Radovan Vávra is planning a project with the controversial company Xixoio

According to Xixoio representatives, their platform offers a revolutionary solution that combines the benefits of ICO (Initial Coin Offering, issue of own token on blockchain with the aim of raising capital – note. red.), such as low cost and speed, and the classic IPO, ie the primary subscription of shares on a regulated stock exchange.

“The product is also responding to the current energy crisis and the enormous costs of electricity consumption associated with it,” said company spokeswoman Lenka Keehnen.

The company hides further details, revealing them at a press conference on Wednesday, February 16. Vávra confirmed to the E15 daily that he would cooperate with Xixoio. However, he did not want to comment on his plans either. “Wait for Wednesday’s conference. We will answer everything for you there, “he promised.

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Vávr’s move is quite surprising, especially because Xixoio attracted a lot of negative publicity at the end of last year. Its massive marketing campaign, which encouraged retail investors to buy digital tokens, has raised doubts among financial market experts.

In connection with Watzke’s business, words like fraud, fraud or Ponzi scheme alias plane fell through. Aleš Minx, the chairman of the PPF Group’s board of directors, one of the prominent figures who sponsored the project, also left the company’s management under strange circumstances. Vávra, on the other hand, has the reputation of a commentator who always encourages the public to invest judiciously and is not a particularly ardent supporter of cryptocurrencies.

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The reason why Vávra is working with Xixoio could theoretically be the fact that his startup SimpleCell recently lost a key partner – the French company Sigfox. It is on its technology that SimpleCell operates a mobile operator for the Internet of Things in the Czech Republic. However, due to a pandemic and a global shortage of chips, Sigfox got into financial difficulties and went bankrupt at the end of January.

In 2020, SimpleCell reported a loss of CZK 31.5 million with revenues of CZK 4.3 million. However, it is not possible to confirm whether the Sigfox crash is related to the current announcement.

It is also interesting to note that a week ago, Miloslav Vyhnal, a former investment director of the KKCG international mining and lottery group, whose company Pactio Invest had previously invested in SimpleCell, became a member of the Xixoio Supervisory Board.