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FuturAqua creates blockchain-based cryptocurrency

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.