Finom AG’s cryptocurrency ecosystem shows high demand in first report
In an effort to document their progress and highlight key statistics, Finom AG, the blockchain holding company has released a new and their first quarterly report. Finom AG includes cryptocurrency companies TabTrader, Nanopool, FinCloud, Cryptonit, and Beetle (more about these services are down below).
Last year, the company completed a successful crowdsale of FIN tokens, raising $41 million from over 7,000 contributors. Finom issued the unique FIN security token and then did a second ICO for utility NOM tokens. The FIN security token made history as one of the first pursuant to Regulation D of the U.S. SEC.
The new quarterly report from Finom delivers some nice transparency for token holders. Eventually, the company may start to record detailed financial results. Although for now, there are no requirements to do so.
Kirill Suslov, CEO of Finom AG said, “With each new report we plan to disclose more information to you because we want you to know as much as possible about Finom. Deeper knowledge leads to insight, which in turn leads to trust.”
A fundamental statistic from the report shows users across Finom’s services doubling in six months. Users increased from 220,000 in Q3 2017 to 407,000 in Q4 2017, to now more than 530,000 at the end of Q1 2018.
Besides their five active services, Finom also has three products currently under development. Below is a performance overview of the company’s operating services.
TabTrader
Finom AG’s main service is TabTrader, now with over 250,00 users signed up. TabTrader is a mobile terminal that allows users to trade cryptocurrency and manage accounts on the world’s 24 leading exchanges.
Most users access Bittrex through TabTrader, with 44% using TabTraber to trade on the US crypto exchange. Rounding out the top exchanges after Bittrex include, Bitfinex (9%), Poloniex (9%), and Binance (8%). There is also active TabTrader users accessing HitBTC, EXMO, Kraken, and Mercado.
Finom has as one of its main goals to increase the number of supported exchanges.
Nanopool
Nanopool has over 140,000 registered users and is one of the largest Ethereum mining pools in the world. They report their share of global Ethereum production to be about 15%. Since November 2017 Nanopool has seen a steady increase in users and hashrate on all its pools.
The percent network share of mining activity for crypto-assets mined by Nanopool shows 23% Ethereum Classic, 15% Ethereum, 84% PascalCoin 5% Monero. <1% SiaCoin, 12% Zcash, and 23% Electroneum.
FinCloud
FinCloud, a cryptocurrency cloud mining service opened for prelaunch orders in March last month and is Finom’s most recent service launch. FinCloud will allow users to rent mining power for Bitcoin, Litecoin, Ethereum, Ethereum Classic, ZCash and Electroneum
Cryptonit
Cryptonit.net is a cryptocurrency exchange owned and managed by the British company Cryptonit Solutions, Ltd. The exchange has been running since 2012 and “has a spotless reputation.” Finom showed the exchange now has over 7,200 active users as of Q1 2018.
Beetle
Beetle.io is a mobile app for purchasing Bitcoin and Ethereum with a credit or debit card, devised as a simple tool for entry into the crypto world.
There is both an Android (7,500 installations) and iOS (10,500 installations) version. Through Beetle, users can invest in any ICO and move funds onto an exchange or third-party wallet.
Employee Growth
With the importance of team members to Finom’s growth, they have also highlighted some impressive statistics. In September 2017, Finom had 10 departments and 42 employees. By March 2018, the company headcount grew to 103 over 17 different departments. The charts below show the employee distribution among Finom’s departments, along with the growth occurring over six months from 10 to 17 departments.
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