Finom, based in Switzerland, claims the “largest increase in stock capital via cryptocurrency in world history”.
The blockchain focused company Finom AG has announced it has become the first company in the world to increase its stock capital by an unprecedented level of Ether (ETH) at 7,760. Finom is in the midst of an Initial Coin Offering (ICO)with the sale scheduled to close on December 30, 2017. Finom hopes to raise $102 million with the current tally standing at over $38 million, according to their home page.
Finom’s capital stock now comprises 2.5 million Swiss Francs. The funding is said to be registered in the Finom profile on the Swiss Commercial Register Zefix. 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 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.
Denis Suslov, Chief Financial Officer at Finom, commented on the announcement;
“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.”
Finom grew out of five companies serving over half a million users: Nanopool, TabTrader, Cryptonit, Cryptal, and Beetle.io. The combined project has created both a security token (FIN) and a utility token (NOM). The FIN token is being issued under Regulation D (560c) for US investors. Finom’s holders expect to receive dividends and vote as traditional stockholders do.
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.
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