We are happy to share the first tokenholder update with you today. We would like to use this newsletter to keep you informed and updated in all things related to the planned token swap.
As announced in the media release on 19 December 2019, we plan to exchange the MOD token for a participation certificate with an International Securities Identification Number (ISIN).
What is an ISIN? Let us start by defining what an ISIN actually is and what its advantages are:
An ISIN is a code that uniquely identifies a specific securities issue and is typically issued by the national numbering agency (NNA). In Switzerland, SIX is the official NNA and allocates the ISIN. Securities with an ISIN can be held in a deposit and are transferrable between deposit holders. Having an ISIN gives a future-proof foundation for any type of security as it is a widely recognized identifier for a classical financial market instrument. Thus, it offers the best basis of transferability for tokenholders, shareholders and Modum as a company.
Onboarding Procedure: In order to participate in the token-equity swap, MOD tokenholders will have to go through an onboarding process. We are working on a mobile app that will simplify this. The KYC verification procedure will be handled through Onfido, a trusted identity verification solution provider that has recently achieved SO2 Type 2 certification, one of the most rigorous and respected security auditing standards that verifies meeting the highest industry standards when it comes to security, availability and confidentiality. Once the onboarding is completed, you will get a personal burn-address where you then will be able to send your MOD tokens to for the swap.
Our team is working on the functionalities and screen designs and we will share some concrete designs with you in the coming updates.
Open Questions: We received many questions to clarify legal or commercial details, for example eligibility for the token-equity swap, alternatives if you do not want to tender your tokens etc. Most of the questions will be answered in the detailed documentation of the swap. We cannot give any answers at this point, since the documentation is still a work in progress and needs to first be approved by relevant authorities.
The Modum team continues to market our solutions and to help our customers reach their digitalization goals. To better reflect our new capabilities and offerings, we recently relaunched our website – its predecessor dated back to 2018. Check out our solutions, find out about the underlying technologies and how we can help our customers reach their supply chain digitalization goals.
We wish you a good day and will come back with more information in a month’s time.
The Modum Team