Equity Token Offering Announcement

First regulated firm to offer equity tokens in crypto.
First major token with no pre-sale, offered at early investor prices.

Geneva, 28 November 2020: CrescoFin SA (CrescoFin or the Company) is pleased to announce that it intends to list its shares in the form of equity tokens on the DODO Exchange and the Balancer Exchange.

Some highlights:

  • First equity token from a regulated entity to be initially offered on Balancer and DODO Exchange.
  • First equity token protected by Swiss law.
  • First major token with no pre-sale, offered at early investor prices.
  • First use of a wrapped equity token.
  • Available in ETH, Dai and USDT.

Listing details

Token type ERC20
Symbol wCRES
Address 0xa0afAA285Ce85974c3C881256cB7F225e3A1178a
Share ratio 1 token = 1 equity share in CrescoFin SA
Equity tokens outstanding 10,000,000[1]
Max equity tokens 12,000,000[2]
Investor requirements No KYC, freely exchangeable (wCRES)[3]
Founder lock up 100% (between 6 months – 2 years)
Law Swiss
Restrictions Not open to US Persons[4]
DODO Exchange Balancer Exchange
Date 30 November 2020 Date 2 December 2020
Time 10:00 am (Swiss time) Time 2:00 pm
Tokens offered 750,000 Tokens offered 500,000
Quote token USDT Quote tokens ETH, Dai
Price Starting at 1 USDT per token Initial price Market price on DODO Exchange at the time of listing


DODO announcement:
https://medium.com/crescofin/ido-why-we-are-offering-our-equity-tokens-on-the-dodo-exchange-e14de4c79440
The Company may create a Uniswap pool after the listing.

Balancer announcement: https://medium.com/crescofin/first-regulated-firm-to-offer-equity-tokens-on-balancer-2f161a276c3d

About CrescoFin

CrescoFin is a regulated Swiss crypto company with a simple product: an insured savings account with higher rates than in a bank.  Our objective is to replace banking with code.

Intended for mass adoption by institutions and individuals.  Globally.

  • The first DeFi challenger to core deposit banking.
  • Designed to solve a real-world problem: low savings rates.
  • The market size is enormous.[5]
  • First DeFi product with an ISIN securities code and quoted on the Bloomberg Terminal.
  • Regulated in Switzerland, available globally.
  • Developing insured collateral money market on Aave.[6]
  • Partnership with Chainlink.

Advisors

  • Stani Kulechov, Founder of Aave
  • Diane Dai, Co-Founder of the DODO Exchange
  • Damian Horner, Co-Founder, Real Vision
  • The Crypto Dog, Investor
  • Ryan Sean Adams, Co-Founder at Bankless
  • David Hoffman, Co-Founder at Bankless
  • David Gokhshtein, Founder, Gokhshtein Media

 Investor protections

  • Regulated, audited and based in Switzerland.
  • Investor rights protected by Swiss law.
  • No company control over wCRES token.[7]
  • The company statutes have been modified to reflect the equity token issuance.
  • Team lock-ups.
  • Low governance participation hurdle, for widespread participation.
  • All voting rights have been moved from the team to the voting contract.

In the Media: 

 

Real Vision


The CrescoFin Journey

Want to know more?

The best place to ask questions is our Discord

CRES address: 0x81Df9EFB1E970517fF5B32C2F485f791f3410164
wCRES address: 0xa0afAA285Ce85974c3C881256cB7F225e3A1178a

Here are some other ways to learn more about us:


[1] The company currently has 10,000,000 equity tokens outstanding, which exactly match 1:1 the number of shares outstanding for the company.  The share capital is fully paid up and the company is registered in the Registry of Commerce in Geneva, Switzerland, with company number CHE-405.649.724.  The company is regulated as a financial intermediary in Switzerland and affiliated with the Association Romande des Intermédiaires Financiers with company number 3354.  Official extracts are set out in the Information Memorandum.

[2] An additional 2,000,000 tokens will be minted by the company at the time of listing, in addition to the 10,000,000 tokens outstanding.  These tokens will be allocated in the future to attract new employees and funding to the company.  It is envisaged that these tokens will be granted or sold as the company executes on its growth plans.  These Tokens will be subject to lock-up restrictions.  Beyond these Tokens, it is not possible for any further Tokens to be issued.  There is no further minting facility for the Tokens, since the finishMinting function has been called.

[3] For swapping between wCRES and CRES, see our detailed article here: https://medium.com/crescofin/creating-defi-equity-tokens-1ca82cbb7dba

[4] US Persons will not be allowed to be registered (required to swap to CRES tokens) until CrescoFin receives assurance from the US SEC (which may never come) that US Persons are permitted to receive CRES tokens, unless they demonstrate that they are not in violation of US law (for example, being an Accredited Investor or similar under US securities legislation).  The purchase of shares in foreign companies is permitted under US law.  The tokens being offered are a seasoned offering, not an initial offering from the company, and fully comply with Swiss law.  There should be no restriction on purchasing the shares (wCRES tokens) by US Persons, however, to be extra cautious, we will not be registering US Person unless they are qualified investors.

[5] $60 .5 trillion, Bank for International Settlements, Q4 2019.

[6] Read about our work with Aave here: https://medium.com/crescofin/why-we-are-creating-a-money-market-on-aave-5c3b69e65f0c and here: https://governance.aave.com/t/creating-a-market-for-insured-real-world-assets-and-bringing-institutional-investors-to-aave/1445/6.

[7] The wrapped token (wCRES) is a freely tradable ERC20 token. The team has no control (no admin keys) over this token; it is non-custodial. To register to vote and receive dividends, the tokenholder needs to swap wCRES tokens for CRES tokens. This requires basic KYC and our in-house compliance officer has control over this process. We have a non-arbitrary process: if you are on a Swiss government sanctions list, you will not be registered. If you are not on a sanctions list, you will be registered.

CrescoFin