Is The Nui Co-Founder Behind Smart RevvCard And The Digital Vault Crypto MLM Gig?
Is The Nui Co-Founder Behind RevvCard And The Digital Vault?
If you follow crypto and multi-level marketing (MLM) news, you have already heard of Nui, a MLM company which is known for not being very trustworthy. Now, Behind MLM, a site that warns users against MLM scams, has posted about a possible connection between the owner of this site and two other ones: RevvCard and The Digital Vault.
The doubt has started after he perceived that The Digital Vault was emitting notes affirming that it was not related to Nui in any way and that it had absolutely no oversight or power over it. The names of the CEO Darren Olayan, the president Reid Tanaka and leaders Casey Combden and Jim Pare were cited in the note.
Since the site was so keen on saying that it wasn’t connected to it, doubt arisen the site investigated further. Information was pretty scarce about any possible connections, but they managed to do it anyway.
The Connection Between RevvCard, The Digital Vault And Nui
The Digital Vault is generally advertised as a sort of a bank in which people have to use a referral link to enter. RevvCard is a debit card that is being offered Digital Vault, but there is no apparent connection with Nui.
However, if one was to look closely, it would perceive that RevvCard uses Nui’s altcoin Kala, despite the fact that the Digital Vault is supposed to be insured by the FDIC. Looking at the FDIC’s database, you will not find anything, though.
Despite this, Nui affiliates are claiming online that the account is fully insured, which does not seem to be the truth. In fact, one of the main links is that people associated with Nui are making several claims about the Digital Vault.
Some of them are that this will be the biggest exchange in the planet, that they already have a billion dollars and a half, that it is faster than Venmo and Paypal and that you can get all banking services there. Cryptography is also mentioned and some promoters affirmed that the company uses the same security that the Pentagon of the United States used four years ago.
In order to sign up, can do it for free. However, there are merchant fees and a monthly account fee. Membership costs $60 USD and then $30 monthly (or $30 USD in the first month if you are a Nui affiliate). Obviously, it works via referrals and the people get others to join can get money.
The major links are the same affiliates, the discount for Nui members and the Kala cryptocurrency. However, this is not enough to say that the co-founder of Nui is behind the whole scheme. Not yet, at least.
The Founder Of The Digital Vault
The Digital Vault is owned by a man named Richard Smith. However, after a crackdown from the government, the man is listed only as “Richard” on the website. He is an executive based in the area of Las Vegas, Nevada.
According to his Facebook profile, the man is also a co-founder of Nui, which would directly contract the statement at the beginning of the article. Smith has been linked to Nui since its inception, but he has left to Darren Olayan the task of becoming the public face of the company now.
This turns the Kala altcoin into a major link. The token only exists within the Nui system and to verify whether someone is an affiliate of the other company or not is basically very easy if you are within the system and almost impossible if you are not. There is a clear link here.
A similar case has even happened before as another company called Mintage Mining also had a relationship with The Digital Vault and the founders tried to hide this information from their clients as well.
The Digital Vault is lying. There are several links between the two companies and they can be clearly seen. The main one is the founder, a link that the company is eager to hide. If they are hiding it, you should really not trust these companies.
Therefore, our conclusion is that this is a very shady company and that you should keep your distance. Do not believe their lies, as they are very probably out to get your money.
It is important to take notice that Nui has received a cease and desist order from the regulators of Texas and had to pay a $25,000 USD fine. Banking is highly regulated and these MLM scammers cannot fool the authorities, so do not let them fool you.