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ArdCoin Whitepaper

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ArdCoin Whitepaper Governance: ArdCoin Foundation

ArdCoin Whitepaper - The Alpha is Born Ticker: ARDX Total ARDX: 5,158,308,000 Incorporation: Ard Bit LLC, Mongolia Governance: ArdCoin Foundation i.e. Board of Directors of Ard Bit Trading on: • Digital Assets Exchange ( • • • Listed on: • CoinMarketCap • CoinGecko, Blockfolio, CoinDar Technology Protocol: ERC20



6 ArdCoin - Whitepaper Businesses across the world are shifting from a product-centered to a customer-centered strategy. Putting the customer under the focus generates the greatest and lasting value to the business and, ultimately, its share- holders. As an outcome, a large number of loyalty programs are available on the market today, but the rewards are anything but liquid and do not have real value outside the single brand. Many loyalty programs are launched by companies in various industries around the world on a daily basis. However, most of these programs are identical in their nature and share similar features and conditions, which are, most of the time, inefficient and hard to manage by the issuer and are annoying to the customer. It is always nice to learn that you are earning points by purchasing items in a shop, ordering food in a restau- rant, or flying on an airplane. But how do you redeem your points if you are visiting that particular outlet just this once? Can I get cash instead? Why can’t you just give your miles to someone you care about? Or what do you do when you learn that your favorite airline stops flying? Why can’t you sell your points? Above all, how do you keep track of each loyalty card that you accumulated over the years and make sure that you redeem them before expiration? Did you find it inconvenient to carry a load of cards around all the time? Everyone must find it annoying to learn that the program was seized by the issuer some time ago or that your hard earned points expire each year. By the way, did you know that any one of these companies can cease their loyalty programs at any time and that they give no guarantees to their customers to honor their commit- ments? And finally, why can’t we earn loyalty points while banking with your financial services provider? These are the issues that we set out to solve in 2018 through our pioneering blockchain-based loyalty pro- gram, ArdCoin. ArdCoin (ARDX) - is an innovative blockchain-based loyalty program that has been integrated into a mobile super wallet which is backed by an existing financial infrastructure which includes banking ser- vices, insurance provider, stock brokerage, investment banking and a pension fund. Ard App offers e-commerce on top of financial services and is supported by a nationwide network of postal branches. Ard Financial Group (Ard Holdings) is the second largest investor in Mongol Post alongside the Mon- golian Government. ArdCoin will serve as a blockchain-based loyalty program for all existing and future services offered by Ard Financial Group and its subsidiaries. ArdCoin is a ERC20 based smart contract issued by Ard Bit LLC. Ard Bit is a 100 percent subsidiary of Ard Holdings, which is listed on the Mongolian Stock Exchange (AARD). ArdCoin can be found on under the ticker ARDX, and is listed on its native Digital Assets Exchange (, STEX, and Mongolia’s first crypto exchange from April 2019. All and any proceeds from the sale of ArdCoins by Ard Bit are intended to be directed towards the provision of reserves and liquidity for ArdCoins. These reserves will be managed by Ard Holdings. Ard Holdings is a full-service financial services conglomerate operating out of Mongolia listed on the Mon- golian Stock Exchange. Its main investments, Ard Credit NBFI (MSE: ADB), Ard Insurance (MSE: AIC), and Mongol Post (MSE: MNP) were all IPO’d and listed on the Mongolian Stock Exchange over the course of the

ArdCoin - Whitepaper 7 past 5 years. Our mission is to become a leading financial services group in the country by fully digitizing our services and delivering them using Mongol Post’s network. Moreover, we are working to invest in Central Asian and South East Asian banking and financial institutions to replicate and scale our business model in line with our vision to become a leading fintech holding company in the region. As of this writing, ArdCoin offers a unique investment opportunity in the blockchain space – it is a token backed by a well-run, publicly listed and regulated financial services conglomerate operating in a crypto-neutral envi- ronment. Mongolia is strategically located between Russia and China and is called as the oasis of democracy in the re- gion. Moreover, it is the vision of the founder of Ard Holdings and the Chairman and CEO of Ard Bit, Ganhuyag, commonly known as Gan, to transform Mongolia into a new financial center. He coined the term Wolf Economy of Asia in 2007, referring to the new development model for Mongolia which he envisioned. By providing a safe and compliant gateway between fiat and cryptocurrencies via Ard Holdings’ unique eco- system, ArdCoin resolves a central problem facing the industry over the course of the past decade. This is not a standard utility token offering: this token is issued by a special purpose vehicle, Mongolia-domi- ciled Ard Bit LLC, which is backed by the one the most successful Mongolian financial conglomerates. It’s not a brilliant idea that investors in ArdCoin are buying into; rather, they are entering into a top-level organization, a well-run machine designed and managed by seasoned professionals in banking, capital markets and ICT/ fintech with proven track-record of excellent delivery.



10 ArdCoin - Whitepaper The main problem facing crypto investors today remains the conversion of their crypto holdings into traditional or fiat currencies or other assets while facing a banking system that appears hostile and unfriendly towards the nascent crypto industry. Ard Holdings is determined to respond to this problem by offering an exchange platform and a digital wallet, which are to be integrated with our existing KYC and AML compliant banking systems. Ard App is a super wallet by all measures: it was designed to be an all-in-one solution for everyone. Ard App enables AI-based self-enrollment and credit-scoring, online banking, stock trading, foreign currency trans- actions, cryptocurrency and digital assets trading, online access to insurance and pension products topped with a seamless e-shopping experience. It is connected to the interbank clearing via Most Money PSP and the Central Bank’s Automated Clearing House. It is a unique product that, thus far, has no parallels elsewhere. Mongolia is commonly referred to as an oasis of democracy on the Eurasian plateau and has a thriving econo- my mainly based on mineral resources. Consecutive governments have announced plans to move away from a heavy dependence on natural resources and diversify the economy. The Mongolian government has stated its openness to blockchain technology and a digital transformation working group has been established at the Parliament level. Despite seemingly volatile politics and unfavorable geographic location, the country has managed to stay the course in terms of sticking to democratic values and market economy principles, despite or because of being geographically squeezed between the World’s two major antagonists - China and Russia. The Tugrog or MNT, Mongolia’s currency, is freely convertible and the country does not have capital controls, in sharp contrast with its large southern neighbor and, unlike its northern neighbor, is under no international sanc- tions. China is by far Mongolia’s largest trading partner, with Russia supplying most of its oil and energy needs. The management of Ard Holdings has a solid track record in conventional banking, having founded one of the most successful banking groups in the nation. In the past several years, we became pioneers in blockchain and crypto space with the CryptoNation Inaugural Forum in 2018, angel investing in startups, the founding of the Blockchain Academy and Blockchain Association, launching of the country’s first crypto fund and investing our resources in various initiatives and projects. Extensive lobbying with the government and public advocacy produced visible results, such as the establishment of a parliamentary working group on the nation’s digi- tal transformation and overwhelming public support for blockchain-related technologies. In 2019, Mongolia’s government approved its sovereign bonds to be traded on a blockchain-based platform. Privatization of state-owned enterprises has been ongoing since 1991, albeit sporadically, and is a major op- portunity for investors in emerging or so-called frontier economies. The next phase of privatizations, which was announced at the Mongolia Economic Forum 2018, includes partial privatization of the Mongolian Stock Exchange (MSE), State Bank and Mongol Post through a public auction on the MSE that is of particular interest to Ard Holdings, which already owns over 90 percent of the free-float of Mongol Post. Ard App is the country’s first universal digital wallet, which integrates traditional financial services, such as pay- ments, loans and savings with crypto. Ard App provides access to an extensive platform created by Ard Hold- ings that includes insurance and pension products, banking services, FX and stock trading, and day-to-day

ArdCoin - Whitepaper 11 online shopping. Ard Financial Group’s digital banking solution is complemented by Mongol Post’s nationwide branch network. Ard Holdings owns over 30 percent of Mongol Post (MSE:MNP), in which the government has a controlling 66 percent stake. Ard Credit (MSE:ADB) and Ard Insurance (MSE:AIC) were IPO’d in 2018 and 2019, respectively, and Ard Holdings became a publicly traded company (MSE:AARD) through a reverse acquisition of a traded vehicle in August of 2019. The National Privatization Fund, Mongolia’s first closed- end mutual fund, rang the Mongolian Stock Exchange’s opening bell on October 5th, 2020. The fund ticker is “MSE: ХОС”. Ard Financial Group is a diversified financial services holding company with the overarching goal of increasing its shareholders’ equity through investing in and developing leading financial services and technology com- panies. Our investment portfolio consists of companies such as Ard Insurance, Ard Credit, Ard Securities, Ard Life, Ard Assets, Ard Management, Ard Bit, TenGer Systems, MEC Partners (, Mongol Post, Ard Holdings International, Ard Leasing, Ard Properties and Ard Realty. Ard App, Ard Fintech, ArdCoin, Ard Cash, CryptoNation and Ard Digital Bazaar are proprietary digital products based on artificial intelligence and block- chain technology.

Current State of the Crypto Market Questionable underlying asset value and economics Not backed by existing financial infrastructure Limited real-world use case Difficult access to fiat Vague appreciation of compliance and regulation

ArdCoin A total of 5.158 billion ArdCoins were issued by Ard Bit LLC on ERC20 smart contract platform in January 2019. ICT Group was behind its development while its integration with the Ard Digital Banking app was overseen by Grape City Mongolia, the country’s leading banking solutions provider. Upon its launch it was listed on trade. mn and integrated into Ard App. 10 percent of total ArdCoins are to be given to the Board, team, and developers and 5 percent will be allocated to advisors and marketing. Another 20 percent was awarded to Ard Financial Group’s shareholders in April 2019. 30 percent will be reserved by Ard Bit and sold to Ard Holdings subsidiaries for their marketing and pro- motion purposes as customer loyalty points. The cash proceeds will be used by Ard Bit for building up cash reserves and investments. The remaining 20 percent will be put into a strategic reserve by Ard Bit and Ard Holdings. We revised our earlier proposition to double the amount of ArdCoins in circulation before 2022. As of April 2021, ArdCoin trades at around MNT200 and we are finally getting ready for its international debut with listing on one of the top global crypto-exchanges.

14 ArdCoin - Whitepaper Intro to Ard Ard Financial Group was founded by the initiative of the management of XacBank as an Employee Investment Trust, or EIT, in September 2005, creating a foundation for Mongolia’s first institutional investment entity. It was made possible by the United Nations Development Program and Mercy Corps, a US-based NGO, making a donation of MNT600 million to the investment fund of XacBank employees in 2001. At the time of writing of this whitepaper, Ard Holdings owns over 20 different companies and has grown to MNT250 billion in assets with over 30,000 shareholders. Under the new strategy adopted by the Group, rebranding into Ard Financial Group was initiated in 2013 and the focus was placed on the development of Ard Credit, Ard Insurance, Ard Securities, Ard Life and Ard Assets. By 2019, Ard Insurance and Ard Credit had been IPO’d on the Mongolian Stock Exchange and Ard Holdings became a public company through a RTO. In 2016, we successfully participated in the privatization of Mongol Post, a 100-year-old state monopoly, and became its principal shareholder with over 90 percent of its free float. In 2017, we added Ard Management, an investment fund management company, and ArdBit, which was initially designed to enable cryptocurrency trading, to our investment portfolio. In 2018, TenGer Systems was overhauled to focus on blockchain technology on top of its role as the ICT support and systems integrator for the Group. Based on our belief that people should benefit from the wealth they help produce, and sensing their general desire to become owners of their banks, we decided to offer Ard Holdings’ shares to the public. As a result, Ard Financial Group converted into a closed joint stock company in 2015. By the end of 2017, Investor Nation JSC reversed into Jinst-Uvs (MSE: JIV), a publicly listed company, and started trading on the MSE. This served as a launchpad for Ard Holdings’ eventual public listing in 2019. Ard Credit, a flagship subsidiary of Ard Holdings received a digital currency license from the Central Bank of Mongolia in 2020. Ard Holdings ventured into the blockchain space by piloting bitcoin trading in Mongolia in 2017 and setting up Blockchain Academy. We organized the highly successful Investor Nation and CryptoNation Forums. Ard Holdings launched the nation’s first crypto fund under the name CryptoNation in 2017 and became the first institutional investor in crypto assets in Mongolia. Mongolia’s parliament decided to modernize and implement the digital transformation of Mongol Post with the aim of enabling the government to provide one-stop public services through the Post. This move reinforces our belief that Mongol Post will play a key role in our ambitious play to become a leading financial services provider in Mongolia.

ArdCoin - Whitepaper 15 At the end of 2020 CryptoNation was rolled into a publicly traded vehicle as well. ArdCoin was launched as a loyalty bonus program for our customers in December 2018, and was introduced to the public in the second quarter of 2019. It is used to promote new and repeat business with Ard Holdings and encourages people to refer their friends to us. ArdCoin can be found on as ARDX or ArdCoin. It started trading on in April of 2019. In another interesting development, the Parliament of Mongolia is debating a Law of Virtual Assets Service Providers submitted by the Central Bank of Mongolia and Financial Regulatory Committee.

16 ArdCoin - Whitepaper Solution - ArdCoin Existing infrastructure General Banking Investment Banking Insurance and Brokerage Postal company E-commerce Pension fund Loyalty Payment Medium Investment Digital transformation Digital Banking Crypto wallet Digital Assets Platform Exchange Core Banking System Blockchain Technology

ArdCoin - Whitepaper 17 Our existing infrastructure Financial Crypto BIT Technology Infrastructure MONGOL POST

18 ArdCoin - Whitepaper Ard’s All-in-One Platform Digital Bank Loan Insurance Savings Credit score Self-Enrollment Pension fund Payment Cash-in-out Money remittance Exchange Crypto Stock market Currency Commodity

ArdCoin - Whitepaper 19 Loyalty Coin Discount Redemption Priority access e-Commerce Brands Market Grocery Flash sales Logistics Addresses 3rd party Open banking API Invisible payment

20 ArdCoin - Whitepaper Channel Call center Devices Agent Mongol Post branches Messenger API Front office Marketing Sales Customer care

ArdCoin - Whitepaper 21 Back office Integration Loyalty Core banking Payments Database

22 ArdCoin - Whitepaper Roadmap 2005 2013 2016 Established EIT, a pre- Ard rebranding. Acquisi- Investor Nation, Mongol decessor of Ard tion of various financial Post privatization institutions ArdX 2017 2018 2019 АrdCoin Project. Core Issued ERC20 token. IPO Loyalty, Integration, Ex- banking system inte- on the stock exchange; change listing . Listed on gration Digital banking app STEX, CoinMarketCap

ArdCoin - Whitepaper 23 2020 2021 2022 Number of ARDX Hold- Number of ARDX Holders Launch of Ard DFS Eco- ers reached 200k. Dig- reached 500k. Regulato- system. On-chain dApp ital Assets Exchange ry Sandbox. Listing on an offering DeFi ( international exchange Launch of Ard DeFi Services (DFS). Global roll out through decen- tralized exchanges

Ard Decentralized Finan

ncial Services Protocol

26 ArdCoin - Whitepaper Decentralized Finance is a trend to replicate conventional financial structures without a centralized institution overseeing them, making them accessible to anyone with a smartphone and an internet connection. In several respects, the blockchain is a permissionless and transparent model for an API feed, allowing anyone with a Web 3.0 wallet to freely access data and execute transactions. Different DeFi protocols hint at what transpar- ent and scalable borrow/lending desks, pools, exchanges, and structured products could look like. Bitcoin was created as a type of digital currency, a store of value, and a medium of exchange, according to the original Satoshi whitepaper. The evolution to Ethereum and smart contracts has allowed incredible new func- tionality to be developed on top of a blockchain. Fees charged to middlemen and investment banks are replaced by fees paid to blockchain and protocol devel- opers, and API feeds are free. And just this year, we’ve seen a surge in DeFi protocols, most of which are based on Ethereum. DeFi currently has a total valuation of more than USD93.3 billion. Borrowing from DeFi service providers, Aave and Compound, for example, have over USD7.3 billion in total assets under management and have risen 30 times since mid 2020. A marketplace-based DeFi protocol will need to master four core components in order to be a big success: 1. Address an urgent need 2. A well-designed protocol 3. Scalable technology 4. Broad user base. Given the current DeFi climate and yield farming trend, we recognize the importance of attracting yield farmers early on to help bootstrap the debt pool and give users a taste of our protocol’s usability and ease of use. Ard DFS will be a DeFi brokerage service operated on different blockchains such as Ethereum, BinanceSmart- Chain, Solana - (Ard DFS multichain protocol) within the multichain Decentralized Exchange with AMM eco- system. These are permissionless, inexpensive, and scalable protocols that democratize borrowing, lending, and trading with leverage, allowing you to make the most of your money. You can collect yield, borrow from peers, sell directly out of your pools, and leverage your trading against a portfolio of assets with Ard DFS. It is different from other borrow-lending protocols in that it offers a more ef- fective way to handle money in six ways: 1. The same collateral can be used several times. By concurrently lending out your assets and investing into other assets, Ard DFS helps you to create yield on your portfolio. 2. Cross-collateralization is a concept that refers to the method of borrowing money from the protocol itself. When you want to borrow other assets, you can use your whole portfolio as leverage, lowering your margin call and chance of liquidation. 3. Pricing that is dictated by the sector. Instead of following a pre-set business model that must be manually changed, the Ard DFS protocol is based on order books.

ArdCoin - Whitepaper 27 4. Yield farming by locking up ArdCoin, the protocol enables customers to earn rewards and generate profits. 5. Liquidity provider function which enables retail investors to lock-up certain cryptocurrencies to earn fees. 6. Automated Market Making protocol (token swaps, liquidity providing) Traditional financial markets rely heavily on brokerage services. They put together a range of market partici- pants—hedge funds, institutions, pension funds, insurance firms, asset managers, and liquidity providers—to boost market performance and price discovery, as well as to promote leveraged trading. DFS was developed to provide DeFi with the best features of this financial infrastructure. Borrowing/lending is only the beginning: our goal is to make all of the conventional investment bank trading and investment-related services available to everyone while retaining completetrustlessness. To scale, a widely accepted, fully on-chain peer-to-peer borrow-lending protocol will require an underlying blockchain with comparable transaction throughput. Which we believe the Ethereum ecosystem will be able to provide our user base. The coming updates to the Ethereum blockchain will address all transaction fee issues that the industry is facing today. Decentralized finance’s composability works both ways. Since the Ard DFS protocol uses multi-chain block- chains which include Solana, BinanceSmartChain and Ethereum-based DEXes, other projects who choose to integrate or extend Ard DFS functionality can do so without requiring any coordination or permissions.

28 ArdCoin - Whitepaper Ard User Base - Currently over 1 million The best marketplace-based protocol designed for scale is useless without a healthy user base. Furthermore, the majority of DeFi protocols have failed to attract end users. There are approximately 250,000 unique Ethe- reum addresses that have ever used the most active DeFi protocols in the world. This is a small percentage of the user base of traditional finance applications.

ArdCoin - Whitepaper 29 Security Despite the fact that the protocol is noncustodial, we take protection very seriously. Unaudited ventures with subtle glitches that shut out consumer funds or are compromised clutter the DeFi community. To ensure proto- col security, we will be collaborating with the world’s top four blockchain auditing firms. In addition, we have a team of security specialists who are reviewing and examining the various threats we see among the DeFi smart contracts.

30 ArdCoin - Whitepaper Ard App

ArdCoin - Whitepaper 31 Digital Assets Exchange Low Fees Based on Blockchain technology 24/7 Trading Seamless fiat to crypto conversion Safe Custodian Integrated with Ard App

32 ArdCoin - Whitepaper The Business Proposition Currently the management is contemplating to offer ArdCoin holders priority access to the share ownership of the regional banking conglomerate upon IPO on the major international exchange by Ard Holdings. ArdCoin holders will be able to benefit from any appreciation of ArdCoins in the meantime. ArdCoin will continue to be used as a loyalty program within the Ard Ecosystem and other companies’ loyalty programs guaranteeing minimum demand on the market. ArdCoins as loyalty points are budgeted for in all group companies going forward. Use of Proceeds Ard Financial Group’s strategic acquisitions fit in-line with its stated mission of democratizing access to banking. We will be targeting privatizations by the government and controlling stakes in financial intermediaries in the region.

ArdCoin - Whitepaper 33 TERMS The nominal price of ArdCoin tokens at the launch was MNT1. Currently it is trading at about 0.07 US dollars according to CoinMarketCap. Listing of ArdCoins on happened in April 2019 and initially it was made available only to residents of Mongolia. Currently it is listed on its own native Digital Assets Exchange (,, and BitMonEx. mn. Hard cap (total tokens in circulation): ARDX 5,158,308,000 Up to 10 percent of tokens will be distributed to the management team as a performance-based remuneration for developing the ArdCoin ecosystem and regional expansion. Tokens will be allocated over time under the scrutiny of the Board. Reporting will be timely and objective with the rigorous review of this performance based bonus to team-members. Up to five percent will be allocated to the international advisors, who will advise for several years until a fully functional regional bank is operational. A bounty program and marketing budget will be allocated from this pot.

Board of


36 ArdCoin - Whitepaper Ganhuyag Ch. Hutagt Chairman and CEO, ArdBit CEO, Ard Financial Group Founder of XacBank and TenGer Financial Group Former Vice Minister of Finance Founder of first NBFI in Mongolia 25+ years of experience in banking and capital markets Suhdorj Avir Founder and Executive Chairman, Grapecity Founder and CEO, Most Fintech 20+ years of experience in core banking system 10+ years of experience in payment gateway Ganzorig Chuluun Chief Executive Officer, Digital Assets Exchange Founder of Aravt Bit and Ard Credit 10+ years of experience in banking and finance

ArdCoin - Whitepaper 37 Chadraabal Davaanyam Chief Operating Officer, Ard Bit/Digital Assets Exchange 5+ years of experience in financial sector 4+ years of experience in cryptocurrency markets Zolboo Batbileg Chief Financial Officer, Ard Financial Group Extensive knowledge in financial analysis and portfolio management 7+ years of experience in investment banking Myagmarjav Ganzorig Chief Financial Officer, Ard Bit 4+ years of experience in financial sector 4+ years of experience in cryptocurrency markets

38 ArdCoin - Whitepaper Gantig Bayarmagnai Chief Executive Officer, Crypto Nation Fund (BUN) Founding Partner, BitMonEx 4+ years of experience in the blockchain industry 4+ years of experience in managing a cryptocurrency exchange Ilyas Sadvakassov Chief Development Officer, Ard Bit Founder, Pyrexchange Cryptocurrency Exchange Founder, GoldenPyrex (GPYX) Founder, CreativeReality LLP 10+ years of experience in IT 7+ years’ experience in Blockchain Technology

ArdCoin - Whitepaper 39 Advisors Arnaud Ventura Founder/CEO, BaoBab, MicroCred, PlanetFinance Built multinational financial institution with over 1 million customers 15 years of experience in microfinance and international development Michael Madden Chairman/Founder, Ronoc, Teneo Capital, XacBank, Renaissance Capital Active involvement in the financial services business inemerging markets for 20 years Launched first retail financial services JV with IKEA - IKANO Has inventive business intelligence and ability to engage with international partners and cross cultural teams

40 ArdCoin - Whitepaper Mikhail Zeldovich Chairman at Cocoon Capital Partners, Green Leafe Capital CEO Head of Business Development at Trafigura 20+ years of experience in investment, commodities trading and Board direc- torship experience in the emerging markets. Active involvement in the natural resources, logistics/transport, financial ser- vices/fintech, cyber-security, and ag tech sectors. Former International trade legal advisor and negotiator at the White House. Naranzun Badruugan CEO, Leto Music Company Non-staff Advisor to the Capital City Governor’s Culture Social Entrepreneur Gold Polar Star is awarded

ArdCoin - Whitepaper 41 Token Distribution as of March 2021 Corporate Clients 2,974,669,624 57.67% Retail Clients 1,768,339,915 34.28% Reserves 285,130,340 5.53% Exchanges 130,168,121 2.52% Total 5,158,308,000

42 ArdCoin - Whitepaper Investment Risk Factors Risk of Market Trends: The ArdCoin may be significantly influenced by cryptocurrency market trends and may be severely depreciated, due to related events in the cryptocurrency markets. Risk of Regulation/Legislation: Token Market may be or might be coming under global or local regulation/ legislation, that may limit the use of ArdCoin tokens as a method of payment, and/or limit, prevent and/or sanc- tion the sale and resale of ArdCoin. ICO, STO and relevant technologies have been subject of scrutiny by var- ious regulatory bodies, all over the world. The functioning of ArdCoin could be impacted by one or more regu- latory inquiries or actions, including, but not limited to restrictions on the use or possession of security tokens, which could impede or limit the development of ArdCoin program. Risk of High Volatility: Cryptocurrencies are extremely volatile and ArdCoin may suffer from such volatility. Risk of Taxation: The ownership of ArdCoin tokens may fall under existing and/or new and unpredicted Tax- ation Laws that will erode ArdCoin benefits. High Risk Purchase: There is no guarantee that the ArdCoin you purchase will increase in value. Risk of Insufficient Interest in the ArdCoin activity: It may be possible that the ArdCoin will not be used by a large number of businesses individuals and other organizations and that there will be a limited public interest in its creation and development.

ArdCoin - Whitepaper 43 Disclaimer Please read the following notice carefully. This notice applies to all people who read this document. The Whitepaper has been prepared solely in respect of the Ard Bit’s introduction of ArdCoin. The Whitepaper is being made publicly available for information purposes only. All information and materials published, distributed or otherwise made available on this website are provided for informational purposes, for your non-commercial and personal use, only. The content of this document should not be considered as a financial advice in any circumstance. You are responsible for your personal finances. Although we attempt to bring accurate information, under no circumstances the Ard Bit’s owners, contributors, authors and partners can warrant the completeness or accuracy of the content found on our site, or its usefulness for any particular purpose. We also are unable to and don’t make any promises that our content or service will be delivered to you uninterruptedly, timely, secure, or er- ror-free. All information and content provided on this whitepaper is to be used on an “as it is” basis. We strongly encourage you to research all information provided on our website thoroughly, along with other advice out on the web and from other sources and weigh it to your particular circum- stances to be applied accordingly. None of the information provided on this whitepaper is meant to be used in replacement of professional advice and users are encouraged to seek such advice before making any decision. It is solely up to the user to determine if advice is safe and suitable to their particular situation. The tokens referred to this whitepaper have not been registered, approved, or disapproved by any security and exchange commission any states security commission or any other regulatory author- ity nor any of the foregoing authorities examined or approved the characteristics or the economic realities of these token sale or the accuracy or adequacy of the information contained in this white paper, under the securities laws of any state or any other jurisdiction. Purchasers of the tokens referred to in this whitepaper should be aware that they bear any risk involved in the purchase of tokens, if any, for an indefinite period of time.

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