Swiss financial blockchain company Finom AG announced it has closed the “largest increase in stock capital via cryptocurrency” with a pledge of 7,760 ETH, or Ether units, the cryptocurrency of the Ethereum platform. The company booked the Ether as a non-material asset and has registered the funding on the Swiss Commercial Register Zefix. The company’s press release cites an increase of stock capital from CHF 0.1 million to CHF 2.5 million, which would mark the 7,760 ETH at approximately US$322 / ETH. This is the first time a cryptocurrency has been pledged as an asset in stock capital of a business in Switzerland’s Appenzell-Ausserrhoden canton.
Finom launched a token offering in November 2017 and has received US$37 million in commitments out of a planned US$101 million. The token sale is scheduled to close on December 20, 2017.
At Finom, we are interested in bringing blockchain to the masses and legitimizing cryptocurrency as a form of stock capital in an innovative manner. This alternative stock capital is fully compliant with current tax legislation. An independent auditor registers the value of the assets in the wallet under the company’s control in fiat equivalent according to the current exchange rate. Thus, cryptocurrency contributes to the stock capital.
– Denis Suslov, Chief Financial Officer at Finom
Finom is using blockchain technology to create an integrated financial ecosystem with a single entry point and an intelligent assistant based on artificial intelligence (AI). The company has been in the crytptocurrency market since 2012 and operates five business units serving 520,000 worldwide users:
- Nanopool – one of the largest altcoin mining pools in the world
- TabTrader – one of the most popular cryptocurrency trading terminals in the world according to Play Market
- Cryptonit – cryptocurrency exchange
- Cryptal Mining Centers – mines Ethereum and has a combined output of 35,000 mega hash per second (MH/s)
- Beetle.io – Web, android and iOS platform for purchasing cryptocurrencies
The project releases both a security token (FIN) and a utility token (NOM). Finom’s token sale closes December 31, 2017 with a goal of attracting $102 million.
The Finom ecosystem is designed to eventually facilitate financial operations including banking integration and payments processing. The company plans to introduce cryptocurrency wallets with linked debit cards next year, and to launch a cryptocurrency bank with a network of terminals by 2020.
Through the offering, Finom is offering two types of tokens: Security tokens (FIN) and utility tokens (NOM). Investors who purchase FIN tokens will receive a corresponding equal amount of NOM tokens as a bonus. The FIN token is being issued pursuant to Regulation D of the Securities Act of 1933 and certify the following rights to investors:
- Right to receive a portion of company profit in the form of dividends
- Right to participate in community management
- Right to a portion of company assets
The NOM utility token serves as an internal currency within the Finom ecosystem, entitling the holder to commission discounts in all the services and special privileges. The NOM tokens will start listing on the largest cryptocurrency exchange after the token sale is finished. As of November 2017, negotiations are taking place with Bittrex.com, Exmo.me, CEX.io, Yobit.net, Bitfinex.com, Wex.nz, MercadoBitcoin.com.br, Livecoin.net, Liqui.io, Cryptopia.co.nz, Binance.com and Cryptonit.net.