Hungarian Bottled Water Firm FuturAqua Creates its Own Cryptocurrency
While companies continue to say they are the best for so many reasons, the public knows that companies with utility will be the ones that succeed in the long run. That being said, the intensely competitive bottled water industry is seeing blockchain-based innovations. These blockchain innovations are being brought to the world of bottled water by FuturAqua.
On July 5, 2018, FuturAqua, a Hungarian mineral bottling company, based out of Pécs (Southwest Hungary), announced the creation of its tradable cryptocurrency based on the global trade in water. FuturAqua is currently listed on the Equities T Market of the Budapest Stock Exchange (BÉT). T Market plans small to medium-sized enterprises to have the ability to carry out a public transaction on the listing of their shares and thus the stocks of these issuers are listed via a technical listing, which can be considered the first stage of becoming listed on the regulated market.
The ten billion digital tokens were generated from the “Watereum” crypto rescue tool, which was a $ 107 million equity fund with almost 1,500 shares, which was almost entirely owned by Hungarian shareholders. FuturAqua will be selling the ten billion tokens of their cryptocurrency, WRM, soon. This token is more than just a token; it contains a property right. Holders of watereum will be allowed to purchase one liter of drinking water with one unit of watereum.
For those interested in the long-term plays, FuturAqua, has the opportunity for you. The company’s the long-term goals include offering blockchain-based water production quotas for sale to the public through an Initial Coin Offering (ICO).
The sale of the wrm token will go as follows; first, FuturAqua will offer the digital tokens to investors and the company’s shareholders in a pre-sale phase; second, the sale will be extended to invite external investors in during the private sale phase.
Prices Remain Undecided
While this is all exciting news for the company and the world of bottled water, FuturAqua has not yet decided on the sales price its digital tokens. Chairman, István Fodor, says that one of the main factors that will be considered when determining the token price will be that the ten billion tokens issued will be backed by the drinking water that was initially purchased by FuturAqua earlier this year in Szekszárd, Hungary, for HUF 70 million.
While its history has been a little shaky with FuturAqua posting losses in the past two years on revenues of eight million HUF in 2016 and one million HUF last year. With two years that do not look so great, FuturAqua plans to finally have the profitable year they have prepared for with its addition of the WRM digital token, and projects revenues between 20-30 million HUF or above in 2018.
History continues to be evolving with blockchain technology as the most recent catalyst ongoing competition of creating efficient ways to raise money and more efficient ways to run businesses. As FuturAqua is innovating the bottled water industry with blockchain, it will be interesting to see how the company succeeds, and if others follow in their footsteps.