The Token Issuer according to TVTG is the company raising funds in the name and for the
account of CUT Carbon Distributed Technologies AG, a company registered under the law of
Liechtenstein at the commercial register under registration number FL-0002.641.704-6. and
accepts responsibility for the contents of this Basic Information and declares that as at the date
of this Basic Information, to its knowledge, the information provided is correct and no material
circumstances have been omitted. All https://www.washingtonpost.com/newssearch/?query=bittrex exchange investments, including Investment in the CUT Tokens
involve certain risks including the total loss of invested funds. Potential buyers should read the
contents of this Basic Information in its entirety prior to making an investment decision.
Bittrex Global GmbH, Dr. Grass-Strasse 12, 9490 Vaduz, Liechtenstein represented by
Tom Albright, CEO
Stephen Stonberg, COO/CFO
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CONTENTS
1 IMPORTANT INFORMATION 3
2 SUMMARY 3
2.1 WARNINGS 3
2.2 KEY INFORMATION ON THE ISSUER 4
2.3 KEY INFORMATION ON THE CUT TOKEN 4
2.4 KEY INFORMATION ON THE TOKEN SALE ECONOMICS 4
3 BUSINESS OVERVIEW 5
3.1 VISION AND MISSION 5
3.2 CREATE AN OPPORTUNITY FOR EVERYONE 6
3.3 BUSINESS OVERVIEW 6
4 INFORMATION ABOUT THE TOKEN AND ASSOCIATED RIGHTS 7
5 NAME OF THE TT SYSTEM 8
6 DESCRIPTION OF PURPOSE AND NATURE OF LEGAL TRANSACTION UNDERLYING
TOKEN ISSUANCE 8
7 DESCRIPTION OF PURCHASE AND TRANSFER CONDITIONS FOR THE TOKENS 9
8 ISSUANCE DATE 9
9 RISK ASSOCIATED WITH PURCHASING THE TOKENS 9
10 PERSONS RESPONSIBLE, ROLES 11
11 APPLICABLE LAW/PLACE OF JURISDICTION 11
12 SEVERABILITY CLAUSE 11
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1 IMPORTANT INFORMATION
This document contains Basic Information according to Art. 33 of Tokens and TT Service
Provider Act (“TVTG”).
The public offering of the Carbon Utility Tokens (“CUT” or “Token”) will be carried out by
Bittrex Global GmbH (“the Issuer”) on behalf and for account of CUT Carbon Distributed
Technologies AG, a company registered under the law of Liechtenstein at the commercial
register under registration number FL-0002.641.704-6.
Bittrex Global GmbH is registered as TT Exchange Service Provider, as TT Token Depositary
and as Token Issuer (Article 12(1) TVTG) under the provisions of the TVTG.
Only registered users of the Bittrex Global platform (see: https://global.bittrex.com) are
eligible to purchase the Tokens.
Any potential buyer will be subject to all applicable KYC/AML in place at the time of the purchase
through Bittrex Global GmbH. Failure to comply with the KYC/AML procedures and routines
applicable to the purchase of Tokens shall prevent the purchase of the Tokens or the imposition
of sanctions on purchasers, including the freeze of funds, mandatory cancellation or redemption
of Tokens or any other measure that the Issuer may deem appropriate to meet the applicable
regulatory requirements.
Whether the Token constitutes a suitable investment must be assessed in light of each
investor's own circumstances. Neither this Basic Information nor any marketing material
relating to the Basic Information constitute investment advice, financial advice or any other
kind of advice to investors. Investors must make a suitability assessment regarding
investments in the Token or consult with the investor's professional advisors. An investment
in the Token is only suitable for investors who have sufficient experience and knowledge to
assess risks related to the investment.
The Issuer will not sell any Tokens where potential buyers are citizens or residents of restricted
jurisdictions as determined by the Issuer. The following Jurisdictions are defined as prohibited
countries according to Issuers AML framework: Afghanistan, Belarus, Bosnia and Herzegovina,
Botswana, Burundi, Cambodia, Central African Republic, Congo, Cote d'Ivoire, Cuba, Egypt,
Eritrea, Ethiopia, Ghana, Guinea, Guinea-Bissau, Guyana, Iran, Iraq, Lao People's Democratic
Republic, Lebanon, Libya, Maldives, Mali, Myanmar, Nicaragua, North Korea, Pakistan, Somalia,
South Sudan, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Uganda, Ukraine, Vanuatu,
Venezuela, Yemen, Zimbabwe.
The Issuer has not authorized the making of any offer by any offeror, and the Issuer has not
consented to the use of this Basic Information by any other person in connection with any
offer of the Basic Information in any jurisdiction.
Any offer made without the consent of the Issuer is unauthorised and the Issuer does not
accept any responsibility or liability in relation to such offer or for the actions of the persons
making any such unauthorised offer.
2 SUMMARY
2.1 WARNINGS
This summary is an overview of the subsequent Basic Information.
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Potential buyers of CUT are urged to read the entire Basic Information.
Investment in the Tokens involves substantial risks. Investors could lose all or part of the invested
capital.
Civil liability attaches only to those persons who have tabled the summary including any
translation thereof, but only where the summary is misleading, inaccurate or inconsistent, when
read together with the other parts of the Basic Information.
2.2 KEY INFORMATION ON THE ISSUER
Bittrex Global GmbH is a European-based digital asset exchange, established in October
2019 and headquartered in Vaduz, Liechtenstein. As a TT Service Provider that is registered
under the TVTG, Bittrex Global GmbH is required to comply with the KYC/AML/CFT
standards under the Due Diligence Act and is supervised by the Financial Market Authority
in Liechtenstein (“FMA”).
The Bittrex ecosystem consists of Bittrex Technology, a technology company based primarily
in the United States and established in 2014, and two digital asset trading platforms, Bittrex
U.S. and Bittrex Global. Other users of the ecosystem include Bittrex Exchange Partners,
which are third party exchanges who have joined Bittrex’s Exchange Partnership Program.
Bittrex is one of the longest-operating digital asset platforms in the world.
2.3 KEY INFORMATION ON THE CUT TOKEN
Through the CUT Project, the offsetting of emissions on a voluntary basis is to be enabled.
This is to be achieved through the purchase of carbon offsets on the so-called Voluntary
Market by the CUT Carbon Distributed Technologies AG (“Carbon offsets”).
For every tonne of Carbon Offsets added to the CUT Project, the CUT Carbon Distributed
Technologies AG will create 1,000.00 CUT Tokens (“minting”).
With the generation of new tokens, through the use of smart contracts, an entry (the so-called
offset entry of the carbon offsets) on the internal ledger of CUT Carbon Technologies AG is
made. The offset entry is linked to the verified Carbon Offsets. CUT Tokens are only issued
once the corresponding carbon dioxide has been offset and verified by third parties or
international bodies such as ISO, CDM, ETS, and VCR
The Token holder can request an offset entry to be written off. The permanent removal of the
CUT Token from the circulating supply means, that the CUT Token is “burned”.
With the use of the blockchain, the carbon footprint can be offset in a much more accurate
metric. A Smart Contract acts as a ledger for storing, distributing, tracking and retiring Carbon
Offsets.
2.4 KEY INFORMATION ON THE TOKEN SALE ECONOMICS
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The main minting supply is 500 million CUT. Of this supply 75 million is strategic reserve, 25
million is team reserve, and the remaining 400 million CUT will be made available for sale to
the market.
Prior to this main sale a small presale took place of 45,822,000 CUT. This was to a small
group of private contributors to fund Development and Launch of the project. Total CUT
supply counting the presale is 545,822,000 CUT.
Proceeds from the sale of CUT go towards: (1) Purchase of additional Carbon Offsets, (2)
Technology Development and (3) Marketing.
Token sale start date: February 25, 2021
Token sale duration: Ongoing
Token distribution and listing date total supply: 545,822,000
Public sale token price: USD 0.35
Initial circulating supply tokens sold %: 45,822,000 CUT 8.39504% (Pre-Sale/Not in
Circulation)
Currencies accepted: BTC, USDT
Token Type: ERC20
3 BUSINESS OVERVIEW
3.1 VISION AND MISSION
Create more clean energy and greenhouse gas reducing projects with a commitment
to ongoing positive environmental impact
The vision of the CUT project is to release technology and best practices that offer trust and
transparency, bringing this greenhouse gas reducing opportunity to as many individuals,
businesses, products, and services as possible.
CUT Carbon Distributed Technologies AG wants to achieve measurable climate impact,
offering participation in positive action for as many people as possible for a cleaner future
that benefits the planet. By creating a more transparent blockchain powered technology for
producers and consumers of Carbon Offsets the CUT project incentivizes growth in these
activities which we believe can help to create meaningful and long lasting positive
environmental impact.
Increased opportunities for meaningful environmental impact for both corporations
and individuals
CUT is offered in fractional amounts small enough to allow any user to make a certain activity,
business, service, or product Carbon Neutral. At the same time we combine this carbon
footprint reducing technology with positive projects that allow for the reduction of harmful
emissions and the reliance on fossil fuels.
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By opening this doorway to widespread environmental impact through carbon footprint
reducing technology, we enable individuals and corporations to make daily decisions that can
effectuate meaningful and lasting positive changes for the environment.
Opportunity for the Development community to increase the project’s reach
CUT is able to create integrations and additional use cases through the engagement of
developers worldwide and engage other technologies, platforms and data projects where a
Carbon Offset can offer value by making a given product, service or activity either cryptocoin market fully or
partially carbon neutral through carbon offset retirement as a service
3.2 CREATE AN OPPORTUNITY FOR EVERYONE
The Carbon Utility Token has a goal to make a contribution to reducing the emission of carbon
into the atmosphere for the benefit of the environment.
Carbon Offsets have been traditionally denominated by volume, in metric tonnes. Through
the breakthrough technology of the blockchain (distributed ledger technologies) carbon
credits can be fractionalized from tonnes into grams. With grams of carbon credits it is
possible to offset the carbon footprint of individual consumer products. Everything from a cup
of coffee to a Tesla can now be certified carbon neutral.
The ability to offset the carbon footprint of individual products, activities and services with
millions of micro transactions has the potential of making carbon neutrality attainable for any
individual. It has been well documented that a majority of people, especially millennials, given
the choice would purchase a product with environmental benefits over a product or service
that disregards its carbon footprint. It follows that by creating this demand for offsets, CUT is
creating a demand for carbon reducing projects as well.
3.3 BUSINESS OVERVIEW
Through the CUT Project, the offsetting of emissions on a voluntary basis is to be enabled.
This is to be achieved through the purchase of Carbon Offsets on the so-called Voluntary
Market by the CUT Carbon Distributed Technologies AG.
Not part of the business model is however the buying and trading of Carbon Offsets at the
state level on so-called compliance market within the framework of the Kyoto Protocol.
Obligations arising from the Kyoto Protocol can therefore not be fulfilled in the context of this
business model.
Instead of issuing emissions credits, the CUT Carbon Distributed Technologies AG generates
the CUT. The Token can be taken off the market permanently by the Purchaser by “burning”
it, which also has the effect of halting the corresponding carbon offset, which is effected by
the CUT Carbon Distributed Technologies.
CUT Tokens are only issued once the corresponding carbon dioxide has been offset and
verified by third parties or international bodies such as ISO, CDM, ETS, and VCR. Only then
is there a guarantee, that the certificates originate from valid carbon offset projects and have
not been sold multiple times.
Project examples include, but are not limited to, greenhouse gas capture and destruction,
wind, solar, and small hydro.
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CUT offsets are scientifically tracked, verified by third party experts, and can use the open
transparency of the blockchain ledger to ensure against double counting or repeat sales.
Regardless of whether CUT have been retired or remain in active supply, their history and
provenance can be traced to the exact green energy project that produced the Carbon
Offsets, from inception to retirement.
A Smart Contract acts as a ledger for storing, distributing, tracking and retiring Carbon
Offsets. The CUT project is further able to measure the volume of fossil fuels that have been
offset with clean energy projects such as solar and wind, adding real metrics to measure the
environmental benefits of this project.
For the person who wants to offset the Carbon Footprint of individual activities, to the
business that wants to make Carbon Neutral certain processes or products, this token allows
for units of any size.
The Carbon Utility Token uses blockchain technology to fractionalize a quantity of tonnes into
small amounts of grams to be distributed on-demand to offset a much wider range of products
and activities from the very small to the very large. This enables CUT to offset greenhouse
gas pollution in a much more accurate metric that can still scale to larger projects while
allowing smaller projects, businesses and even individuals to participate in meaningful
environmental impact.
Many new services are emerging that offer a promise of climate change through various
types of projects in conservation and tree planting. These initiatives have value in helping the
health of the environment, but can be difficult to quantify in terms of impact. Buying an offset
of Carbon from a future benefit of planting a forest has many variables that makes it difficult
to forecast accurate data. The Carbon Utility Token is tied only to projects where C02E has
been explicitly captured, destroyed, and offset to a specific and certified protocol of
measurement.
The fact that CUT can partner with emission reduction projects in supporting their growth and
operations, also means that the ledger offers a full audit trail from their creation to their place
of retirement on the blockchain. This immutable audit trail on the blockchain can inform the
token users of: the type of project that created their offset, the location of the project, the
certification protocol followed in creating this offset, and the third-party certifier that was used.
This level of transparency allows users to focus on the desired outcomes they have for the
environment, and ensures the provenance of the Carbon Offsets.
4 INFORMATION ABOUT THE TOKEN AND ASSOCIATED RIGHTS
For every tonne of Carbon Offsets added to the CUT Project, the CUT Carbon Distributed
Technologies AG will create 1,000.00 CUT Tokens (“minting”).
With the generation of new tokens, through the use of smart contracts, an entry (the so-called
OFFSET entry of the carbon offsets) on the internal ledger of CUT Carbon Technologies AG
is made. The OFFSET entry is linked to the verified carbon offsets. When the Token is
removed from the circulating supply, this causes the OFFSET entry to be written off and the
Token to be paired with the exact carbon offset project with which the carbon dioxide can be
balanced out.
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However, the CUT Tokens do not allow the Token holder to emit one tonne of carbon dioxide
equivalent during a specific time period.
Instead, the Token holder can request an OFFSET entry to be written off. The permanent
removal of the CUT Token from the circulating supply means, that the CUT Token is “burned”.
5 NAME OF THE TT SYSTEM
Launched on the Ethereum Blockchain, CUT is an ERC20 compliant Smart Contract, building
on resources created by OpenZeppelin and others. This offers tested code which has been
reviewed by the broader Ethereum community.
CUT is programmed to interact with any ERC20 compliant wallet or application. Running on
Public Ethereum makes this token simple to onboard, basic to send and store or run a node.
There will be a publicly available ledger to manually retire Carbon Utility Tokens, offering
flexibility in timing of acquiring Offsets, planning their use, sending to others, and the overall
timing of their lifecycle and retirement.
Upon minting tokens, for every tonne of Carbon Offsets added to the pool there are 1,000.00
CUT created. There is secondary tracking done by the Smart Contract where tokens are
created in an OFFSET supply programmed with information on the attributes and emission
reduction projects that produced the Carbon Offsets.
6 DESCRIPTION OF PURPOSE AND NATURE OF LEGAL TRANSACTION UNDERLYING TOKEN ISSUANCE
Through the CUT Project, the offsetting of emissions on a voluntary basis is to be enabled.
This is to be achieved through the purchase of carbon offsets on the so-called Voluntary
Market by the CUT Carbon Distributed Technologies AG.
The CUT Carbon Distributed Technologies AG acquires carbon offsets in its own name and
for its own account. Thereby, it ensures that only certified and accredited carbon offsets are
added to the CUT Project.
Instead of issuing emissions credits, the CUT Carbon Distributed Technologies AG generates
Carbon Utility Token (CUT Token), whereby the emissions credits are represented in the
Token. These can only be transferred over the counter.
For this purpose, the CUT Carbon Distributed Technologies AG transfers CUT Tokens to
Bittrex Global GmbH