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Environmental impact platform Almond has announced that it is working with a new form of digital crowdfunding and will launch an FCA-regulated Security Token Offering (STO).
Founded in 2017, Almond is a new economic model and user application that incentivises consumers to buy sustainable products and understand and reduce their carbon emissions.
For unlocking incentives (or cash rewards), consumers just need to scan the codes hidden on accredited products using the free Almond app. Scanning these codes also gives them access to detailed supply chain and product information whilst rewarding them with ‘Almond Coins’ that they can then redeem for cash or periodically convert into ‘Almond security tokens’ (thereby investing into the ecosystem).
The Almond platform helps build trust between brands and consumers through product transparency; rewarding consumer loyalty and providing brands with valuable, anonymised ‘point of consumption’ data.
According to the official release, the ‘crowdfunding’ launch will be carried out on TokenMarket’s STO platform which is currently under the FCA’s regulatory sandbox (cohort 4). Similar to traditional crowdfunding platforms like Crowdcube and Seedrs, Almond security tokens represent shares in the commercial company (Almond Impact Ltd).
“We’re excited to build out the Almond platform using the innovative STO vehicle. Almond’s mission is to incentivise consumers to buy sustainable products, help responsible brands grow and ultimately assist in the fight against climate change,” Almond CEO, Oliver Bolton, said.
“We plan to use the funds we raise to build the platform further and enable more brands to come on board. We are proud to pioneer STO investments in the UK and I believe STOs will transform start-up finance in 2019.”
Almond uses an innovative dual token model: ‘Almond Shares’ (ALMA), a security token for raising capital underwritten by shares in the Limited company and ‘Almond Coins’ (ALMD), a stablecoin with monetary value, used to power the ecosystem and backed by fiat currency.
Security Tokens are digital representations of traditional financial instruments with the added benefits of digitization (easier to manage), blockchain immutability (greater security), and faster-anticipated access to secondary resale markets (increased liquidity). They also qualify for EIS tax relief.
Security tokens can also be underwritten by other assets such as property deeds, precious metals and art.
“We are delighted to welcome Almond as one of the first UK companies to launch their STO on the TokenMarket platform. We have been working hard with regulators to push for high standard STO practices going forward, we believe we can benchmark this as the gold standard,” TokenMarket CEO Ransu Salovaara, said.
