What is FinNexus?¶
FinNexus is the new open finance protocol being built on the Wanchain blockchain. It is a hub for connecting different decentralized ledgers to each other and users, and also for connecting with traditional finance applications. The first iteration of FinNexus will be a marketplace for hybrid decentralized/traditional financial products.
An open subscription event for the FinNexus platform token FNX was held in May of 2020 using FinNexus's innovative ICTO token offering model. 44 million tokens were made available during the subscription event. The subscription rate at the end of the event was ~95%.
Initial Token Offering Model (ICTO)¶
ICTO stands for “Initial Convertible Token Offering”. The ICTO model was created for the fund-raising process of FinNexus with FNX — the FinNexus Token, combined with the launch of its first tokenized product — UM1S.
The ICTO model gives FNX investors the right to convert the token (FNX) into some an asset-backed token (the UM1S token). The whole process is controlled by the investors’ choices and implemented by smart contracts.
Convertible FNX bears some resemblance to convertible bonds, however, instead of converting bonds into shares of stocks, they can be converted into bond-like tokens which have a fixed rate of return.