Finom Pioneers Cryptocurrency Stock Capital in Switzerland
Finom / Finom Pioneers Cryptocurrency Stock Capital in Switzerland . Processed and transmitted by Nasdaq Corporate Solutions. The issuer is solely responsible for the content of this announcement.
Largest increase in stock capital via cryptocurrency in world history and first in Switzerland's Appenzell-Ausserrhoden canton
TEUFEN, Switzerland, Dec. 21, 2017 (GLOBE NEWSWIRE) -- Financial blockchain company Finom AG today announced it has become the first company in the world to increase its stock capital by such an unprecedented level of Ether (ETH) at 7,760 - the second most popular cryptocurrency. Finom's capital stock now comprises 2.5 million Swiss Francs (CHF). The funding is registered in the Finom profile on the Swiss Commercial Register Zefix. This marks the first time a cryptocurrency has been registered as stock capital of a business in Switzerland's Appenzell-Ausserrhoden canton.
Stock capital refers to money or property contributed by stockholders to found a business, and guarantees the insured minimum required for settling accounts with suppliers. Finom officially booked the Ethereum wallet with 7,760 ETH as a non-material asset of the company. This has resulted in the stock capital growing from 0.1 to 2.5 million CHF. The resulting amount is seven times higher than the stock capital of JSC LukOil and 1.6 times higher than that of X5 Retail Group.
"At Finom, we are interested in bringing blockchain to the masses and legitimizing cryptocurrency as a form of stock capital in an innovative manner," said Denis Suslov, Chief Financial Officer at Finom. "This alternative stock capital is fully in alignment with current legislation on taxation. An independent auditor registers the value of the assets in the wallet under the company's control in its fiat equivalent according to the current exchange rate. Thus, cryptocurrency contributes to the stock capital."
Finom is a financial blockchain corporation grown out of five companies serving over half a million users: Nanopool, TabTrader, Cryptonit, Cryptal, and Beetle.io. The project releases both a security token (FIN) and a utility token (NOM). The FIN token is being issued pursuant to Regulation D of the U.S. Securities Act of 1933. Its holders will be able to receive dividends and vote as traditional stockholders do. Finom's token sale closes December 30, 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.
Finom is a financial blockchain corporation grown out of five cryptocurrency companies: Nanopool, TabTrader, Cryptonit exchange, Cryptal mining center and Beetle.io mobile broker. Nanopool is the world's third largest mining pool of Ethereum. TabTrader provides mobile trading on nearly all major exchanges: Bittrex, Bitfinex, Poloniex, Kraken etc. The companies have a four-year partnership history. Finom makes the world of finance available to everyone by providing a blockchain ecosystem with a single point of entry. The company's FIN token, is a digital equivalent of four shares of Finom's common stock. The NOM token serves as the internal currency within the ecosystem and gives its holders ad and commission discounts, and special privileges in using Finom's expected crypto bank cards. Finom's ecosystem allows anyone to manage digital currencies and assets conveniently and in compliance with regulations. For more information, please visit finom.io
This press release contains statements which, to the extent that they don't recite historical facts, constitute forward-looking statements. These statements can be identified by the fact that they don't relate strictly to historical or current facts and may include the words "may," "will," "expect," "plan" or other words or expressions of similar meaning. These forward-looking statements are based on the current expectations of Finom about future events. Consequently, actual results may differ materially from those that might be anticipated from forward-looking statements. In light of these and other uncertainties, the reader should not regard the inclusion of a forward-looking statement in this press release as a representation by Finom that its plans and objectives will be achieved, and should not place undue reliance on such forward-looking statements. Finom does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Finom via Globenewswire
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