Security Token Offering Planned By Environmental Impact Platform Almond

Announcements, News | February 19, 2019 By:

Environmental impact platform Almond is working with token issuance and advisory platform TokenMarket to launch a Security Token Offering (STO).

Almond is a free app that rewards users for buying responsible brands and helps them understand and reduce their carbon emissions. The app is designed to ‘educate, activate and reward’ individuals for reducing their negative impact. To unlock incentives or cash rewards, consumers just need to scan the codes hidden on accredited products using the 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’s security tokens, Almond Shares (ALMA).

Almond said that it will be launching an STO later this year that will be carried out on TokenMarket’s platform, which is currently under the UK Financial Conduct Authority’s regulatory sandbox (cohort 4). Almond’s Security Token Offering will give participants the chance to become investors in Almond. The company said that it will use the funds to build the platform further and enable more brands to come on board.

“We’re excited to build out the Almond platform using the innovative STO vehicle,” said Almond CEO Oliver Bolton. “Almond’s mission is to incentivise consumers to buy sustainable products, help responsible brands grow and ultimately assist in the fight against climate change. We are proud to pioneer STO investments in the UK and I believe STOs will transform start-up finance in 2019.”

“We are delighted to welcome Almond as one of the first UK companies to launch their STO on the TokenMarket platform,” said TokenMarket CEO Ransu Salovaara. “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.”