The information and analyses related to crypto values, crypto tokens, and other digital assets (“Digital Assets“) provided by Particula GmbH (“Particula“) on this platform or website are exclusively made available to entrepreneurs within the meaning of § 14 BGB and are intended solely for informational purposes. The provided information and analyses do not constitute a rating as defined in Art. 3 para. 1 lit. a) of Regulation EG/1060/2009 (“Rating Regulation“). A creditworthiness assessment as defined in Art. 3 para. 1 lit. a) of the Rating Regulation, evaluating the issuer’s creditworthiness, is expressly not part of the analysis. Furthermore, the information and analyses should not be considered as personal recommendations, offers, or solicitations to buy or sell the mentioned Digital Assets.
The analyses are prepared by research analysts employed or commissioned by Particula. The analyses are created independently. It is possible that parts of the analyses were provided to the issuer for informational purposes before publication. However, this has no influence on the content of the analysis.
Particula has made necessary internal organizational and regulatory measures to avoid or disclose any possible conflicts of interest in relation to the creation and distribution of the analyses. All individuals involved in the creation of the analyses are subject to internal compliance rules. No part of the research analyst’s compensation serves directly or indirectly as an incentive for the creation of the analyses. If a research analyst or a closely related person encounters a conflict of interest, the research analyst is excluded from reporting on the issuer or the Digital Asset.
Information Regarding Evaluation Methods/Updates
The evaluation of Digital Assets is based on a rating logic (evaluation methods) and the assignment of specific score values based on the information provided by the respective issuer regarding the specific Digital Assets. Furthermore, the analyses are based on publicly available sources (such as registers, trading platforms, the relevant daily press) that are considered as reliable. Particula checks the information for plausibility but not for accuracy and completeness, and is not responsible for the content of the information provided.
The following rating logic and score values are used:
The “Compliance” category assesses the legal and regulatory integrity of the digital assets and their issuers. It examines the issuer’s legal foundation, jurisdiction, and strategic collaborations. Key legal documents and token holder rights are scrutinized for clarity. The system ensures the issuer has necessary regulatory licenses, maintains transparency, and follows stringent KYC/AML processes. Our rating framework provides a secure and transparent investment landscape, confirming that the digital asset aligns with established legal standards.
The “Economics” category evaluates the financial structure and economic design of a digital asset and its underlying. It examines the token distribution and scrutinizes the token’s design, its role within the project, and any mechanisms that influence its value. We assess the project’s long-term viability, revenue strategies, and the token’s redeemability. Additionally, the category looks at market dynamics, including market capitalization, liquidity, and measures to stabilize token price. We also scrutinize the economic strategies of the company and any token restrictions, ensuring a robust and sustainable economic model for investors.
- Environmental Impact:
The “Environmental Impact” category assesses the ecological footprint of a digital asset and its associated underlying. It checks for third-party verification, governance clarity, and risk management strategies. The category also evaluates monitoring, reporting frequency, and long-term resilience of the underlying asset. Emphasis is placed on the asset’s scalability and its broader environmental and social benefits. Additionally, we quantify the blockchain’s carbon emissions and power consumption to assess carbon neutrality, ensuring digital assets promote environmental sustainability.
The “Technology” category assesses the technical robustness and security of a digital asset and its underlying asset. It evaluates the thoroughness of smart contract audits and the ongoing security measures. The category furthermore examines token functionalities, such as invalidation and transfer permissions, and its technical and legal linkage to the underlying asset. We also assess the token’s adherence to recognized standards, look into the custody solutions provided, and ensure that the asset has strong disaster recovery and business continuity plans. This assessment ensures that the digital assets are built on a secure and technically sound foundation, offering reliability to stakeholders.
The “Transparency” category is pivotal in emphasizing the significance of clear, comprehensive, and accessible information concerning the digital asset and its associated underlying. Our focus lies on ensuring that stakeholders have comprehensive access to essential details about the issuing company and the tokens they offer. By evaluating the company’s online presence, key documents, and technical specifics, this category aims to foster trust and confidence. Our overarching goal is to provide investors and participants with a holistic understanding, promote informed decision-making, and strengthen issuer and asset credibility in the digital landscape.
The decision on which Digital Assets to evaluate in the analyses was made exclusively by Particula. The opinions and assessments in the analyses can be changed without prior notice. It is at Particula’s discretion whether and when an update of the analysis will be published.
The following risks regarding Digital Assets are pointed out:
• Digital Assets are always speculative and involve the risk of total loss.
• This applies particularly to Digital Assets from issuers who are not established and/or are small and do not have an established business operation and company assets.
• Digital Assets are subject to significant price fluctuations. Compared to other financial instruments, this is especially true for Digital Assets, which often have low liquidity (market depth). Prices published on a marketplace regarding Digital Assets often do not reflect actual trading but are set by the broker. A sale at a reasonable price may be difficult or impossible to achieve. There is an increased risk of manipulation.
• The loss of Digital Assets is not protected by deposit insurance systems or investor protection mechanisms.
Responsible Regulatory Authority
Particula is registered with BaFin – Federal Financial Supervisory Authority, Graurheindorfer Straße 108, 53117 Bonn, and Marie-Curie-Straße 24 – 28, 60439 Frankfurt a.M.
Special Notes for Recipients Outside Germany
The analyses are subject to the laws of the Federal Republic of Germany. The dissemination of information to other states, especially the USA, Canada, Australia, and Japan, may be restricted or prohibited by laws in those countries.
If additional information regarding the analyses is required according to Art. 4 para. 1 of the Delegated Regulation EU/958/2016, this information is indicated in the analyses themselves.
Conflicts of Interest
According to § 85 of the German Securities Trading Act (WpHG), an analysis must point out possible conflicts of interest in relation to the company being analyzed. A conflict of interest is particularly suspected in cases specified by Art. 6 para. 1 of the Delegated Regulation EU/958/2016 (e.g., significant ownership of the rated company/issuer, provision of securities services concerning the rated company/issuer, involvement in the issuance, agreement on the creation of the analysis).
In case conflicts of interest exist, Particula will disclose these. As of now, Particula does not have any conflicts of interest to report regarding the analyzed issuers or Digital Assets.