Welcome to our knowledge base

The information contained in this Crypto Asset Statement was last updated on September 30, 2024

No securities regulatory authority in Canada has expressed an opinion about WIF or any of the other Crypto Contracts or Crypto Assets made available through Newton Crypto Ltd. (Newton) on the Newton Platform, including an opinion that WIF itself is not a security and/or derivative.  Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Newton is offering Crypto Contracts in reliance on a prospectus exemption contained in the exemptive relief decision Re Newton Crypto Ltd. dated August 15, 2022.  The statutory rights of action for damages and the right of rescission in section 130.1 of the Securities Act (Ontario) and similar legislation in the other provinces and territories of Canada would not apply in respect of a misrepresentation in this Crypto Asset Statement or the Newton Platform Risk Statement.

This overview provides a summary of certain risks associated with WIF and is not an exhaustive description or summary of these risks and, in addition, does not take into account an individual’s particular situation or risk tolerance.  Investors are encouraged to conduct their own research prior to trading any crypto asset.

Newton users should read the Newton Platform Risk Statement for additional discussion of general risks associated with crypto assets made available through the Newton platform. A copy of the Newton Platform Risk Statement acknowledged by you is available in your account in the “Statements & Reports” section.

Token Description & Project Background

Dogwifhat (WIF) is a meme-inspired cryptocurrency that combines community engagement with decentralized finance (DeFi) functionalities. Created as a playful and community-centric project, Dogwifhat leverages the power of memes and social media to build a robust and interactive ecosystem. While it started as a meme coin, Dogwifhat aims to integrate DeFi features to provide utility and value to its holders.

Some Key Facts/Features about Dogwifhat (WIF):

• Community-Driven: Dogwifhat heavily relies on its community for growth and development. The project emphasizes community involvement in decision-making, marketing, and content creation.
• Meme Culture: Embracing meme culture, Dogwifhat utilizes humour and social media trends to attract a diverse audience. Memes are central to the project’s identity, helping to foster a fun and inclusive environment.
• DeFi Integrations: Dogwifhat explores DeFi integrations, such as staking, liquidity pools, and yield farming, providing holders with opportunities to earn rewards and participate in decentralized finance activities.
• Charity and Social Impact: The Dogwifhat project often engages in charitable activities and social impact initiatives, leveraging its community to support various causes and make a positive difference.

Risks of WIF

Like an investment in other crypto assets, an investment in WIF includes the following general risks:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk.

For additional information of general risks associated with crypto assets, you may refer to the Newton Platform Risk Statement.  In terms of specific risks, as WIF is one of the longest-standing crypto assets and its community base is widely decentralized, there is no central working group or authority to disclose material information to the public regarding WIF.

Please note that these risks and the associated summaries or overviews provided for each herein are not intended to be an exhaustive discussion pertaining to all such risks and, in addition, there may be other risks that come with exposure to WIF. We encourage all Newton users to perform their own due diligence to assess the risks associated with WIF and to determine whether this level of risk is acceptable to them.  Neither the Dogwifhat team/founders nor Newton guarantees the value of WIF, and holders of WIF will not have any recourse to WIF or Newton if the value of WIF declines for any reason whatsoever.

Newton’s Evaluation Process

Newton has reviewed and assessed WIF prior to making it available on the Newton Platform and has concluded that WIF is not a security or derivative under Canadian securities legislation; however, there is a risk that this conclusion could change in the future and that, in such event, Newton will be required to halt, suspend, and then remove WIF from its platform as described in the Newton Platform Risk Statement.

Further, as indicated above, no Canadian securities regulatory authority has expressed an opinion about WIF, including an opinion that WIF is not itself a security and/or derivative.

Based on publicly available information Newton has reviewed WIF, including, but not limited to, a review of the following:

• The creation, governance, usage, and design of WIF, including the source code, security, and roadmap for growth in the developer community and, if applicable, the background of the developer(s) that created WIF.
• The supply, demand, maturity, utility, and liquidity of WIF.
• Material technical risks associated with WIF, including any code defects, security breaches and other threats concerning WIF and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with WIF, including (i) any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of WIF, and (ii) statements made by any securities regulatory authorities in Canada, other regulators in IOSCO-member jurisdictions, or the regulator with the most significant connection to WIF about whether WIF, or generally about whether the type of crypto asset, is a security and/or derivative.