November 27th, 2019 at 4:56 pm UTC · 3 min read
Saga Monetary Technologies (Saga) is delighted to announce that its Saga token (SGA) will launch on Tuesday 10 December 2019. In advance of this, its full onboarding process is now open online. Compliant with the ERC-20 token standard and addressing key concerns regarding volatility, governance and regulatory compliance, SGA is designed to serve as a frictionless global currency.
When building SGA, Saga has focused on creating a stabilized currency for global usage. The Saga Contract, as explained in detail in their Monetary Model, allows the SGA market to self-regulate the money supply. At launch, SGA will be fully backed by a basket of national currencies that replicate the International Monetary Fund’s SDR. Based on the SGA’s market movements, measured by the number of tokens issued, the Saga monetary model will gradually diminish reliance on the reserve as user confidence in SGA grows. Together, these measures are designed to reduce price volatility while allowing SGA to grow beyond a simple fiat-backed / pegged stablecoin.
Participants will be the Saga economy’s sovereign decision-makers through a number of governance mechanisms, including electing the executive council overseeing the project. Combining fair representation with effective administration will help ensure reliable governance of the project, ultimately increasing user trust in SGA. Furthermore, SGA is designed to comply fully with existing regulatory frameworks globally, which will help ease use around the world.
Senior members of the Saga Advisory Board include Prof. Jacob A. Frenkel, PhD, chairman of JPMorgan Chase International and former governor of the Bank of Israel; Prof. Myron Scholes, Nobel laureate in economic sciences and professor emeritus at Stanford University; Leo Melamed, former chairman of the Chicago Mercantile Exchange (CME); and Prof. Dan Galai, PhD, former dean of the School of Management at Hebrew University Jerusalem.
Accredited partners including Lightspeed Venture Partners, Mangrove Capital Partners, Vertex Ventures, Disruptive, Lool Ventures, and others have already demonstrated confidence in Saga’s vision by participating in its $30M seed funding. This funding has made possible Saga’s launch of the SGA token and the first steps toward the realization of Saga’s vision for a fair and reliable global currency.
Future buyers of SGA can now be onboarded, allowing them to execute their SGA purchase as soon as the token launches on the 10th December. Saga’s onboarding platform comprises a risk-based Know Your Customer (KYC) and Anti-money laundering (AML) process, which requires more information the higher the desired transaction threshold. The process is compliant with all applicable UK and FATF AML-related regulations and practices.
Saga is a UK company, limited by guarantee, working under not-for-profit principles. It is governed by applicable UK laws and regulations and has adopted KYC/AML procedures compliant with the strictest international standards and regulations. Ido Sadeh Man founded Saga in 2017, and his team today includes Barry Topf (chief economist), Dr. Ron Sabo (chief scientist), and many others.
For more news and latest updates please visit Saga Medium account, follow the team in LinkedIn. Feel free to join Saga community in Facebook, Twitter, or just check out their latest videos on YouTube.