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Finom: The world’s largest Equity Token Offering (ETO)?

ICO data

 

One of the very few companies to do both ICO and STO 

 

In late 2017, Finom was able to raise over $41 million through the authorized sale of its security and utility tokens, according to InWara’s ICO+STO database

 

Finom claims to bring uniqueness into the crypto ecosystem by acting as a single point of entry into the market space and also by enabling an AI assistant for helping users make proper decisions. The company has ambitious goals of being the largest tokenized Equity Offering-ETO, compliant with U.S. regulations.

 

This Switzerland based firm aims to democratize the world of finance and make it accessible to the lowest individual. While these remain the lofty ambitions of most developers, Finom aims to achieve this using its multifaceted platform to address various problems associated with trading, mining and banking. Finom was born after the merger of five like-minded crypto startups, which include Tabtrader, Nanopool, Cryptonit, Cryptal and Beetle.io.

 

In December 2017, Finom made headlines when it became the first company in the world to increase its stock capital by a whopping 7,760 Ether or ETH. This event marked the first time a cryptocurrency has been as a registered as stock capital of a business in Switzerland’s Appenzell-Ausserrhoden canton.

Finom Platform features

 

Tabtrader 

 

Is a mobile app that acts as a terminal for cryptocurrency trading. According to the company website, it has over 5,00,00 active users, with a daily turnover of $300 million. In an age of low adoption, 5, 00, 000 users is significant, albeit in a trading interface.

 

Cryptonit

 

Is a cryptocurrency exchange platform which is registered with HMRC (UK government department for tax collection). With more exchanges being served notices by the regulatory bodies of various countries (refer InWara’s ICO+STO database), Finom’s anti-money laundering legal framework might bring another dimension to the offering lending it greater penetration with users and more traction with the regulatory entities.

 

Finom provides these services and more (including mining and storage services) under a single roof and hence stakes claim to be a ‘single point of entry into the crypto market space’. Given the diverse set of applications the protocol seems to support, the target audience is as diverse, ranging from miners to business owners — all with a strong use-case for the platform.

 

AI assistant

 

Taking a leaf from the Amazon & Google playbook, Unifox too believes its AI assistant will be a game changer in user experience. As Kirill Suslov, CEO of Finom was quoted saying “Virtual assistants are good practice in the IT industry — Google Maps and Google Now, Alexa and Siri, AVR in the telco industry, and even bots in almost all the corporate channels, including banks. Ours will help the system to adapt to the goals of each user and suggest the most beneficial and relevant solutions. For example, the smart assistant can advise a user what to mine, when it’s better to buy some assets to increase revenue — as these processes are always ongoing and depend on a huge amount of factors, we need to add these AI and machine learning components”.

 

STOs on the rise!

 

As government regulations worldwide starting restricting ICO sales, crypto enthusiasts and entrepreneurs were forced to look for a viable replacement that can thrive in this hostile environment, and STOs seems to be the solution that is being adopted. Last year saw ICO numbers taper while STO observed a massive surge.

 

Security token offerings (STOs) according to industry in the USA

Security token offerings (STOs) according to industry in the USA
Source: InWara’s ICO+STO database

 

According to data compiled by InWara, of the 91 STOs in the USA, Financial Services was leading will allied sectors such as Trading and Investments also in the significant top. Real Estate STOs not surprisingly came second. 

 

“The Security Token Ecosystem continues to grow significantly”, said Sushrut Gaikwad, Director at InWara, in HCX’s Crypto Summit (UK) last week. “USA seems to be the early leader because of the mature processes in place for filings with SEC. Clear filings allow for easy classification of securities for firms like InWara to bring value as our analysts can course through these documents faster and bring out actionable insights.”

 

 

Download InWara's Trending Research Reports

  

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