrounding ISIN are no longer relevant and Gamma Financials will therefore no longer answer questions related to Qommodity at this time. Gamma Financials and Qommodity will continue to work together in the transition to a regulated fund structure with ISIN and associated listings.
Of course, there will be bumps in our path again, but as Qommodity we are ready for it and are confident that we can optimally represent the interests of investors!