Finom AG has announced a $101 million Initial Coin Offering (ICO). Finom says it has filed for a Reg D exemption for the equity offering thus making it compliant to accept accredited investors in the US. The token sale is to create a Blockchain-based platform to reduce the barrier to entry in financial markets and provide Artificial Intelligence advising. According to the Finom site the ICO has already raised $37.2 million.
Finom is a Switzerland based Blockchain corporation grown out of five different companies: Nanopool, TabTrader, Cryptonit exchange, Cryptal mining center and Beetle.io mobile broker.
Nanopool is a mining pool of Ethereum. TabTrader provides mobile trading on many major exchanges: Bittrex, Bitfinex, Poloniex, Kraken etc. Finom wants to make the world of finance available to everyone by providing a blockchain ecosystem with a single point of entry. The company’s ecosystem is said to allow anyone to manage digital currency and assets conveniently and in accordance with KYC and AML regulations.
Finom says it will release both a security and utility token. The FIN token is the digital equivalent of four shares of Finom’s common stock, grants its owner the rights of a common stock owner of the controlling entity.
The NOM token serves as the internal currency within the ecosystem and gives its holders commission discounts, along with special privileges attached to using Finom bank cards and the Finom advertising system.
Currently, Finom’s holdings claim reaching an audience of 520,000 users worldwide.
“FIN token holders will be able to receive dividends, notices and the opportunity to vote as a stockholder the way that any equity holder does,” says Kirill Suslov, CEO of Finom and founder of TabTrader.
Konstantin Karatov, business developer at Finom and founder of Cryptonit exchange, adds;
“People regularly lose 5-15 percent on commissions. By removing intermediaries, we minimize fees, allowing users to significantly save on transaction costs.”
The quantity of utility NOM tokens is equal to FIN. When purchasing security tokens, each investor gets the same number of utility tokens as a bonus. NOM tokens are expected to be listed on one of the largest cryptocurrency exchanges immediately after the Token sale.
San Francisco-based SharesPost, a FINRA/SEC registered broker-dealer, investment advisor and Alternative Trading System, is facilitating the ICO for Finom. The FIN token expects to be available for purchase through a Regulation D offering expected to close on December 30, 2017.
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