Hernaes.com/Christoffer Hernaes: Norwegian mining company Intex signs agreement to develop asset backed digital token

Hernaes.com

Innovation – Finance – Technology

Norwegian mining company Intex signs agreement to develop asset backed digital token

October 27, 2017 0 Comments Blockchain

Binary world

Intex Resources ASA to be renamed Element ASA signs Terms of Agreement  with Harmonychain  to explore initiation of an Initial Coin Offering of asset-backed digital tokens based on blockchain technology.

The Company and Harmonychain intends to issue asset-backed tokens which are backed by the Company’s metal reserves; currently Iron Ore and Nickel Ore, and products derived thereof (‘Tokens’). The Tokens will be based on blockchain technology and will be exchangeable in to the physical product (i.e. Iron Ore, Nickel or products derived thereof). The Tokens may accordingly be used as an alternative tool for investors who are looking for Iron Ore- or Nickel exposure/hedging or investors who simply want exposure in digital Tokens which have the security of underlying value assets (as opposed to Bitcoin and other un-backed crypto currencies).

“The new world of serious and secure digital currencies and tokens opens up a whole new way for listed companies to raise capital. We believe our ICO would be the first of many to come from other companies in Norway and internationally”, says Lars Beitnes, Chairman of the Company.

“For the Company the most obvious potential of issuing Tokens is the possibility of bridging the gap between current reserve-value and equity value, in addition to providing a possibility for non-dilutive financing for our shareholders”, says Beitnes.

On the condition of a successful ICO by 30 June 2018, the TOA stipulates that the Company will have exclusive rights to use Harmonychains Ethereum Smart Contract platform technology and some or all of their pending patent claims to develop Tokens for Iron Ore and Nickel. The company has already registered IRON and NICKEL on the EC20 blockchain and is aiming to distribute the tokens on reputable token exhanges.

For more, read the entire press release here.
Share this:

    Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Google+ (Opens in new window)

Is the surge of ICOs an innovative funding source or a bubble waiting to burst?September 4, 2017In "Blockchain"

If developers are the new rock stars, APIs are their instrumentsMay 23, 2017In "Innovation"

Digital currencies available at SkandiabankenMay 15, 2017With 4 comments

    ← Greatness requires focus

Leave a Reply

Your email address will not be published. Required fields are marked *

Comment

Name *

Email *

Website

Notify me of follow-up comments by email.

Notify me of new posts by email.
Recent Posts

    Norwegian mining company Intex signs agreement to develop asset backed digital token
    Greatness requires focus
    It is time to stop talking about open banking
    Banking is necessary, banks are not
    Is the surge of ICOs an innovative funding source or a bubble waiting to burst?

Tags
API Artificial Intelligence Banking Bitcoin Blockchain Brexit Business model Compliance Convergence Crowdfunding Digital Digital Ecosystems Digitalization Disruption ecommerce Education Facebook Financial Inclusion Financial Services Fintech Game Development Gaming Google Innovasjon Innovation Insurance Investments IoT Leadership Lending Nintendo Nordics Norway Open banking P2P Lending Payments Politics PSD 2 Sharing economy Startups Tech Transactions Valuation Venture Capital Wealth management
Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 3,749 other subscribers

Email Address

This is the personal blog of Christoffer O. Hernæs. Passionate about innovation and digital disruption. Currently focusing on digital transformation of financial services and fintech.
Archives

    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015

Copyright © 2017 hernaes.com. All rights reserved.
Theme: ColorMag by ThemeGrill. Powered by WordPress.