Finom Pioneers Cryptocurrency Stock Capital in Switzerland

Finom Pioneers Cryptocurrency Stock Capital in Switzerland
22.12.2017 09:42 am

Finom Pioneers Cryptocurrency Stock Capital in Switzerland

Blockchain , Cryptocurrencies

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: NanopoolTabTraderCryptonitCryptal, 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.

Related News

DataArt partners with R3 to build blockchain solutions on Corda distributed ledger platform

DataArt, a global technology consultancy that designs, develops, and supports unique software solutions, today announced... Read more »

Kakao's Blockchain Platform 'Klaytn' Partners with Large-User Based Blockchain Projects

Kakao's global public blockchain platform 'Klaytn' has announced its partnership with blockchain projects developed by large user pool-based service providers, most notably '... Read more »

Blockchain & Bitcoin Conference Philippines: Leading Speakers Will Discuss Topical Industry Trends

On December 6, Manila will welcome the second ... Read more »

Cryptominer Argo Blockchain announces strong sales growth and outstrips expectations

Argo, a leading UK-based provider of cryptocurrency mining services (LSE:ARB), is pleased to announce continuing strong growth as sales of its subscription packages continue to... Read more »

Swiss Government is Putting Special Focus on Blockchain

250 participants attended Infrachain 18, the first blockchain conference focused on the public sector and infrastructure. Federal Councillor Ueli Maurer welcomed the conference... Read more »

Rocket Software 2019 Tech Predictions

Rocket Software Inc. forecasts significant growth in numbers of developers using open source on a... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App