Today, we are here to notify OKWAVE (3808JP) ‘s investment in Wowoo Pte Ltd (Singapore), which had been announced since the launch of the project in 2017, has been canceled due to mutual consultation.
As we announced in February 2019 (https://blog.wowoonet.com/2019/02/01/about-partnership-and-investment-from-okwave-inc/), in addition to continuing difficulties in securing bank accounts for cryptocurrency related companies in Singapore, OKWAVE’s group company has been certified as a cryptocurrency exchange company in Japan and the level of compliance has risen dramatically.
As a result, we have been applying for the extension of investment term to OKWAVE, but it is still unclear whether the investment will be completed within the term even if we continue to extend next deadline. Thus, we had decided to discuss and reconsider about the investment along with other form of partnership.
We apologize for the misunderstanding caused from the releases at that time. We will coordinate further announcement on this matter, while taking into account the possibility of applying as a cryptocurrency operator in Singapore, relocating our headquarter, etc.