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

Mitek Mobile Verify® Improves Blockchain Payment Pioneer Nocks’ Customer On-Boarding Time By 98%

 Mitek (NASDAQ: MITK), a global leader in mobile capture and identity verification software solutions, today reported... Read more »

How ZED Network Blockchain Payments Platform will Help Smaller Money Transfer Operators

ZipZap founder and CEO Alan Safahi, is set to transform the $600 billion remittance industry with the launch of ZED network, an integrated global payments platform based on the... Read more »

Colored coin functionality will be added to EON testnet during the next update

Testnet is the early version of EON, flexible new generation blockchain created by Exscudo. On January, 25 EON testnet will be updated, and new features will be introduced,... Read more »

SWIFT and CSD Community Advance Blockchain for Post-trade

SWIFT and seven central securities depositories (CSDs) have signed a Memorandum of Understanding (MOU) to work together to demonstrate how distributed ledger technology could... Read more »

Ripple and MoneyGram Partner to Modernize Payments

Ripple, provider of the leading enterprise blockchain solution for payments, has partnered with ... Read more »

FICO Predicts AI and Blockchain Will Meet in 2018

The growing use of blockchain technology in financial services will include a healthy dose of artificial intelligence, as new, automated analytic techniques look for patterns... Read more »

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