Effective Date: November 1, 2017

Over the past few years, hundreds of developers have used token sales to raise capital to build new blockchain networks. We are selectively participating in these token sales. This token policy is intended to provide guidance to both DCG employees and the projects that DCG supports.

(a) If a public crowdsale of tokens to the general public is contemplated or planned, we will not disclose our involvement prior to that sale. We will ask the project leaders not to disclose our participation and to exclude DCG’s name from any marketing materials associated with the sale.

(b) If a public sale is contemplated that will, in the US, be limited to accredited investors only, our participation and involvement can be disclosed.

(c) Any project that wants to use the name Digital Currency Group, DCG, or any employee or principal of the firm, for marketing materials, investor meetings, or other publications, needs to contact DCG for our express written approval.

(d) We will disclose our participation in token project on our website in accordance with the requirements stated above. We will also disclose all token participation to our subsidiary, CoinDesk, to ensure they can maintain journalistic integrity in their coverage of projects in which DCG may have a financial interest.

(e) If CoinDesk asks about our participation in a token project prior to our disclosure, we will disclose our participation and CoinDesk will list it in the footer disclosures of any article that discusses the project. Our participation will not be listed in the body of the article unless we have already disclosed our involvement.

We will continue to adjust and refine these policies and procedures as this new funding mechanism matures.

Please direct any questions, comments, and requests related to this policy to