ADVERTISEMENT

FuturAqua creates blockchain-based cryptocurrency

Telco

Listed Hungarian mineral water bottling company FuturAqua, based in Pécs (SW Hungary), has created an independently tradable blockchain-based cryptocurrency based on the global trade in water, the company told state news agency MTI on Wednesday.   

FuturAqua said it generated 10 billion digital tokens of the cryptocurrency named watereum (wrm). The token contains a property right: holders will be able to purchase one liter of drinking water with one unit of watereum, the company added.

In the long term, FuturAqua said it aims to offer blockchain-based water production quotas for sale to the public through an ICO (initial coin offering), the statement noted.

FuturAqua will first offer the digital tokens for sale to investors and the companyʼs shareholders in a pre-sale phase, then to external investors in a private sale phase. 

The board of FuturAqua has not yet decided on the price of the digital tokens, Chairman István Fodor told MTI. He added that the 10 bln tokens issued will be backed by the drinking water base purchased by FuturAqua earlier this year in Szekszárd (SW Hungary) for HUF 70 million.

FuturAqua has posted losses in the past two years on revenues of HUF 8 mln in 2016 and just HUF 1 mln last year, Fodor said. The company plans to become profitable this year with the creation of the cryptocurrency, and projects revenues of HUF 20-30 mln in 2018.

FuturAqua is listed on the Equities T Market of the Budapest Stock Exchange (BÉT). According to the bourseʼs website, the T Market aims to provide an opportunity to small and medium-sized enterprises (SMEs) which do not carry out a public transaction on the listing of their shares. The shares of these issuers are thus listed via a technical listing, which the BÉT says can be considered the first stage of listing on the regulated market.

ADVERTISEMENT

Czech economic confidence weakens in November Analysis

Czech economic confidence weakens in November

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.