Introducing Finance Token (FNP Token)

If you are reading this, it means we have cleared our first objective: getting your attention. The Finance Token team decided to write this post to give a simple and straightforward introduction to our new cryptocurrency, what led us to create it, and how we plan to bring it to users around the globe. We hope the following information will get you more familiar with Finance Token and encourage you to join us on this exciting endeavor!

Finance Token: a simple definition

Financeplus represents the currency that is going to revolutionize the educational, health and sports aid systems, as well as humanitarian aid, regardless of borders, cultures, creeds or races. The only objective is to serve others in the most difficult and delicate moments.

Why Finance Token?

One of the primary observations that led our team to envision Telcoin is the widespread disparity between access to financial services and access to telecom services. According to the World Bank, 2 billion people are unbanked — meaning that more than 35 percent of the global adult population still doesn’t have access to basic financial services. That figure includes nearly half of the developing world, a neglected segment that we hope empower.

In this environment of increasingly friendly regulation and growing excitement around cryptocurrencies, we feel very confident in our ability to get a sizable number of telecoms to agree to proof of concept partnerships.

Why Partner with Finance Token?

By partnering with Finance operators, Finance can avoid key points of friction that have prevented similar projects from succeeding: trust, reach, and KYC compliance.

• Trust. Cryptocurrencies suffer a major trust issue. The instantaneous nature of transactions is a double-edged sword, and Bitcoin has been featured in numerous stories recently of hackers stealing cryptocurrency. We are not trying to replace Bitcoin. In fact, we expect to drive greater adoption of Bitcoin, as many early Finance Token users will likely use it to buy Bitcoin. We are offering to leverage Finance organizations’ existing trust level with customers to provide an easy bridge between mobile money and cryptocurrency. Default security for subscribers who convert mobile money to Finance Token will involve a multi-signature wallet, preventing large Finance Token movements without two of the three wallet keys. Finance Token will also work with the Finance Organizations to utilize all available best practice security measures in order to protect subscribers. Furthermore, by focusing on compliance efforts with Finance Organizations, we don’t expect Finance Token to attract criminal elements. We intend to diligently maintain a clean image for Finance Token as a brand that can be trusted.
• Reach. Five billion people have mobile phones. Reaching potential users can be difficult and costly for any new business. Finance Token will create a symbiotic relationship with Finance Organizations in order to capitalize on their vast reach. By incentivizing operators to partner with us, we will gain immediate access to their existing subscriber base. We also feel that Finance Token will drive further adoption by adding practical use cases.
• KYC Compliance. Most exchanges now require a traditional bank account and a cumbersome “know your customer” (KYC) authorization before allowing the purchase of any cryptocurrency. This is a major drawback for companies working on the blockchain trying to address financial inclusion in developing countries. By going with a finance-distributed cryptocurrency, a certain amount of KYC compliance is already in place. Telecom KYC is admittedly thin in most markets, but it’s a start. Finance organizations also have a significant technical advantage to be able to actually know their customer — based on location-based services (LBS), and other elements that are already commonly leveraged by fraud management platforms.

By partnering with fin. org., FNP Token will be able to solve basic trust, marketing, and compliance challenges that have inhibited cryptocurrency adoption to date.

Our objective is not to compete with Fin. Org. money, but to cooperatively participate in the overall Health, Education and Sports money ecosystem. We see ourselves as a complementary solution; a tool that will increasingly bring users to finance money, cryptocurrency-backed solutions, and mobile wallets. Our goal is to become one of the cornerstone financial inclusion efforts of the 21st century and we want to cooperate with actors who we believe can play a critical role in this process, namely finance organizations operators.

How will we make FNP Token happen?

We will issue a total of 10 billion Telcoin (see our whitepaper for additional information), a denomination that will be usable in the developing world. Half of supply will be kept for our telecom partners, issued to them over a 10 year period. Our business model will be very simple: we will initially offer FNP to our finance organization partners as a part of their money ecosystem, enabling easy cheap remittances and improving access to the global digital economy. Doing so, we want to build a win-win relationship with our Finance Org. partners who will benefit from FNP Token as a market differentiator and contributor to increased health, education and sport money adoption. We will simply take a 0.5 percent transaction fee for all exchange between FNP Token and mobile money.

We plan to support the growth of FNP Token in a number of ways:

• Legal and regulatory support. We will have a team dedicated to working with Fin. Org. and regulators in each country to press forward the case for allowing exchange with Finance Token. We feel that once Fin. Org. have been allowed to offer money, and once cryptocurrency has been accepted as a taxable asset in the country, Fin. Org. will be permitted to allow exchange with FNP Token. Our legal team will work with Fin. Org. to reach this state and establish the terms and conditions necessary to allow FNP Token to flourish while also protecting the interests of consumers, Fin. Org. and governments.
• Product and technical support. A seamless end-to-end experience for users buying and using FNP Token, particularly for our early focus on remittances, is critical to FNP Token success. Fin. Org. have enormous reach — mobile money is available in two thirds of the developing world, where the majority of remittance recipients reside. But even with this reach, mobile money was currently involved in less than one percent of global remittances. We believe that FNP Token can help here, but users will require a seamless experience. We will have a dedicated product team focused on the end-to-end experience for subscribers on our partner networks. This will include bringing best-in-class wallet options to work with both FNP Token and money, working to help improve any existing mobile money wallets, and introducing a great FNP Token wallet as well. We will also have a technical team focused on maximizing ways for integrating with partner operators, including money API integration, prepaid and postpaid billing platform integrations, and deploying and integrating with Fin. Org. systems supporting FNP Token compliance.
• Marketing support. We will have a dedicated team to ensure FNP Token is marketed effectively in each partner Fin. Org. market. Marketing efforts will focus on leveraging the reach of Fin. Org. in a way that supports both FNP Token and money adoption. We will have turnkey marketing assets for mobile operators and we will also help them with FNP Token marketing campaigns by providing customer targeting support. We will also engage in global marketing efforts to develop the FNP Token brand, and we expect these global efforts to benefit our Fin Org. partners locally.

We hope this has served as a clear introduction to Finance Token! We also encourage you to check our whitepaper for more details about FNP Token and the team behind it. If you have any further questions or just want to get in touch with us, please don’t hesitate to email us at info@financeplus.io or stop by our office in Luxembourg.

Finance Token Website: financeplus.io