nThe former head of Kommerny Bank, Radovan Vavra, has become influential in recent years. His discussions of money and economics have secured him the status of an investment guru and attracted tens of thousands of readers and followers on social media. The surprise was even bigger this month when Vávra announced a joint venture with the token company XIXOIO of the extravagant businessman Richard Watzke. XIXOIO is considered by some experts as an intentional scam.
XIXOIO wants to establish itself in the so-called tokenization, which is a method of dividing assets among investors using the technology that cryptocurrencies operate on, for example. At the end of last year, Watzke’s advertising campaign flooded the Internet, newspapers, television and the subway. Several people in the company said that the business was too risky or even a venture in some way called an airplane.
Favra rejects the accusations. He is a shareholder of SimpleCell, which plans to issue a token via XIXOIO and then get about 200 million kroner from investors in several waves. Thus SimpleCell has the ambition to pioneer a new way of financing businesses.
SimpleCell is an Internet of Things (IoT) operator, covering most of the Czech Republic. For example, remote reading projects with Veolia Water or the gas company innogy are run on this network. The intent is to offer Czech families “smart” electricity meters in exchange for money from investors, which will enable them to improve their electricity consumption and savings.
In an interview with HN, Vávra made no secret of the fact that the project is in its infancy, risky and not clear what the returns will be. Therefore, according to him, it cannot even be financed in the usual way, such as bonds or the issuance of shares on the stock exchange. “Because of my professionalism, I would be ashamed to put this in Excel and present it to investors. I can’t design it.”
HN: Last year, XIXOIO came under fire from all sides that its token is not yet tradable. There was also suspicion in the media that the company was fraudulent. CNB opposed XIXOIO protecting itself on his behalf. Isn’t being associated with Richard Watsk’s project a reputation risk for SimpleCell?
Certainly not with the knowledge we have now. But I agree with you that when I first registered this project, I probably wouldn’t contact them because of a business partnership. And then there was a coincidence that someone introduced us, and that’s when I started blaming Richard a little boldly. I told him that he offends this society.
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